v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The Company’s debt consisted of the following:
December 31, 2025December 31, 2024
(In millions, except percentages)Maturity DateOutstanding BalanceFair ValueOutstanding BalanceFair Value
Asset Management
4.40% 2026 Senior Notes1,2
May 27, 2026$500 $500 
3
$499 $496 
3
4.87% 2029 Senior Notes1,2
February 15, 2029675 686 
3
675 670 
3
2.65% 2030 Senior Notes1,2
June 5, 2030497 464 
3
497 439 
3
4.60% 2031 Senior Notes1,2
January 15, 2031396 402 
3
— — 
3
6.38% 2033 Senior Notes1,2
November 15, 2033493 550 
3
492 542 
3
5.15% 2035 Senior Notes1,2
August 12, 2035839 853 
3
— — 
3
5.00% 2048 Senior Notes1,2
March 15, 2048297 273 
3
297 271 
3
5.80% 2054 Senior Notes1,2
May 21, 2054741 738 
3
741 753 
3
7.63% 2053 Subordinated Notes1,2
September 15, 2053585 628 
4
584 642 
4
6.00% 2054 Subordinated Notes1,2
December 15, 2054
493 496 
3
494 494 
3
5,516 5,590 4,279 4,307 
Retirement Services
4.13% 2028 AHL Senior Notes1
January 12, 20281,034 999 
3
1,050 976 
3
6.15% 2030 AHL Senior Notes1
April 3, 2030565 531 
3
579 519 
3
3.50% 2031 AHL Senior Notes1
January 15, 2031517 473 
3
520 452 
3
6.65% 2033 AHL Senior Notes1
February 1, 2033396 434 
3
395 425 
3
5.88% 2034 AHL Senior Notes1
January 15, 2034585 623 
3
584 608 
3
3.95% 2051 AHL Senior Notes1
May 25, 2051543 351 
3
544 360 
3
3.45% 2052 AHL Senior Notes1
May 15, 2052504 317 
3
504 322 
3
6.25% 2054 AHL Senior Notes1
April 1, 2054983 975 
3
983 1,003 
3
6.63% 2055 AHL Senior Notes1
May 19, 2055979 1,019 
3
— — 
6.63% 2054 AHL Subordinated Notes1
October 15, 2054592 600 
3
592 598 
3
6.88% 2055 AHL Subordinated Notes1
June 28, 2055592 600 
3
— — 
7.25% 2064 AHL Subordinated Notes1
March 30, 2064558 576 
4
558 581 
4
7,848 7,498 6,309 5,844 
Total Debt$13,364 $13,088 $10,588 $10,151 
1 Interest rate is calculated as weighted average annualized.
2 Includes note discounts, as applicable. Outstanding balance is presented net of unamortized debt issuance costs totaling $53 million and $44 million as of December 31, 2025 and December 31, 2024, respectively.
3 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services.
4 Fair value is based on quoted market prices. These notes are classified as a Level 1 liability within the fair value hierarchy.
Schedule of Credit and Liquidity Facilities
The following table represents the Company’s credit and liquidity facilities as of December 31, 2025:

Instrument/FacilityMaturity DateAdministrative AgentKey terms
Asset Management –
AGM credit facility
November 21, 2029Citibank
The borrowing capacity under the AGM credit facility is $1.25 billion, subject to being increased up to $1.5 billion in total.
Retirement Services –
AHL credit facility
June 30, 2028Citibank
The borrowing capacity under the AHL credit facility is $1.25 billion, subject to being increased up to $1.75 billion in total.
Retirement Services –
AHL liquidity facility
June 26, 2026Wells Fargo Bank
The borrowing capacity under the AHL liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total.
Schedule of Interest Expense
The following table presents the interest expense incurred related to the Company’s debt:

Years ended December 31,
(In millions)202520242023
Asset Management$256 $226 $145 
Retirement Services1
362 248 123 
Total Interest Expense$618 $474 $268 
Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.
1 Interest expense for Retirement Services is included in policy and other operating expenses on the consolidated statements of operations.
Schedule of Contractual Maturities for Debt Arrangements
The table below presents the contractual maturities for the Company's debt arrangements:

(In millions)2026
2027 - 2028
2029 - 2030
2031 and ThereafterTotal
Asset Management
Debt obligations$500 $— $1,175 $3,900 $5,575 
Retirement Services
Debt obligations— 1,000 500 6,275 7,775 
Total Obligations as of December 31, 2025
$500 $1,000 $1,675 $10,175 $13,350