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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission file number: 001-31911

American National Group Inc.

(Exact name of Registrant as specified in its charter)


Delaware						42-1447959
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

One Moody Plaza

Galveston, Texas 77550

(Address of principal executive offices, including zip code)

(888) 221-1234

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Depositary Shares, each representing a 1/1,000th interest in a share of 7.375% Fixed-Rate Non-Cumulative Preferred Stock, Series D

ANGpD

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 12, 2025, 10,000 shares of our common shares were outstanding, all of which are held by Brookfield Wealth Solutions Ltd. and its affiliates.

American National Group Inc. meets the conditions set forth in General Instruction (H)(1)(a) and (b) for Form 10-Q and therefore is filing this Form 10-Q in the reduced disclosure format.

TABLE OF CONTENTS


			Page
PART I - FINANCIAL INFORMATION
Item 1: Financial Statements (unaudited):
Condensed Consolidated Statements of Financial Position (unaudited)			2
Condensed Consolidated Statements of Operations (unaudited)			4
Condensed Consolidated Statements of Comprehensive Income (unaudited)			5
Condensed Consolidated Statements of Changes in Equity (unaudited)			6
Condensed Consolidated Statements of Cash Flows (unaudited)			8
Notes to Condensed Consolidated Financial Statements (unaudited)			10
Note 1. Organization and Description of the Company			10
Note 2. Summary of Significant Accounting Policies			10
Note 3. Available-For-Sale Fixed Maturity Securities			12
Note 4. Equity Securities			15
Note 5. Mortgage Loans on Real Estate			15
Note 6. Private Loans			19
Note 7. Real Estate and Real Estate Partnerships			20
Note 8. Variable Interest Entities and Equity Method Investments			20
Note 9. Derivative Instruments			22
Note 10. Net Investment Income and Investment Related Gains (Losses)			27
Note 11. Fair Value of Financial Instruments			28
Note 12. Reinsurance			37
Note 13. Separate Account Assets and Liabilities			38
Note 14. Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired			39
Note 15. Intangible Assets			41
Note 16. Acquisitions			42
Note 17. Future Policy Benefits			43
Note 18. Policyholders' Account Balances			46
Note 19. Market Risk Benefits			48
Note 20. Liability for Unpaid Claims and Claim Adjustment Expenses			49
Note 21. Long Term Borrowings			50
Note 22. Income Taxes			50
Note 23. Stockholders' Equity			51
Note 24. Accumulated Other Comprehensive Income			52
Note 25. Related Party Transactions			52
Note 26. Segment Reporting			54
Note 27. Financial Commitments and Contingencies			57
Note 28. Subsequent Events			57
Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations			58
Item 3: Quantitative and Qualitative Disclosures about Market Risk			68
Item 4: Controls and Procedures			70

PART II - OTHER INFORMATION
Item 1: Legal Proceedings			70
Item 1A: Risk Factors			70
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds			70
Item 3: Defaults Upon Senior Securities			70
Item 4: Mine Safety Disclosures			70
Item 5: Other Information			70
Item 6: Exhibits			71

Signatures			72

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements


AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Dollars in millions, except share and per share data)

(Unaudited)

	September 30, 2025		December 31, 2024
Assets
Investments:
Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $3 and $27, respectively; amortized cost of $54,104 and $47,127, respectively)	$	55,408	$	47,292
Equity securities, at fair value	1,212		1,142
Mortgage loans on real estate, at amortized cost (net of allowance for credit losses of $134 and $155, respectively)	11,090		12,117
Private loans, at amortized cost (net of allowance for credit loss of $142 and $66, respectively)	8,387		5,732
Real estate and real estate partnerships (net of accumulated depreciation of $252 and $228, respectively)	6,061		4,992

Investment funds	3,809		3,015
Policy loans	253		274
Short-term investments, at estimated fair value	1,435		4,177
Other invested assets	2,073		2,014
Total investments	89,728		80,755

Cash and cash equivalents	11,568		11,330
Accrued investment income	786		761
Deferred policy acquisition costs, deferred sales inducements and value of business acquired	11,384		10,631

Premiums due and other receivables	499		437
Ceded unearned premiums	143		132
Deferred tax asset	303		529
Reinsurance recoverables and deposit assets	9,531		10,055
Property and equipment (net of accumulated depreciation of $347 and $352, respectively)	170		175
Intangible assets (net of accumulated amortization of $127 and $56, respectively)	1,541		1,545
Goodwill	783		783
Other assets	2,928		2,745
Separate account assets	1,195		1,343

Total assets	$	130,559	$	121,221


AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Dollars in millions, except share and per share data)

(Unaudited)

	September 30, 2025		December 31, 2024
Liabilities
Future policy benefits	$	10,345	$	9,170
Policyholders’ account balances	89,469		83,079
Policy and contract claims	1,811		1,867

Market risk benefits	4,505		3,655
Unearned premium reserve	733		1,044
Due to related parties	115		80
Other policyholder funds	353		347
Notes payable	204		189

Long term borrowings	3,449		2,957
Funds withheld for reinsurance liabilities	3,131		3,321
Other liabilities	4,268		4,141
Separate account liabilities	1,195		1,343

Total liabilities	119,578		111,193

Equity
Preferred stock, Series A; par value $1 per share; $25,000 per share liquidation preference; 20,000 shares authorized; issued and outstanding: 2025 - no shares 2024 - 16,000 shares	—		389
Preferred stock, Series B; par value $1 per share; $25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 2025 - 12,000 shares 2024 - 12,000 shares	296		296
Preferred stock, Series D; par value $1 per share; $25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 2025 - 12,000 shares 2024 - no shares	292		—
Additional paid-in capital	7,558		7,569
Accumulated other comprehensive income, net of taxes	1,132		340
Retained earnings	1,480		1,356
Non-controlling interests	223		78
Total equity	10,981		10,028
Total liabilities and equity	$	130,559	$	121,221

See accompanying notes to the unaudited condensed consolidated financial statements.

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in millions)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Net premiums	$	566	$	888	$	2,207	$	3,037
Other policy revenue	181		208		502		504
Net investment income	1,285		1,024		3,720		2,396
Investment related gains (losses)	2		(128)		71		(160)

Other income	24		12		83		12
Total revenues	2,058		2,004		6,583		5,789

Policyholder benefits and claims incurred	527		846		2,243		2,962
Interest sensitive contract benefits	523		523		1,520		1,068
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	345		289		995		649
Change in fair value of insurance-related derivatives and embedded derivatives	(187)		344		143		346
Change in fair value of market risk benefits	310		134		624		292

Operating expenses	156		228		647		666
Interest expense	47		49		140		114
Total benefits and expenses	1,721		2,413		6,312		6,097
Net income (loss) before income taxes	337		(409)		271		(308)
Income tax expense (benefit)	119		(77)		102		(337)
Net income (loss)	218		(332)		169		29
Less: Net income (loss) attributable to noncontrolling interests	(1)		(44)		4		(51)
Net income (loss) attributable to American National Group Inc. stockholders	219		(288)		165		80
Less: Preferred stock dividends and redemption	11		11		52		22
Net income (loss) attributable to American National Group Inc. common stockholder	$	208	$	(299)	$	113	$	58

See accompanying notes to the unaudited condensed consolidated financial statements.

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in millions)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	218	$	(332)	$	169	$	29
Other comprehensive income, net of tax:

Change in net unrealized investment gains (losses)	517		1,334		832		1,677
Foreign currency translation	(83)		1		36		6
Change in discount rate for future policy benefits	(41)		(231)		(117)		(49)
Change in instrument-specific credit risk for market risk benefits	99		(71)		70		(66)
Defined benefit pension plan adjustment	(24)		3		(29)		22

Total other comprehensive income	468		1,036		792		1,590
Comprehensive income	686		704		961		1,619
Less: Comprehensive income (loss) attributable to noncontrolling interest	(1)		(44)		4		(51)
Comprehensive income attributable to American National Group Inc.	$	687	$	748	$	957	$	1,670

See accompanying notes to the unaudited condensed consolidated financial statements.

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Dollars in millions)

(Unaudited)


	Preferred Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income		Retained Earnings		Noncontrolling Interest		Total Equity
For the three months ended September 30, 2025
Balance at June 30, 2025	$	588	$	7,547	$	664	$	1,283	$	135	$	10,217
Net income (loss) for period	—		—		—		219		(1)		218
Other comprehensive income (loss)	—		—		468		—		—		468

Consolidations (deconsolidations) of noncontrolling interests	—		—		—		—		87		87
Contributions from (distributions to) noncontrolling interests	—		—		—		—		2		2
Dividends	—		—		—		(11)		—		(11)


Other	—		11		—		(11)		—		—
Balance at September 30, 2025	$	588	$	7,558	$	1,132	$	1,480	$	223	$	10,981

	Preferred Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income		Retained Earnings		Noncontrolling Interest		Total Equity
For the three months ended September 30, 2024
Balance at June 30, 2024	$	685	$	6,935	$	445	$	1,005	$	187	$	9,257
Net income (loss) for period	—		—		—		(288)		(44)		(332)
Other comprehensive income (loss)	—		—		1,036		—		—		1,036


Contributions from (distributions to) noncontrolling interests	—		—		—		—		22		22
Dividends	—		—		—		(8)		—		(8)
Other	—		7		—		—		—		7
Balance at September 30, 2024	$	685	$	6,942	$	1,481	$	709	$	165	$	9,982

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)

(Dollars in millions)

(Unaudited)


	Preferred Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income		Retained Earnings		Noncontrolling Interest		Total Equity
For the nine months ended September 30, 2025
Balance at December 31, 2024	$	685	$	7,569	$	340	$	1,356	$	78	$	10,028
Net income (loss) for period	—		—		—		165		4		169
Other comprehensive income (loss)	—		—		792		—		—		792

Consolidations (deconsolidations) of noncontrolling interests	—		—		—		—		145		145
Contributions from (distributions to) noncontrolling interests	—		—		—		—		(4)		(4)
Dividends	—		—		—		(41)		—		(41)
Preferred stock issuance	292		—		—		—		—		292
Preferred stock redemption	(389)		—		—		(11)		—		(400)
Other	—		(11)		—		11		—		—
Balance at September 30, 2025	$	588	$	7,558	$	1,132	$	1,480	$	223	$	10,981

	Preferred Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Noncontrolling Interest		Total Equity
For the nine months ended September 30, 2024
Balance at December 31, 2023	$	—	$	5,185	$	(109)	$	716	$	107	$	5,899
Net income (loss) for period	—		—		—		80		(51)		29
Other comprehensive income (loss)	—		—		1,590		—		—		1,590


Contributions from (distributions to) noncontrolling interests	—		—		—		—		109		109
Dividends	—		—		—		(87)		—		(87)
Impact of common control acquisition	685		1,757		—		—		—		2,442
Balance at September 30, 2024	$	685	$	6,942	$	1,481	$	709	$	165	$	9,982

See accompanying notes to the unaudited condensed consolidated financial statements.

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in millions)

(Unaudited)


	Nine Months Ended September 30,
	2025		2024

Operating activities:
Net income	$	169	$	29
Adjustments to reconcile net income to net cash provided by operating activities:
Other policy revenue	(502)		(484)
Accretion on investments	(551)		(308)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	995		649
Deferral of policy acquisition costs	(1,164)		(856)
Gains on investments and derivatives	(312)		(614)
Other losses (gains)	16		(5)
Provisions for credit losses	44		30
Income from real estate partnerships, investment funds and corporations	(278)		(294)
Distributions from real estate partnerships, investment funds and corporations	237		262
Interest credited to policyholders' account balances	1,520		1,300
Change in fair value of embedded derivatives	389		1,091
Depreciation and amortization	122		109
Deferred income taxes	138		(635)
Changes in operating assets and liabilities:
Insurance-related liabilities	678		989
Premiums due and other receivables	(62)		(19)
Funds withheld for reinsurance liabilities	(238)		(278)
Reinsurance recoverables and deposit assets	761		1,080
Accrued investment income	(25)		(80)
Working capital and other	(301)		138
Cash flows provided by operating activities	1,636		2,104

Investing activities:
Acquisition of subsidiary, net of cash acquired	—		10,836

Purchase of investments:
Available-for-sale fixed maturity securities	(13,018)		(4,819)
Equity securities	(73)		(341)
Mortgage loans on real estate	(984)		(778)
Private loans	(2,422)		(2,140)
Investment real estate and real estate partnerships	(1,144)		(1,622)
Investment funds	(1,848)		(203)

Short-term investments	(11,363)		(6,290)
Other invested assets	(235)		(325)
Proceeds from sales and maturities of investments:
Available-for-sale fixed maturity securities	6,749		3,484
Equity securities	84		22
Mortgage loans on real estate	2,114		1,184
Private loans	956		594
Investment real estate and real estate partnerships	90		319

Investment funds	317		379
Short-term investments	13,880		5,513
Other invested assets	258		38
Purchases of derivatives	(714)		(387)
Proceeds from sales and maturities of derivatives	813		706

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Dollars in millions)

(Unaudited)


	Nine Months Ended September 30,
	2025		2024

Purchase of intangibles and property and equipment	(42)		(61)
Proceeds from sales of intangibles and property and equipment	—		28



Change in collateral held for derivatives	75		417
Other	22		11
Cash flows provided by (used in) investing activities	(6,485)		6,565

Financing activities:

Issuance of preferred equity	292		—
Redemption of preferred equity	(400)		—
Dividends paid to stockholders	(41)		(22)



Payments to noncontrolling interests	—		(1)
Borrowings from related parties	206		—
Repayment of borrowings to related parties	(57)		—
Borrowings from external parties	1,222		1,900
Repayment of borrowings to external parties	(700)		(1,501)


Policyholders’ account deposits	12,018		7,785
Policyholders’ account withdrawals	(7,485)		(6,117)
Debt issuance costs	(13)		(4)


Issuance of equity, noncontrolling interests	64		—
Distributions to noncontrolling interests	(19)		(28)
Cash flows provided by financing activities	5,087		2,012

Cash and cash equivalents
Cash and cash equivalents, beginning of period	11,330		3,192
Net change during the period	238		10,681

Cash and cash equivalents, at end of period	$	11,568	$	13,873

Supplementary cash flow disclosure:
Cash taxes paid (net of refunds received)	$	55	$	62
Cash interest paid	97		98

Non-cash transactions:
Available-for-sale fixed maturity securities received in connection with pension risk transfer transactions	$	—	$	462
Equity securities transferred as consideration paid for acquisition of a subsidiary	—		218

Non-cash deposit on reinsurance	—		3,394
Transfer of invested assets	—		(1,810)


Fixed maturities received as proceeds from investment fund sales	786		—

See accompanying notes to the unaudited condensed consolidated financial statements.

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

1. Organization and Description of the Company

American National Group Inc., together with its subsidiaries (collectively, “ANGI”, “we”, “our”, “us”, or the “Company”) is primarily focused on providing insurance solutions to individuals and institutions through a broad range of annuity and retirement products and services. Our business is presently conducted through our subsidiaries under three operating segments, which we refer to as our Annuities, Property and Casualty (“P&C”), and Life Insurance segments. We conduct our business in 50 states, the District of Columbia and Puerto Rico.

On May 2, 2024, the Company's predecessor, American Equity Investment Life Holding Company, an Iowa corporation ("AEL" or "American Equity") merged with and into Arches Merger Sub Inc. ("Merger Sub"), an indirect wholly-owned subsidiary of Brookfield Wealth Solutions Ltd. ("Brookfield Wealth Solutions"), with AEL surviving and becoming an indirect wholly-owned subsidiary of Brookfield Wealth Solutions (the "Merger"). In connection with the Merger, each issued and outstanding share of AEL's common stock was converted into the right to receive cash and class A limited voting shares of Brookfield Asset Management Ltd. (“BAM”). On May 7, 2024, American National Group, LLC ("American National"), an indirect, wholly-owned subsidiary of Brookfield Wealth Solutions, merged with and into AEL, with AEL surviving as an indirect, wholly-owned subsidiary of Brookfield Wealth Solutions (the "Post-Effective Merger"). Subsequently, AEL discontinued its existence as an Iowa corporation and continued its existence as a corporation incorporated in the State of Delaware (the "Reincorporation"). In connection with the Reincorporation, AEL changed its name to American National Group Inc. ANGI is an indirect, wholly-owned subsidiary of Brookfield Wealth Solutions. In September 2024, Brookfield Wealth Solutions changed its name from Brookfield Reinsurance Ltd. to Brookfield Wealth Solutions Ltd. and changed its trading symbol from “BNRE” to “BNT”. For purposes of these notes to the unaudited condensed consolidated financial statements (“financial statements”), the “Company” refers to either ANGI, American National or AEL, as required by the context.

As a result of the Post-Effective Merger, the condensed consolidated financial statements for the periods prior to the Post-Effective Merger represent the results of American National as the accounting acquirer. For periods subsequent to the Post-Effective Merger, the condensed consolidated financial statements represent the combined results of American National and AEL.

2. Summary of Significant Accounting Policies

The unaudited condensed consolidated financial statements and notes thereto, including all prior periods presented, have been prepared under accounting principles generally accepted in the United States of America (“GAAP”). The financial statements are prepared on a going concern basis and have been presented in U.S. dollars (“USD”) rounded to the nearest million unless otherwise indicated. The financial statements should be read in conjunction with the December 31, 2024 audited consolidated financial statements of the Company included in the Form 10-K, filed with the SEC on March 31, 2025. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results for any subsequent period or the entire fiscal year ending December 31, 2025. These financial statements reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair and comparable statement of results for the interim periods presented in accordance with GAAP.

The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Included among the material (or potentially material) reported amounts and disclosures that require use of estimates are: fair value of certain financial assets, derivatives, allowances for credit losses, deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”), reinsurance funds withheld, goodwill and other intangibles, market risk benefits (“MRB”), future policy benefits (“FPB”), policyholder account balances (“PAB”) including the fair value of embedded derivatives, policy and contract claims, income taxes including the recoverability of deferred tax assets and the potential effects of resolving litigated matters. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts.

Basis of Consolidation

These financial statements include the accounts of the Company and its consolidated subsidiaries, which are legal entities in which the Company has a controlling financial interest either by holding a majority voting interest or as the primary beneficiary of the variable interest entity (“VIE”). All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

The consolidation assessment depends on the specific facts and circumstances for each entity and requires judgment. Refer to Note 2 of the Company’s December 31, 2024 audited consolidated financial statements for a further description of the Company’s accounting policies regarding consolidation.

Adoption of New Accounting Pronouncements

In the current period, the Company did not adopt any Accounting Standard Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) that was material in presentation or amount.

Recently Issued Accounting Pronouncements

The Company continues to assess the impacts on the financial statements of the following ASUs issued but not yet adopted as of September 30, 2025. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.

ASU 2023-09 – On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). This ASU will be effective for annual reporting periods beginning after December 15, 2024, to be applied prospectively with an option for retrospective application, with early adoption permitted. However, as they apply to disclosure requirements, the adoption of this ASU is not anticipated to have a material impact on our profitability, financial position or cash flows.

ASU 2024-03 – On November 4, 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU require public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, to be applied on either a retrospective or prospective basis subject to certain exceptions, with early adoption permitted. We are currently evaluating the impact of this ASU on our financial statements. However, as they apply to disclosure requirements, the adoption of this ASU is not anticipated to have a material impact on our profitability, financial position or cash flows.

ASU 2025-06 – On September 18, 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Improvements to Accounting for Internal-Use Software. The amendments in this ASU aim to simplify and modernize the guidance for internal-use software costs by removing stage-based development references and introducing a principle-based approach for capitalization criteria. Among other things, it clarifies when costs should be capitalized versus expensed, eliminates certain terminology, and aligns the guidance more closely with current software development practices. This ASU will be effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, and should be applied prospectively, with early adoption permitted. Entities may also elect retrospective application or a modified retrospective application. The Company is currently assessing the potential impact of adopting this standard on its consolidated financial statements and related disclosures.

3. Available-For-Sale Fixed Maturity Securities

The total amortized cost, fair value, allowance for credit losses, and gross unrealized gains and losses of available-for-sale fixed maturity securities are shown below:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(Dollars in millions)
September 30, 2025
U.S. treasury and government	$	92	$	1	$	—	$	—	$	93
U.S. state and municipal	3,043		115		(21)		(3)		3,134
Foreign governments	1,199		45		(4)		—		1,240
Corporate debt securities	40,596		1,089		(104)		—		41,581
Residential mortgage-backed securities	953		41		(2)		—		992
Commercial mortgage-backed securities	3,219		104		(32)		—		3,291
Collateralized debt securities	5,002		114		(39)		—		5,077
Total fixed maturity securities	$	54,104	$	1,509	$	(202)	$	(3)	$	55,408

December 31, 2024
U.S. treasury and government	$	87	$	—	$	(1)	$	—	$	86
U.S. state and municipal	3,200		37		(30)		—		3,207
Foreign governments	1,568		6		(33)		—		1,541
Corporate debt securities	32,770		454		(350)		(26)		32,848
Residential mortgage-backed securities	1,086		25		(4)		(1)		1,106
Commercial mortgage-backed securities	2,755		65		(24)		—		2,796
Collateralized debt securities	5,661		77		(30)		—		5,708
Total fixed maturity securities	$	47,127	$	664	$	(472)	$	(27)	$	47,292

The amortized cost and fair value of available-for-sale fixed maturity securities at September 30, 2025, by contractual maturity are shown below. Actual maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Residential and commercial mortgage-backed securities and collateralized debt securities, which are not due at a single maturity, have been separately presented below.


	Available-For-Sale
	Amortized Cost		Fair Value
	(Dollars in millions)
Due in one year or less	$	1,888	$	1,894
Due after one year through five years	20,040		20,434
Due after five years through ten years	7,854		8,052
Due after ten years	15,148		15,668
	44,930		46,048
Residential mortgage-backed securities	953		992
Commercial mortgage-backed securities	3,219		3,291
Collateralized debt securities	5,002		5,077
Total	$	54,104	$	55,408

Proceeds from sales of available-for-sale fixed maturity securities, with the related gross realized gains and losses, are shown below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in millions)
Proceeds from sales of available-for-sale fixed maturity securities	$	1,868	$	1,071	$	6,749	$	3,484
Gross realized gains	46		2		56		6
Gross realized (losses)	(6)		(97)		(68)		(120)

The Company has pledged bonds in connection with certain agreements and transactions, such as financing and reinsurance agreements. The carrying value of bonds pledged was $10.1 billion and $8.8 billion as of September 30, 2025 and December 31, 2024, respectively.

In accordance with various regulations, the Company has securities on deposit with regulating authorities with a carrying value of $66 million and $65 million as of September 30, 2025 and December 31, 2024, respectively. There are no restrictions on these assets.

As of September 30, 2025 and December 31, 2024, amounts loaned under reverse repurchase agreements were $400 million and $400 million, respectively, and the fair value of the collateral, comprised of equity securities, was $815 million and $783 million, respectively.

The gross unrealized losses and fair value of available-for-sale fixed maturity securities, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below:


	Less than 12 months					12 months or more					Total
	Number of Issues	Gross Unrealized Losses (1)		Fair Value		Number of Issues	Gross Unrealized Losses (1)		Fair Value		Number of Issues	Gross Unrealized Losses (1)		Fair Value
	(Dollars in millions)
September 30, 2025
U.S. treasury and government	1	$	—	$	3	3	$	—	$	55	4	$	—	$	58
U.S. state and municipal	77	(4)		277		84	(17)		243		161	(21)		520
Foreign governments	5	(4)		191		2	—		14		7	(4)		205
Corporate debt securities	560	(29)		3,230		241	(75)		2,548		801	(104)		5,778
Residential mortgage-backed securities	22	—		50		16	(2)		97		38	(2)		147
Commercial mortgage-backed securities	34	(15)		352		29	(17)		245		63	(32)		597
Collateralized debt securities	97	(16)		922		20	(23)		297		117	(39)		1,219
Total	796	$	(68)	$	5,025	395	$	(134)	$	3,499	1,191	$	(202)	$	8,524

December 31, 2024
U.S. treasury and government	3	$	—	$	29	1	$	(1)	$	36	4	$	(1)	$	65
U.S. state and municipal	174	(20)		851		190	(10)		280		364	(30)		1,131
Foreign governments	8	(33)		1,206		—	—		—		8	(33)		1,206
Corporate debt securities	1,514	(165)		6,615		384	(185)		4,015		1,898	(350)		10,630
Residential mortgage-backed securities	47	(3)		178		16	(1)		61		63	(4)		239
Commercial mortgage-backed securities	104	(24)		667		—	—		—		104	(24)		667
Collateralized debt securities	178	(29)		1,182		5	(1)		22		183	(30)		1,204
Total	2,028	$	(274)	$	10,728	596	$	(198)	$	4,414	2,624	$	(472)	$	15,142

(1)Unrealized losses have been reduced to exclude the allowance for credit losses of $3 million and $27 million as of September 30, 2025 and December 31, 2024, respectively.

The unrealized losses as of September 30, 2025 and December 31, 2024 are principally related to the timing of the purchases of certain securities, which carry less yield than those available as of those dates. Approximately 94% and 89% of the unrealized losses on fixed maturity securities shown in the above table for September 30, 2025 and December 31, 2024, respectively, are on securities that are rated investment grade, defined as being the highest two National Association of Insurance Commissioners (“NAIC”) designations.

The Company expects to recover the amortized cost on all securities except for those securities on which it recognized an allowance for credit loss. In addition, as the Company did not have the intent to sell fixed maturity securities with unrealized losses and it was not more likely than not that the Company would be required to sell these securities prior to recovery of the amortized cost, which may be maturity, the Company did not write down these investments to fair value through the Condensed Consolidated Statements of Operations.

Allowance for Credit Losses

Several assumptions and underlying estimates are made in the evaluation of allowance for credit loss. Examples include financial condition, near-term and long-term prospects of the issue or issuer, including relevant industry conditions and trends and implications of rating agency actions and offering prices. Based on this evaluation, unrealized losses on available-for-sale securities where an allowance for credit loss was not recorded were concentrated within the financials sector as of September 30, 2025 and December 31, 2024.

The rollforward of the allowance for credit losses for available-for-sale fixed maturity securities is shown below:


	Three Months Ended September 30, 2025
	U.S. State and Political Subdivisions		Corporate Securities		Residential Mortgage Backed Securities		Collateralized Debt Securities		Total
	(Dollars in millions)
Beginning balance	$	—	$	(1)	$	—	$	(1)	$	(2)

Credit losses recognized on securities for which credit losses were not previously recorded	(3)		—		—		—		(3)


Allowance on securities that had an allowance recorded in a previous period	—		1		—		1		2


Balance as of September 30, 2025	$	(3)	$	—	$	—	$	—	$	(3)

	Three Months Ended September 30, 2024
	U.S. State and Political Subdivisions		Corporate Securities		Residential Mortgage Backed Securities		Collateralized Debt Securities		Total
	(Dollars in millions)
Beginning balance	$	—	$	(34)	$	(1)	$	(2)	$	(37)

Credit losses recognized on securities for which credit losses were not previously recorded	—		(3)		—		—		(3)
Reductions for securities sold during the period	—		2		—		—		2

Allowance on securities that had an allowance recorded in a previous period	—		15		—		1		16


Balance as of September 30, 2024	$	—	$	(20)	$	(1)	$	(1)	$	(22)

	Nine Months Ended September 30, 2025
	U.S. State and Political Subdivisions		Corporate Securities		Residential Mortgage Backed Securities		Collateralized Debt Securities		Total
	(Dollars in millions)
Beginning balance	$	—	$	(26)	$	(1)	$	—	$	(27)

Credit losses recognized on securities for which credit losses were not previously recorded	(3)		(10)		—		(2)		(15)
Reductions for securities sold during the period	—		16		—		—		16

Allowance on securities that had an allowance recorded in a previous period	—		20		1		2		23


Balance as of September 30, 2025	$	(3)	$	—	$	—	$	—	$	(3)

	Nine Months Ended September 30, 2024
	U.S. State and Political Subdivisions		Corporate Securities		Residential Mortgage Backed Securities		Collateralized Debt Securities		Total
	(Dollars in millions)
Beginning balance	$	—	$	(19)	$	(1)	$	(4)	$	(24)

Credit losses recognized on securities for which credit losses were not previously recorded	—		(36)		—		—		(36)
Reductions for securities sold during the period	—		3		—		—		3

Allowance on securities that had an allowance recorded in a previous period	—		32		—		3		35


Balance as of September 30, 2024	$	—	$	(20)	$	(1)	$	(1)	$	(22)

4. Equity Securities

The net gains on equity securities recognized in “Investment related gains (losses)” on the Condensed Consolidated Statements of Operations are shown below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in millions)
Unrealized gains on equity securities	$	47	$	21	$	144	$	43
Net gains on equity securities sold	13		2		14		4
Net gains on equity securities	$	60	$	23	$	158	$	47

Equity securities by market sector distribution are shown below, based on carrying value:


	September 30, 2025		December 31, 2024
Consumer goods	8	%	5	%
Education	21	%	20	%
Energy and utilities	38	%	10	%
Finance	4	%	48	%
Healthcare	3	%	2	%
Industrials	19	%	12	%
Information technology	1	%	—	%
Other	6	%	3	%
Total	100	%	100	%

5. Mortgage Loans on Real Estate

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, 2025		December 31, 2024
	(Dollars in millions)
Commercial mortgage loans	$	8,716	$	9,576
Residential mortgage loans	2,508		2,696
Total	11,224		12,272
Allowance for credit losses	(134)		(155)
Total, net of allowance	$	11,090	$	12,117

The Company’s commercial mortgage loan portfolio consists of loans collateralized by the related properties and diversified as to property type, location and loan size. The geographic categories come from the U.S. Census Bureau’s “Census Regions and Divisions of the United States”. The commercial mortgage loan portfolio is summarized by geographic region and property type as follows:


	September 30, 2025				December 31, 2024
	Amount		Percentage		Amount		Percentage
	(Dollars in millions)
Geographic distribution
Pacific	$	1,974	22.7	%	$	2,060	21.5	%
Mountain	1,391		16.0	%	1,678		17.5	%
West North Central	254		2.9	%	280		2.9	%
West South Central	1,287		14.8	%	1,443		15.1	%
East North Central	865		9.9	%	1,012		10.6	%
East South Central	135		1.5	%	144		1.5	%
Middle Atlantic	530		6.1	%	591		6.2	%
South Atlantic	1,919		22.0	%	1,993		20.8	%
New England	143		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	%
Apartment	2,242		25.7	%	2,325		24.3	%
Hotel	931		10.7	%	1,246		13.0	%
Industrial	1,860		21.3	%	1,859		19.4	%
Office	1,274		14.6	%	1,425		14.9	%
Parking	250		2.9	%	326		3.4	%
Retail	1,421		16.3	%	1,572		16.4	%
Storage	140		1.6	%	176		1.8	%
Other	237		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

There was $3 million and $4 million interest income recognized on loans in non-accrual status for the three and nine months ended September 30, 2025. There was $1 million and $2 million interest income recognized on loans in non-accrual status for the three and nine months ended September 30, 2024. Impaired loans were not significant for any of the periods presented.

Allowance for Credit Losses

The Company establishes a valuation allowance to provide for the risk of credit losses inherent in its mortgage loan portfolios. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowance is based on amortized cost, which excludes accrued interest receivable. The Company does not measure a credit loss allowance on accrued interest receivable as any uncollectible accrued interest receivable balances are written off to net investment income in a timely manner. The Company charged off $0 million and $5 million of uncollectible accrued interest receivable on its mortgage loan portfolios for the three and nine months ended September 30, 2025. We charged off $0 million and $1 million of uncollectible accrued interest receivable on our mortgage loan portfolios for the three and nine months ended September 30, 2024.

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:


	2025				2024
	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 allowance	3		—		—		—

Balance, as of March 31	(144)		(10)		(54)		—

Provision	15		(3)		—		—

Recoveries of amounts previously written off	4		—		—		—
Balance, as of June 30	(125)		(13)		(54)		—

Provision	(2)		4		(26)		(8)
Writeoffs charged against the allowance	2		—		—		—

Balance, as of September 30	$	(125)	$	(9)	$	(80)	$	(8)

Credit Quality Indicators

Mortgage loans are segregated by property-type and quantitative and qualitative allowance factors are applied. Qualitative factors are developed quarterly based on the pooling of assets with similar risk characteristics and historical loss experience adjusted for the expected trend in the current market environment. Credit losses are pooled by property type as it represents the most similar and reliable risk characteristics in our portfolio. The amortized cost of mortgage loans by year of origination by aging category are shown below:


	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
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 due	1		—		—		9		4		—		14
60 - 89 days past due	—		—		—		40		—		14		54
Non-accrual	—		—		—		4		5		197		206
Residential mortgage loans
Current	297		314		494		817		195		116		2,233
30 - 59 days past due	3		5		22		30		5		8		73
60 - 89 days past due	2		4		9		26		4		3		48
Non-accrual	2		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
	2024		2023		2022		2021		2020		Prior		Total
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
Current	294		790		970		222		121		7		2,404
30 - 59 days past due	3		41		45		2		4		—		95
60 - 89 days past due	—		7		20		2		4		5		38
Non-accrual	3		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

Generally, mortgage loans are secured by first liens on income-producing real estate with a loan-to-value ratio of up to 75%. It is the Company’s policy to not accrue interest on loans that are 90 days delinquent and where amounts are determined to be uncollectible. As of September 30, 2025 and December 31, 2024, 275 mortgage loans and 263 mortgage loans, respectively, were past due over 90 days or in nonaccrual status.

The Company’s commercial and residential mortgage loans may be subject to loan modifications. Loan modifications may be granted to borrowers experiencing financial difficulty and could include principal forgiveness, interest rate reduction, an other-than-significant delay or a term extension. A loan modification typically does not result in a change in valuation allowance as it is already incorporated into the Company’s allowance methodology. However, if the Company grants a borrower experiencing financial difficulty principal forgiveness, the amount of principal forgiven would be written off, which would reduce the amortized cost of the loan and result in an adjustment to the valuation allowance. The carrying amount of mortgage loans experiencing financial difficulty, for which modifications have been granted, was $84 million and $143 million for the nine months ended September 30, 2025 and 2024, respectively.

6. Private Loans

The following table summarizes the credit ratings of our private loans:


	September 30, 2025		December 31, 2024
	(Dollars in millions)
A or higher	$	2,005	$	1,443
BBB	1,246		669
BB and below	2,825		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.

Allowance for Credit Losses

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:


	2025		2024
	(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)

The Company’s private loans may be subject to loan modifications. Loan modifications may be granted to borrowers experiencing financial difficulties and could include term extensions. For the nine months ended September 30, 2025 and 2024, the Company did not have a significant amount of private loans that it modified to borrowers experiencing financial difficulty. Impaired loans were not significant for any of the periods presented.

7. Real Estate and Real Estate Partnerships

The carrying amounts of investment real estate, net of accumulated depreciation, and by property-type are as follows:


	September 30, 2025
	Real Estate
	Amount		Percentage
	(Dollars in millions)
Hotel	$	134	5	%
Industrial	62		2	%
Land	601		23	%
Office	152		6	%
Retail	208		8	%
Apartments	46		2	%

Single family residential	1,312		51	%
Other	63		2	%
Total real estate	2,578		100	%
Real estate partnerships	3,483
Total real estate and real estate partnerships	$	6,061

	December 31, 2024
	Real Estate
	Amount		Percentage
	(Dollars in millions)
Hotel	$	135	6	%
Industrial	14		1	%
Land	288		13	%
Office	208		9	%
Retail	186		8	%
Apartments	47		2	%

Single family residential	1,342		60	%
Other	15		1	%
Total real estate	2,235		100	%
Real estate partnerships	2,757
Total real estate and real estate partnerships	$	4,992

As of September 30, 2025 and December 31, 2024, real estate investments of $59 million and $12 million, respectively, met the criteria as held-for-sale.

8. Variable Interest Entities and Equity Method Investments

Through its investment activities, the Company regularly invests in various entities including limited partnerships (“LPs”) and limited liability companies (“LLCs”) and frequently participates in the design with their sponsors, but in most cases, its involvement is limited to financing. Some of these entities have been determined to be variable interest entities (“VIEs”). In certain instances, in addition to an economic interest in the entity, the Company holds the power to direct the most significant activities of the entity and is deemed the primary beneficiary. The Company consolidates all VIEs for which it is the primary beneficiary. The assets of consolidated VIEs are restricted and must first be used to settle their liabilities. Creditors or beneficial interest holders of these VIEs have no recourse to the general credit of the Company, as its obligation is limited to the amount of its committed investment. The Company has not provided financial or other support to these consolidated VIEs in the form of liquidity arrangements, guarantees or other commitments to third-parties that may affect the fair value or risk of its variable interest in these VIEs as of September 30, 2025 and December 31, 2024.

In addition to investment activities, certain of the Company’s subsidiaries are deemed VIEs. The Company is the primary beneficiary and consolidates these entities in the same manner as other entities in which the Company has a controlling financial interest by holding a majority voting interest.

Consolidated Variable Interest Entities

The assets and liabilities relating to the consolidated VIEs from the Company’s investment activities included in the financial statements are as follows:


	September 30, 2025		December 31, 2024
	(Dollars in millions)
Available-for-sale fixed maturity securities	$	75	$	107
Equity securities	99		93
Mortgage loans on real estate, net of allowance	208		206
Private loans, net of allowance	1,950		1,373
Investment real estate	2,411		2,046
Real estate partnerships	2,191		1,398
Investment funds	3,273		2,331
Short-term investments	43		75
Other invested assets	203		337
Cash and cash equivalents	243		223
Other assets	180		327
Total assets of consolidated VIEs	$	10,876	$	8,516

Notes payable	$	204	$	189
Other liabilities	443		587
Total liabilities of consolidated VIEs	$	647	$	776

Unconsolidated Variable Interest Entities

For certain of the Company’s investments in various entities that are determined to be VIEs, the Company is not the primary beneficiary as it does not take an active role in the management of these investments. Such investments are reported in certain investment line items on the statements of financial position, including “Available-for-sale fixed maturity securities, fair value”, “Equity securities, at fair value”, “Mortgage loans on real estate, at amortized cost”, “Investment funds”, “Short-term investments, at estimated fair value” and “Other invested assets”. In some instances, a consolidated VIE involves one or more underlying entities for which the Company is not the primary beneficiary because it does not have the power to direct the most significant activities of these entities. These unconsolidated VIEs that are part of consolidated VIEs are reported primarily in “Real estate and real estate partnerships” on the statements of financial position. Creditors or beneficial interest holders of the unconsolidated VIEs have no recourse to the general credit of the Company, as its obligation is limited to the amount of its committed investment. The Company has not provided financial or other support to these unconsolidated VIEs in the form of liquidity arrangements, guarantees or other commitments to third-parties that may affect the fair value or risk of its variable interest in these VIEs as of September 30, 2025 and December 31, 2024.

The carrying amount and maximum exposure to loss relating to these unconsolidated VIEs are as follows:


	September 30, 2025				December 31, 2024
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(Dollars in millions)
Available-for-sale fixed maturity securities	$	1,156	$	1,308	$	2,146	$	3,007
Equity securities	480		480		291		291
Mortgage loans on real estate, net of allowance	692		693		716		731
Private loans, net of allowance	1,502		1,521		1,160		1,160

Real estate partnerships	2,786		2,789		2,689		2,720
Investment funds	892		1,074		—		—
Short-term investments	455		455		99		99
Other invested assets	1,223		1,270		2,084		2,100
Cash and cash equivalents	—		—		7		7
Total	$	9,186	$	9,590	$	9,192	$	10,115

Equity Method Investments

Our investments in investment funds, real estate partnerships, and other partnerships, of which substantially all are LPs or LLCs, are accounted for using the equity method of accounting, except for certain investments that are fair valued due to the application of fair value option under ASC 825 or the consolidation of investment company VIE under ASC 946. As of September 30, 2025 and December 31, 2024, the Company’s equity method investments totaled $6.1 billion and $5.3 billion, respectively.

The Company generally recognizes its share of earnings in its equity method investments within “Net investment income” using a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.

9. Derivative Instruments

The Company manages risks associated with certain assets and liabilities by using derivative instruments. Derivative instruments are financial contracts whose value is derived from underlying interest rates, exchange rates or other financial instruments. The Company does not invest in derivatives for speculative purposes.

Foreign exchange forwards and equity-indexed options are over-the-counter contractual agreements negotiated between counterparties. The Company purchases equity-indexed options as economic hedges against fluctuations in the equity markets to which equity-indexed products are exposed. Equity-indexed contracts include a fixed host universal-life insurance or annuity contract and an equity-indexed embedded derivative.

The notional principal represents the amount to which a rate or price is applied to determine the cash flows to be exchanged periodically and does not represent credit exposure. Maximum credit risk is the estimated cost of replacing derivative instruments which have a positive value, should the counterparty default.

Derivatives, except for embedded derivatives, are included in “Other invested assets” or “Other liabilities”, at fair value in the Condensed Consolidated Statements of Financial Position. Embedded derivative liabilities on funds withheld and modified coinsurance (“Modco”) arrangements and embedded derivative liabilities on indexed annuity and variable annuity products are included in the Condensed Consolidated Statements of Financial Position within the “Reinsurance funds withheld” and “Policyholders’ account balances” lines respectively, at fair value.

The notional and fair values of derivative instruments, presented in the Condensed Consolidated Statements of Financial Position, are shown below:


	Primary Underlying Risk	Location in the Condensed Consolidated Statements of Financial Position	September 30, 2025						December 31, 2024
			Notional Amount		Carrying Value / Fair Value				Notional Amount		Carrying Value / Fair Value
					Assets		Liabilities				Assets		Liabilities
			(Dollars in millions)
Derivatives Designated as Hedging Instruments:


Foreign exchange forwards	Foreign Currency	Other invested assets, Other liabilities	$	1,088	$	—	$	46	$	897	$	20	$	—


Interest rate swaps	Interest rate	Other invested assets, Other liabilities	1,789		20		—		—		—		—


Derivatives Not Designated as Hedging Instruments:
Equity-indexed options	Equity	Other invested assets, Other liabilities	46,599		1,486		2		46,374		1,303		5

Foreign exchange forwards	Foreign Currency	Other invested assets, Other liabilities	2,621		4		81		1,066		23		—
Cross currency swaps	Foreign Currency	Other invested assets, Other liabilities	792		6		15		—		—		—




Embedded Derivatives:

Indexed annuity and variable annuity product	Interest rate	Policyholders’ account balances	—		—		6,341		—		—		1,123
Funds withheld and Modco arrangements	Interest rate	Funds withheld for reinsurance liabilities	—		—		83		—		—		37
			$	52,889	$	1,516	$	6,568	$	48,337	$	1,346	$	1,165

Derivatives Designated as Hedging Instruments

The Company has designated and accounted for certain foreign exchange forwards (“foreign currency derivatives”) as fair value hedges to protect a portion of the available-for-sale fixed maturity securities against changes in fair value due to changes in exchange rates. The Company has also designated and accounted for certain interest rate swaps (“interest rate derivatives”) as fair value hedges to convert a portion of PAB from a fixed rate liability to a floating rate liability.

For derivative financial instruments that were designated and qualified as fair value hedges, the gain or loss on the portion of the derivative instrument included in the assessment of hedge effectiveness and the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in the same line item in the Condensed Consolidated Statements of Operations. The unrealized gain or loss attributable to changes in exchange rates on the available-for-sale fixed maturity securities that were designated as part of the hedge are reclassified out of other comprehensive income (“OCI”) into “Investment related gains (losses)” in the Condensed Consolidated Statements of Operations. The remaining change in unrealized gain or loss on the hedged item not associated with the risk being hedged remains as a component of OCI. The gains (losses) on interest rate derivatives designated as hedging instruments for certain PAB are included in “Interest sensitive contract benefits” in the Condensed Consolidated Statements of Operations.

The following represents the amount of gains (losses) related to the derivatives and hedged items that qualify for fair value hedges:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in millions)
Foreign currency derivatives:
Hedged items	$	(7)	$	13	$	66	$	13
Derivatives designated as hedging instruments	7		(13)		(66)		(13)
Interest rate derivatives:
Hedged items	(38)		—		(20)		—
Derivatives designated as hedging instruments	38		—		20		—
Gains (losses) on fair value hedges	$	—	$	—	$	—	$	—

The following table presents the carrying amount and cumulative fair value hedging adjustments for a portion of PAB designated and qualifying as hedged items in fair value hedges:


	Carrying Amount of the Hedged Assets (Liabilities)				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedge Assets (Liabilities)
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
	(Dollars in millions)
Location in the Condensed Consolidated Statements of Financial Position:
Policyholders’ account balances	$	(912)	$	—	$	(20)	$	—

Derivatives Not Designated as Hedging Instruments

The following represents the financial statement location and amount of gains (losses) related to the derivatives not designated as hedging instruments:


		Derivative Gains (Losses) Recognized in Income
		Three Months Ended September 30,				Nine Months Ended September 30,
	Location in the Condensed Consolidated Statements of Operations	2025		2024		2025		2024
		(Dollars in millions)
Equity-indexed options	Change in fair value of insurance-related derivatives and embedded derivatives	$	348	$	382	$	246	$	747
Equity total return swaps	Investment related gains (losses)	—		(18)		—		(18)
Foreign exchange forwards	Investment related gains (losses)	122		—		(82)		—
Cross currency swaps	Investment related gains (losses)	(23)		—		(8)		—




Embedded derivatives:

Indexed annuity and variable annuity product	Change in fair value of insurance-related derivatives and embedded derivatives	(141)		(527)		(340)		(815)
Funds withheld and Modco arrangements	Change in fair value of insurance-related derivatives and embedded derivatives	(20)		(199)		(49)		(278)
		$	286	$	(362)	$	(233)	$	(364)

Derivative Exposure

The Company’s use of derivative instruments exposes it to credit risk in the event of non-performance by counterparties. The Company has a policy of only dealing with counterparties it believes are creditworthy and obtaining sufficient collateral where appropriate, as a means of mitigating the financial loss from defaults. The minimum credit rating of our counterparties is A- as of September 30, 2025 and BBB+ as of December 31, 2024, and all derivatives have been appropriately collateralized by the Company and the counterparties in accordance with the terms of the derivative agreements. The Company holds collateral in cash and notes secured by U.S. government-backed assets. The non-performance risk is the net counterparty exposure based on fair value of open contracts less fair value of collateral held. The Company maintains master netting agreements with its current active trading partners. A right of offset has been applied to cash collateral that supports credit risk and has been recorded in the Condensed Consolidated Statements of Financial Position as an offset to “Other invested assets” with an associated payable to “Other liabilities” for non-cash and excess collateral. A right of offset has also been applied to derivative assets and liabilities with the same counterparty under the same master netting agreement, and such derivative instruments are presented on a net basis in the Condensed Consolidated Statements of Financial Position.

Information regarding the Company’s exposure to credit loss on the derivatives it holds, including the effect of rights of offset, is presented below:


	Gross Amount of Derivative Instruments (1)		Gross Amount Offset in the Condensed Consolidated Statements of Financial Position (2)		Net Amount Presented in the Condensed Consolidated Statements of Financial Position		Collateral (Received) Pledged in Cash (3)		Collateral (Received) Pledged in Invested Assets (3)		Exposure of Net Collateral
	(Dollars in millions)
As of September 30, 2025
Derivative assets
Equity-indexed options	$	1,486	$	(54)	$	1,432	$	(1,364)	$	—	$	68

Foreign exchange forwards	4		(4)		—		—		—		—
Cross currency swaps	6		—		6		—		—		6

Interest rate swaps	20		—		20		(20)		—		—

Total derivative assets	$	1,516	$	(58)	$	1,458	$	(1,384)	$	—	$	74

Derivative liabilities
Equity-indexed options	$	(2)	$	2	$	—	$	—	$	—	$	—

Foreign exchange forwards	(127)		56		(71)		—		—		(71)
Cross currency swaps	(15)		—		(15)		—		—		(15)



Total derivative liabilities	$	(144)	$	58	$	(86)	$	—	$	—	$	(86)

As of December 31, 2024
Derivative assets
Equity-indexed options	$	1,303	$	(5)	$	1,298	$	(1,298)	$	—	$	—

Foreign exchange forwards	43		—		43		—		—		43




Total derivative assets	$	1,346	$	(5)	$	1,341	$	(1,298)	$	—	$	43

Derivative liabilities
Equity-indexed options	$	(5)	$	5	$	—	$	—	$	—	$	—






Total derivative liabilities	$	(5)	$	5	$	—	$	—	$	—	$	—

(1)Represents derivative assets and liabilities on a gross basis, which are not offset under enforceable master netting agreements that meet all offsetting criteria.

(2)Represents netting of derivative exposures covered by qualifying master netting agreements.

(3)Excludes a portion of collateral held in cash and invested assets that are excess collateral. As of September 30, 2025 and December 31, 2024, the Company held excess collateral of $56 million and $76 million, respectively.

10. Net Investment Income and Investment Related Gains (Losses)

Net investment income is shown below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in millions)
Available-for-sale fixed maturity securities	$	840	$	604	$	2,075	$	1,265
Equity securities	15		17		35		38
Mortgage loans	188		190		574		428
Private loans	154		24		356		25
Real estate	20		(6)		40		46
Real estate partnerships	45		(3)		61		3
Investment funds	153		55		282		223
Policy loans	3		6		15		12
Short-term investments	(20)		63		159		140
Other	(113)		74		123		216
Total net investment income	$	1,285	$	1,024	$	3,720	$	2,396

Net unrealized and realized investment gains (losses) are shown below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in millions)
Available-for-sale fixed maturity securities	$	(111)	$	(100)	$	(14)	$	(125)
Equity securities	60		23		158		47
Mortgage loans	16		(22)		23		(28)
Private loans	(75)		—		(40)		(3)
Investment real estate	(2)		—		(3)		—
Real estate partnerships	—		—		1		—
Investments funds	(7)		—		(9)		—
Short-term investments and other invested assets	121		(29)		(45)		(51)
Total investment related gains (losses), net	$	2	$	(128)	$	71	$	(160)

11. Fair Value of Financial Instruments

The carrying amount and fair value of financial instruments are shown below:


	September 30, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in millions)
Financial assets:
Available-for-sale fixed maturity securities	$	55,408	$	55,408	$	47,292	$	47,292
Equity securities	1,212		1,212		1,142		1,142
Mortgage loans on real estate, net of allowance	11,090		11,094		12,117		11,928
Private loans, net of allowance	8,387		8,446		5,732		5,790
Real estate partnerships (1)	1,714		1,714		932		932
Investment funds (2)	147		147		124		124

American National Group Inc. 10-Q