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NET INVESTMENT INCOME AND INVESTMENT RELATED GAINS (LOSSES) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
NET INVESTMENT INCOME AND INVESTMENT RELATED GAINS (LOSSES) | NET INVESTMENT INCOME AND INVESTMENT RELATED GAINS (LOSSES) Net investment income is shown below:
FOR THE PERIODS ENDED JUN. 30 US$ MILLIONS |  | Three Months Ended |  | Six Months Ended |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Available-for-sale fixed maturity securities |  | $ | 552 |  |  | $ | 216 |  |  | $ | 865 |  |  | $ | 420 |  |  |
Equity securities |  | 21 |  |  | — |  |  | 32 |  |  | — |  |  |
Mortgage loans |  | 172 |  |  | 76 |  |  | 255 |  |  | 149 |  |  |
Private loans |  | 33 |  |  | 22 |  |  | 64 |  |  | 35 |  |  |
Investment real estate |  | 38 |  |  | 12 |  |  | 43 |  |  | 27 |  |  |
Real estate partnerships |  | (6) |  |  | 3 |  |  | (12) |  |  | 7 |  |  |
Investment funds |  | 144 |  |  | 45 |  |  | 187 |  |  | 64 |  |  |
Policy loans |  | 6 |  |  | — |  |  | 12 |  |  | — |  |  |
Short-term investments |  | 61 |  |  | 70 |  |  | 112 |  |  | 138 |  |  |
Other invested assets |  | 97 |  |  | — |  |  | 134 |  |  | — |  |  |
Total net investment income |  | $ | 1,118 |  |  | $ | 444 |  |  | $ | 1,692 |  |  | $ | 840 |  |  |
Net unrealized and realized investment gains (losses) are shown below:
FOR THE PERIODS ENDED JUN. 30 US$ MILLIONS |  | Three Months Ended |  | Six Months Ended |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Available-for-sale fixed maturity securities |  | $ | (30) |  |  | $ | (40) |  |  | $ | (18) |  |  | $ | (68) |  |  |
Equity securities |  | 28 |  |  | 245 |  |  | 48 |  |  | 156 |  |  |
Mortgage loans |  | (3) |  |  | (1) |  |  | (11) |  |  | (12) |  |  |
Private loans |  | 1 |  |  | (3) |  |  | 5 |  |  | (3) |  |  |
Investment real estate |  | — |  |  | — |  |  | (17) |  |  | — |  |  |
Real estate partnerships |  | — |  |  | — |  |  | — |  |  | — |  |  |
Investment funds |  | 13 |  |  | — |  |  | 13 |  |  | — |  |  |
Short-term investments and other invested assets 1 |  | (123) |  |  | 21 |  |  | (90) |  |  | 19 |  |  |
Total investment related gains (losses) |  | $ | (114) |  |  | $ | 222 |  |  | $ | (70) |  |  | $ | 92 |  |  |
1.Amounts for the three and six months ended June 30, 2024 include an accounting loss related to a deemed settlement of a previously held reinsurance agreement between NER SPC and AEL. See Note 16 for details.

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