The company announced the signing of an agreement with Bank Consortium Trust Company to expand investment management capabilities and exit sponsor and trustee roles in Hong Kong for Mandatory Provident Fund Schemes. This resulted in a $20.0 million loss reported in operating expenses and a $77.0 million loss reported in net realized capital gains (losses).

The company exercised its rights in full under the put option with the 2028 Trust in exchange for the Eligible Assets, and will use the proceeds from the 2028 P-Caps Exercise to redeem or repay at or prior to maturity all $400.0 million aggregate principal amount outstanding of our 3.400% senior notes that mature on May 15, 2025.

The company entered into a 30-year contingent funding agreement with a Delaware trust for $500.0 million pre-capitalized trust securities redeemable February 15, 2055. The company agreed to pay a semi-annual facility fee of 1.289% per annum on the unexercised portion of the contingent fund mechanism to the 2055 Trust.

The Chief Executive Officer and Interim Chief Financial Officer have reviewed and evaluated the company's disclosure controls and procedures as of March 31, 2025, and have concluded that the disclosure controls and procedures are effective.

There was no change in the company's internal control over financial reporting during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.

The company is monitoring liquidity closely and feels confident in its ability to meet all long-term obligations to customers, policyholders and debt holders. Sources of strength include laddered long-term debt maturities, access to revolving credit facility and contingent funding arrangements, a strong risk-based capital position and available cash and liquid assets.

The company's risk of loss is limited to initial investment measured at amortized cost excluding portfolio layer method basis adjustments for fixed maturities, available-for-sale, plus any unfunded commitments and/or guarantees and similar provisions for collateralized debt obligations and other debt obligations.

The company is subject to credit losses in the event of nonperformance of the counterparties. The current credit exposure is limited to the value of derivatives that have become favorable to us. This credit risk is minimized by purchasing such agreements from financial institutions with high credit ratings and by establishing and monitoring exposure limits.

The company identifies and places on an internal "watch list" commercial mortgage loans and direct financing leases that require more frequent and detailed attention. Among the criteria that may indicate a potential problem are significant negative changes in ratios of loan to value or contract rents to debt service, major tenant vacancies or bankruptcies, borrower sponsorship problems, late payments, delinquent taxes and loan relief/restructuring requests.

The company announced the signing of an agreement with Bank Consortium Trust Company to expand investment management capabilities and exit sponsor and trustee roles in Hong Kong for Mandatory Provident Fund Schemes.

Competition, including from companies that may have greater financial resources, broader arrays of products, higher ratings and stronger financial performance, may impair our ability to retain existing customers, attract new customers and maintain our profitability.

The transaction with Bank Consortium Trust Company is expected to close during the first quarter of 2026, subject to regulatory approval.

Operating expenses increased to $1,391.0 million for the three months ended March 31, 2025, compared to $1,343.4 million for the same period in 2024. This increase is due to impairments and compensation costs.

The company is contingently liable with respect to reinsurance ceded to other companies in the event the reinsurer is unable to meet the obligations it has assumed. As of March 31, 2025, and December 31, 2024, we had $14,692.7 million and $14,592.6 million of reinsurance recoverable assets, respectively, included in reinsurance recoverable and deposit receivable on the consolidated statements of financial position

Financing receivables are placed on non-accrual status if we have concern regarding the collectability of future payments or if a financing receivable has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow for commercial mortgage loans and direct financing leases or number of days past due and other circumstances for residential mortgage loans.

The company uses various derivatives to manage our exposure to fluctuations in interest rates, equity markets and foreign currency exchange rates. These derivatives are used to change the characteristics of our asset/liability mix consistent with our risk management activities. Derivatives are also used in asset replication and income generation strategies.

Interruptions in information technology, infrastructure or other internal or external systems used for our business operations, or a failure to maintain the confidentiality, integrity or availability of data residing on such systems, could disrupt our business, damage our reputation and adversely impact our profitability.

We may not be able to protect our intellectual property and may be subject to infringement claims.

The company repurchased 2,888,696 shares of common stock during the three months ended March 31, 2025. In February 2025, our Board authorized a share repurchase program of up to $1.5 billion of our outstanding common stock, which has no expiration date.

As of March 31, 2025, we had $1,599.4 million of cash and liquid assets held in our holding companies and other subsidiaries, which is available for corporate purposes.

The company declared dividends of $0.75 per common share for the three months ended March 31, 2025.

The provided document does not contain enough information to assess ESG initiatives.

The provided document does not contain enough information to assess ESG initiatives.

The provided document does not contain enough information to assess ESG initiatives.

Conditions in the global capital markets, including the equity, bond or real estate markets, and the economy generally may materially and adversely affect our business and results of operations.

Changes in interest rates or credit spreads or a prolonged low interest rate environment may adversely affect our results of operations, financial condition and liquidity, and our net income can vary from period to period.

Changes in laws or regulations may reduce our profitability or impact how we do business.