Q2 2026 Earnings

Average Commercial Mortgage Loan DSCR

2.1

Credit Quality — Monitoring Process. We monitor our mortgage loan investments on an ongoing basis, including a review by credit quality indicator and by the performance indicators of current, past due, restructured and under foreclosure. See below for further information on mortgage loans by credit quality indicator. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on mortgage loans by performance indicator. We review our commercial mortgage loan investments on an ongoing basis. These reviews may include an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. The monitoring process for agricultural mortgage loan investments is generally similar, with a focus on higher risk loans, such as loans with higher LTV ratios. Agricultural mortgage loan investments are reviewed on an ongoing basis which include property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, including reviews on a geographic and property-type basis. We review our residential mortgage loan investments on an ongoing basis, with a focus on higher risk loans, such as nonperforming loans. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information on our evaluation of residential mortgage loan investments and related ACL methodology. LTV ratios and DSCR are common measures in the assessment of the quality of commercial mortgage loan investments. LTV ratios are a common measure in the assessment of the quality of agricultural mortgage loan investments. LTV ratios compare the amount of the loan to the estimated fair value of the underlying collateral. An LTV ratio greater than 100% indicates that the loan amount is greater than the collateral value. An LTV ratio of less than 100% indicates an excess of collateral value over the loan amount. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. For our commercial mortgage loans, our average LTV ratio was 69% and 68% at June 30, 2026 and December 31, 2025, respectively, and our average DSCR was 2.1x at both June 30, 2026 and December 31, 2025. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of our ongoing review of our commercial mortgage loan investments. For our agricultural mortgage loans, our average LTV ratio was 45% and 46% at June 30, 2026 and December 31, 2025, respectively. The values utilized in calculating the LTV ratio of our agricultural mortgage loan investments are developed in connection with the ongoing review of our portfolio and are routinely updated.

Average Commercial Mortgage Loan LTV

69.0%

Credit Quality — Monitoring Process. We monitor our mortgage loan investments on an ongoing basis, including a review by credit quality indicator and by the performance indicators of current, past due, restructured and under foreclosure. See below for further information on mortgage loans by credit quality indicator. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on mortgage loans by performance indicator. We review our commercial mortgage loan investments on an ongoing basis. These reviews may include an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. The monitoring process for agricultural mortgage loan investments is generally similar, with a focus on higher risk loans, such as loans with higher LTV ratios. Agricultural mortgage loan investments are reviewed on an ongoing basis which include property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, including reviews on a geographic and property-type basis. We review our residential mortgage loan investments on an ongoing basis, with a focus on higher risk loans, such as nonperforming loans. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information on our evaluation of residential mortgage loan investments and related ACL methodology. LTV ratios and DSCR are common measures in the assessment of the quality of commercial mortgage loan investments. LTV ratios are a common measure in the assessment of the quality of agricultural mortgage loan investments. LTV ratios compare the amount of the loan to the estimated fair value of the underlying collateral. An LTV ratio greater than 100% indicates that the loan amount is greater than the collateral value. An LTV ratio of less than 100% indicates an excess of collateral value over the loan amount. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. For our commercial mortgage loans, our average LTV ratio was 69% and 68% at June 30, 2026 and December 31, 2025, respectively, and our average DSCR was 2.1x at both June 30, 2026 and December 31, 2025. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of our ongoing review of our commercial mortgage loan investments. For our agricultural mortgage loans, our average LTV ratio was 45% and 46% at June 30, 2026 and December 31, 2025, respectively. The values utilized in calculating the LTV ratio of our agricultural mortgage loan investments are developed in connection with the ongoing review of our portfolio and are routinely updated.

Investment-Grade Fixed-Maturity Securities

96.0%

The following table presents total fixed maturity securities AFS by NRSRO rating, except for non-agency RMBS and CMBS, which are presented using NAIC designations for modeled securities. In addition, in the following table, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided. June 30, 2026 | December 31, 2025 NRSRO Rating | NAIC Designation | Amortized Cost net of ACL | UnrealizedGains (Losses) | EstimatedFairValue | % of Total | Amortized Cost net of ACL | UnrealizedGains (Losses) | EstimatedFairValue | % of Total (Dollars in millions) Aaa/Aa/A | 1 | $ | 230,467 | $ | (22,091) | $ | 208,376 | 68.4 | % | $ | 222,728 | $ | (18,870) | $ | 203,858 | 68.5 | % Baa | 2 | 86,520 | (2,333) | 84,187 | 27.6 | 83,314 | (1,437) | 81,877 | 27.5 Subtotal investment grade | 316,987 | (24,424) | 292,563 | 96.0 | 306,042 | (20,307) | 285,735 | 96.0 Ba | 3 | 8,428 | (23) | 8,405 | 2.8 | 8,212 | 61 | 8,273 | 2.8 B | 4 | 3,366 | (55) | 3,311 | 1.1 | 3,460 | (81) | 3,379 | 1.1 Caa and lower | 5 | 284 | (14) | 270 | 0.1 | 284 | (35) | 249 | 0.1 In or near default | 6 | 119 | (31) | 88 | — | 110 | (15) | 95 | — Subtotal below investment grade | 12,197 | (123) | 12,074 | 4.0 | 12,066 | (70) | 11,996 | 4.0 Total fixed maturity securities AFS, excluding Reinsurance activity | $ | 329,184 | $ | (24,547) | $ | 304,637 | 100.0 | % | $ | 318,108 | $ | (20,377) | $ | 297,731 | 100.0 | %

Top-Ten Corporate Fixed-Maturity Holdings Concentration

1.0%

U.S. and Foreign Corporate Fixed Maturity Securities AFS We maintain a broadly diversified portfolio of corporate fixed maturity securities AFS across many industries and issuers. This portfolio did not have any exposure to any single issuer in excess of 1% of total investments at either June 30, 2026 or December 31, 2025. The top 10 holdings comprised 1% of total investments at both June 30, 2026 and December 31, 2025. The table below presents our U.S. and foreign corporate securities portfolios by industry at:

Fixed-Maturity Securities Share of Cash and Invested Assets

63.6%

The following table presents public and private fixed maturity securities AFS and equity securities held at: June 30, 2026 | December 31, 2025 Securities by Type | Estimated Fair Value | % of Total | Estimated Fair Value | % of Total (Dollars in millions) Fixed maturity securities AFS Publicly traded | $ | 216,464 | 71.1 | % | $ | 213,182 | 71.6 | % Privately-placed | 88,173 | 28.9 | 84,549 | 28.4 Total fixed maturity securities AFS, excluding Reinsurance activity | $ | 304,637 | 100.0 | % | $ | 297,731 | 100.0 | % Reinsurance activity | 17,546 | 18,200 Total fixed maturity securities AFS | $ | 322,183 | $ | 315,931 Percentage of cash and invested assets, excluding Reinsurance activity | 63.6 | % | 63.1 | %

Privately Placed Share of Fixed-Maturity Securities

28.9%

The following table presents public and private fixed maturity securities AFS and equity securities held at: June 30, 2026 | December 31, 2025 Securities by Type | Estimated Fair Value | % of Total | Estimated Fair Value | % of Total (Dollars in millions) Fixed maturity securities AFS Publicly traded | $ | 216,464 | 71.1 | % | $ | 213,182 | 71.6 | % Privately-placed | 88,173 | 28.9 | 84,549 | 28.4 Total fixed maturity securities AFS, excluding Reinsurance activity | $ | 304,637 | 100.0 | % | $ | 297,731 | 100.0 | %

Cash and Short-Term Investments Yield

3.7%

Yield Table Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Asset Class | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount (Dollars in millions) Cash and short-term investments | 3.69 | 196 | 4.19 | 232 | 3.86 | 402 | 4.30 | 456 (1)We calculate annualized yields using adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Third-party mortgage loan activity, Reinsurance activity collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and FVO securities held by collateralized financing entities (“CFEs”). Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

Equity Securities Yield

2.8%

Yield Table Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Asset Class | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount (Dollars in millions) Equity securities | 2.78 | 4 | 2.30 | 3 | 3.55 | 10 | 4.24 | 12 (1)We calculate annualized yields using adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Third-party mortgage loan activity, Reinsurance activity collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and FVO securities held by collateralized financing entities (“CFEs”). Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

Fixed Maturity Securities Yield

4.9%

Yield Table Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Asset Class | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount (Dollars in millions) Fixed maturity securities (2), (3) | 4.88 | % | $ | 3,845 | 4.61 | % | $ | 3,517 | 4.69 | % | $ | 7,336 | 4.49 | % | $ | 6,776 (1)We calculate annualized yields using adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Third-party mortgage loan activity, Reinsurance activity collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and FVO securities held by collateralized financing entities (“CFEs”). Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

Investment Fees and Expense Rate

-0.2%

Yield Table Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Asset Class | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount (Dollars in millions) Investment fees and expenses | (0.16) | (176) | (0.13) | (149) | (0.16) | (365) | (0.14) | (311) (1)We calculate annualized yields using adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Third-party mortgage loan activity, Reinsurance activity collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and FVO securities held by collateralized financing entities (“CFEs”). Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

Investment Income Yield

5.0%

Yield Table Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Asset Class | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount (Dollars in millions) Investment income | 5.02 | 5,727 | 4.73 | 5,351 | 5.03 | 11,415 | 4.78 | 10,727 (1)We calculate annualized yields using adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Third-party mortgage loan activity, Reinsurance activity collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and FVO securities held by collateralized financing entities (“CFEs”). Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

Mortgage Loans Yield

5.3%

Yield Table Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Asset Class | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount (Dollars in millions) Mortgage loans (3) | 5.31 | 992 | 5.12 | 1,026 | 5.25 | 1,971 | 5.17 | 2,082 (1)We calculate annualized yields using adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Third-party mortgage loan activity, Reinsurance activity collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and FVO securities held by collateralized financing entities (“CFEs”). Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

Net Investment Income Yield Including Divested Businesses

4.9%

Yield Table Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Asset Class | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount (Dollars in millions) Net investment income including divested businesses (4) | 4.86 | % | 5,551 | 4.60 | % | 5,202 | 4.87 | % | 11,050 | 4.64 | % | 10,416 Less: net investment income from divested businesses (4) | — | — | — | 1 Adjusted net investment income | $ | 5,551 | $ | 5,202 | $ | 11,050 | $ | 10,415 __________________ (1)We calculate annualized yields using adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Third-party mortgage loan activity, Reinsurance activity collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and FVO securities held by collateralized financing entities (“CFEs”). Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

Other Limited Partnership Interests Yield

3.2%

Yield Table Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Asset Class | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount (Dollars in millions) OLPI | 3.16 | 112 | 3.46 | 122 | 7.55 | 548 | 4.84 | 344 (1)We calculate annualized yields using adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Third-party mortgage loan activity, Reinsurance activity collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and FVO securities held by collateralized financing entities (“CFEs”). Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

Policy Loans Yield

5.9%

Yield Table Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Asset Class | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount (Dollars in millions) Policy loans | 5.89 | 108 | 5.64 | 113 | 5.78 | 217 | 5.51 | 220 (1)We calculate annualized yields using adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Third-party mortgage loan activity, Reinsurance activity collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and FVO securities held by collateralized financing entities (“CFEs”). Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

Real Estate and REJV Yield

4.8%

Yield Table Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Asset Class | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount | Yield % (1) | Amount (Dollars in millions) Real estate and REJVs | 4.77 | 155 | 3.47 | 120 | 4.20 | 275 | 3.74 | 254 (1)We calculate annualized yields using adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Third-party mortgage loan activity, Reinsurance activity collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and FVO securities held by collateralized financing entities (“CFEs”). Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

General Account Annuity Surrenders and Withdrawals

$423.0M

Insurance Liabilities Liabilities arising from our insurance activities primarily relate to benefit payments under various life insurance, annuity and group pension products, as well as payments for policy surrenders, withdrawals and loans. For annuity or deposit type products, surrender or lapse behavior differs somewhat by segment. In Corporate & Other, which includes individual annuities, lapses and surrenders tend to occur in the normal course of business. For the six months ended June 30, 2026, general account surrenders and withdrawals from annuity products were $423 million. In the RIS segment, which includes pension risk transfers, bank-owned life insurance and other fixed annuity contracts, as well as funding agreements and other capital market products, most of the products offered have fixed maturities or fairly predictable surrenders or withdrawals. With regard to the RIS business products that provide customers with limited rights to accelerate payments, at June 30, 2026, there were funding agreements totaling $122 million that could be put back to the Company.