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INVESTMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
Available-for-Sale Debt Securities | The amortized cost for the Company's investments in fixed maturity securities, the cost for equity securities and the fair values of these investments are shown in the following tables.
| March 31, 2023
(In millions) | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
Securities available for sale, carried at fair value through other comprehensive income: |  |  |  |  |
Fixed maturity securities: |  |  |  |  |
Yen-denominated: |  |  |  |  |
Japan government and agencies | $ | 25,264 |  | $ | 0 |  | $ | 1,534 |  | $ | 1,079 |  | $ | 25,719 |
Municipalities | 1,028 |  | 0 |  | 152 |  | 42 |  | 1,138 |
Mortgage- and asset-backed securities | 238 |  | 0 |  | 9 |  | 8 |  | 239 |
Public utilities | 3,979 |  | 0 |  | 351 |  | 63 |  | 4,267 |
Sovereign and supranational | 543 |  | 0 |  | 31 |  | 3 |  | 571 |
Banks/financial institutions | 6,313 |  | 0 |  | 337 |  | 427 |  | 6,223 |
Other corporate | 6,402 |  | 0 |  | 705 |  | 309 |  | 6,798 |
Total yen-denominated | 43,767 |  | 0 |  | 3,119 |  | 1,931 |  | 44,955 |
U.S. dollar-denominated: |  |  |  |  |
U.S. government and agencies | 179 |  | 0 |  | 0 |  | 5 |  | 174 |
Municipalities | 1,280 |  | 0 |  | 53 |  | 55 |  | 1,278 |
Mortgage- and asset-backed securities | 2,307 |  | 0 |  | 90 |  | 69 |  | 2,328 |
Public utilities | 3,479 |  | 0 |  | 315 |  | 128 |  | 3,666 |
Sovereign and supranational | 132 |  | 0 |  | 36 |  | 11 |  | 157 |
Banks/financial institutions | 2,966 |  | 0 |  | 316 |  | 85 |  | 3,197 |
Other corporate | 21,196 |  | 0 |  | 1,946 |  | 798 |  | 22,344 |
Total U.S. dollar-denominated | 31,539 |  | 0 |  | 2,756 |  | 1,151 |  | 33,144 |
Total securities available for sale | $ | 75,306 |  | $ | 0 |  | $ | 5,875 |  | $ | 3,082 |  | $ | 78,099 |
| December 31, 2022
(In millions) | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
Securities available for sale, carried at fair value through other comprehensive income: |  |  |  |  |
Fixed maturity securities: |  |  |  |  |
Yen-denominated: |  |  |  |  |
Japan government and agencies | $ | 25,418 |  | $ | 0 |  | $ | 1,259 |  | $ | 1,724 |  | $ | 24,953 |
Municipalities | 1,034 |  | 0 |  | 124 |  | 61 |  | 1,097 |
Mortgage- and asset-backed securities | 241 |  | 0 |  | 8 |  | 12 |  | 237 |
Public utilities | 3,932 |  | 0 |  | 301 |  | 108 |  | 4,125 |
Sovereign and supranational | 659 |  | 0 |  | 24 |  | 5 |  | 678 |
Banks/financial institutions | 6,348 |  | 0 |  | 324 |  | 531 |  | 6,141 |
Other corporate | 6,288 |  | 0 |  | 555 |  | 408 |  | 6,435 |
Total yen-denominated | 43,920 |  | 0 |  | 2,595 |  | 2,849 |  | 43,666 |
U.S. dollar-denominated: |  |  |  |  |
U.S. government and agencies | 169 |  | 0 |  | 0 |  | 8 |  | 161 |
Municipalities | 1,269 |  | 0 |  | 43 |  | 89 |  | 1,223 |
Mortgage- and asset-backed securities | 1,926 |  | 0 |  | 67 |  | 84 |  | 1,909 |
Public utilities | 3,481 |  | 0 |  | 240 |  | 180 |  | 3,541 |
Sovereign and supranational | 133 |  | 0 |  | 35 |  | 12 |  | 156 |
Banks/financial institutions | 2,992 |  | 0 |  | 271 |  | 105 |  | 3,158 |
Other corporate | 21,579 |  | 0 |  | 1,549 |  | 1,201 |  | 21,927 |
Total U.S. dollar-denominated | 31,549 |  | 0 |  | 2,205 |  | 1,679 |  | 32,075 |
Total securities available for sale | $ | 75,469 |  | $ | 0 |  | $ | 4,800 |  | $ | 4,528 |  | $ | 75,741 |
Held-to-maturity Securities |
| March 31, 2023
(In millions) | Amortized Cost | Allowance for Credit Losses | Net Carrying Amount | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
Securities held to maturity, carried at amortized cost: |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |
Yen-denominated: |  |  |  |  |  |
Japan government and agencies | $ | 18,154 |  | $ | 2 |  | $ | 18,152 |  | $ | 2,548 |  | $ | 0 |  | $ | 20,700 |
Municipalities | 285 |  | 0 |  | 285 |  | 56 |  | 0 |  | 341 |
Public utilities | 37 |  | 0 |  | 37 |  | 5 |  | 0 |  | 42 |
Sovereign and supranational | 447 |  | 4 |  | 443 |  | 67 |  | 0 |  | 510 |
Other corporate | 19 |  | 0 |  | 19 |  | 4 |  | 0 |  | 23 |
Total yen-denominated | 18,942 |  | 6 |  | 18,936 |  | 2,680 |  | 0 |  | 21,616 |
Total securities held to maturity | $ | 18,942 |  | $ | 6 |  | $ | 18,936 |  | $ | 2,680 |  | $ | 0 |  | $ | 21,616 |
| December 31, 2022
(In millions) | Amortized Cost | Allowance for Credit Losses | Net Carrying Amount | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
Securities held to maturity, carried at amortized cost: |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |
Yen-denominated: |  |  |  |  |  |
Japan government and agencies | $ | 18,269 |  | $ | 2 |  | $ | 18,267 |  | $ | 2,045 |  | $ | 0 |  | $ | 20,312 |
Municipalities | 287 |  | 0 |  | 287 |  | 48 |  | 0 |  | 335 |
Public utilities | 38 |  | 1 |  | 37 |  | 4 |  | 0 |  | 41 |
Sovereign and supranational | 450 |  | 4 |  | 446 |  | 54 |  | 0 |  | 500 |
Other corporate | 19 |  | 0 |  | 19 |  | 3 |  | 0 |  | 22 |
Total yen-denominated | 19,063 |  | 7 |  | 19,056 |  | 2,154 |  | 0 |  | 21,210 |
Total securities held to maturity | $ | 19,063 |  | $ | 7 |  | $ | 19,056 |  | $ | 2,154 |  | $ | 0 |  | $ | 21,210 |
Equity securities, FV-NI |
(In millions) | March 31, 2023 |  | December 31, 2022
Equity securities, carried at fair value through net earnings: | Fair Value |  | Fair Value
Equity securities: |  |  |  |  |  |  |
Yen-denominated |  | $ | 679 |  |  |  |  | $ | 670 |  |
U.S. dollar-denominated |  | 360 |  |  |  |  | 374 |  |
Other currencies |  | 48 |  |  |  |  | 47 |  |
Total equity securities |  | $ | 1,087 |  |  |  |  | $ | 1,091 |  |
Investments Classified by Contractual Maturity Date | The contractual and economic maturities of the Company's investments in fixed maturity securities at March 31, 2023, were as follows:
(In millions) | Amortized Cost (1) |  | Fair Value |
Available for sale: |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 1,690 |  |  |  |  | $ | 1,765 |  |  |
Due after one year through five years |  | 6,964 |  |  |  |  | 7,350 |  |  |
Due after five years through 10 years |  | 15,878 |  |  |  |  | 17,289 |  |  |
Due after 10 years |  | 48,230 |  |  |  |  | 49,128 |  |  |
Mortgage- and asset-backed securities |  | 2,544 |  |  |  |  | 2,567 |  |  |
Total fixed maturity securities available for sale |  | $ | 75,306 |  |  |  |  | $ | 78,099 |  |  |
Held to maturity: |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 0 |  |  |  |  | $ | 0 |  |  |
Due after one year through five years |  | 40 |  |  |  |  | 42 |  |  |
Due after five years through 10 years |  | 10,067 |  |  |  |  | 11,271 |  |  |
Due after 10 years |  | 8,829 |  |  |  |  | 10,303 |  |  |
Mortgage- and asset-backed securities |  | 0 |  |  |  |  | 0 |  |  |
Total fixed maturity securities held to maturity |  | $ | 18,936 |  |  |  |  | $ | 21,616 |  |  |
(1) Net of allowance for credit losses
Investment Exposures Exceeding Ten Percent Shareholders Equity | Investment exposures that individually exceeded 10% of shareholders' equity were as follows:
| March 31, 2023 |  | December 31, 2022
(In millions) | Credit Rating |  | Amortized Cost |  | Fair Value |  | Credit Rating |  | Amortized Cost |  | Fair Value
Japan National Government(1) | A+ |  | $42,355 |  | $45,299 |  | A+ |  | $42,618 |  | $44,178
(1)Japan Government Bonds (JGBs) or JGB-backed securities
Gain (Loss) on Investments | Information regarding pretax net gains and losses from investments is as follows:
|  |  | Three Months Ended March 31, |
(In millions) |  |  |  |  | 2023 |  | 2022 |
Net investment gains (losses): |  |  |  |  |  |  |  |
Sales and redemptions: |  |  |  |  |  |  |  |
Fixed maturity securities available for sale: |  |  |  |  |  |  |  |
Gross gains from sales |  |  |  |  | $ | 1 |  |  | $ | 70 |  |
Gross losses from sales |  |  |  |  | (3) |  |  | (3) |  |
Foreign currency gains (losses) |  |  |  |  | 59 |  |  | 10 |  |
Other investments: |  |  |  |  |  |  |  |
Gross gains from sales |  |  |  |  | 0 |  |  | 9 |  |
Total sales and redemptions |  |  |  |  | 57 |  |  | 86 |  |
Equity securities |  |  |  |  | (3) |  |  | (156) |  |
Credit losses: |  |  |  |  |  |  |  |
Fixed maturity securities held to maturity |  |  |  |  | 1 |  |  | 0 |  |
Commercial mortgage and other loans |  |  |  |  | (31) |  |  | 16 |  |
Loan commitments |  |  |  |  | 3 |  |  | 7 |  |
Reinsurance recoverables and other |  |  |  |  | (3) |  |  | 2 |  |
Total credit losses |  |  |  |  | (30) |  |  | 25 |  |
Derivatives and other: |  |  |  |  |  |  |  |
Derivative gains (losses) |  |  |  |  | 17 |  |  | (466) |  |
Foreign currency gains (losses) |  |  |  |  | 82 |  |  | 633 |  |
Total derivatives and other |  |  |  |  | 99 |  |  | 167 |  |
Total net investment gains (losses) |  |  |  |  | $ | 123 |  |  | $ | 122 |  |
Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities | The net effect on shareholders’ equity of unrealized gains and losses from fixed maturity securities was as follows:
(In millions) | March 31, 2023 |  | December 31, 2022
Unrealized gains (losses) on securities available for sale |  | $ | 2,793 |  |  |  |  | $ | 272 |  |
Deferred income taxes |  | (1,504) |  |  |  |  | (974) |  |
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities |  | $ | 1,289 |  |  |  |  | $ | (702) |  |
Investments Gross Unrealized Loss Aging | The following tables show the fair values and gross unrealized losses of the Company's available-for-sale investments for the periods ended March 31, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
| March 31, 2023
| Total |  | Less than 12 months |  | 12 months or longer
(In millions) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Fixed maturity securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | $ | 149 |  |  |  |  | $ | 5 |  |  |  |  | $ | 62 |  |  |  |  | $ | 1 |  |  |  |  | $ | 87 |  |  |  |  | $ | 4 |  |
Japan government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated |  | 8,845 |  |  |  |  | 1,079 |  |  |  |  | 565 |  |  |  |  | 77 |  |  |  |  | 8,280 |  |  |  |  | 1,002 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 817 |  |  |  |  | 55 |  |  |  |  | 356 |  |  |  |  | 13 |  |  |  |  | 461 |  |  |  |  | 42 |  |
Yen-denominated |  | 303 |  |  |  |  | 42 |  |  |  |  | 57 |  |  |  |  | 4 |  |  |  |  | 246 |  |  |  |  | 38 |  |
Mortgage- and asset- backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 1,007 |  |  |  |  | 69 |  |  |  |  | 753 |  |  |  |  | 58 |  |  |  |  | 254 |  |  |  |  | 11 |  |
Yen-denominated |  | 70 |  |  |  |  | 8 |  |  |  |  | 5 |  |  |  |  | 0 |  |  |  |  | 65 |  |  |  |  | 8 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 1,380 |  |  |  |  | 128 |  |  |  |  | 776 |  |  |  |  | 53 |  |  |  |  | 604 |  |  |  |  | 75 |  |
Yen-denominated |  | 726 |  |  |  |  | 63 |  |  |  |  | 37 |  |  |  |  | 2 |  |  |  |  | 689 |  |  |  |  | 61 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 31 |  |  |  |  | 11 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 31 |  |  |  |  | 11 |  |
Yen-denominated |  | 72 |  |  |  |  | 3 |  |  |  |  | 35 |  |  |  |  | 3 |  |  |  |  | 37 |  |  |  |  | 0 |  |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 982 |  |  |  |  | 85 |  |  |  |  | 448 |  |  |  |  | 17 |  |  |  |  | 534 |  |  |  |  | 68 |  |
Yen-denominated |  | 3,907 |  |  |  |  | 427 |  |  |  |  | 736 |  |  |  |  | 43 |  |  |  |  | 3,171 |  |  |  |  | 384 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 8,128 |  |  |  |  | 798 |  |  |  |  | 3,297 |  |  |  |  | 119 |  |  |  |  | 4,831 |  |  |  |  | 679 |  |
Yen-denominated |  | 2,064 |  |  |  |  | 309 |  |  |  |  | 753 |  |  |  |  | 72 |  |  |  |  | 1,311 |  |  |  |  | 237 |  |
Total |  | $ | 28,481 |  |  |  |  | $ | 3,082 |  |  |  |  | $ | 7,880 |  |  |  |  | $ | 462 |  |  |  |  | $ | 20,601 |  |  |  |  | $ | 2,620 |  |
| December 31, 2022
| Total |  | Less than 12 months |  | 12 months or longer
(In millions) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Fixed maturity securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | $ | 159 |  |  |  |  | $ | 8 |  |  |  |  | $ | 85 |  |  |  |  | $ | 3 |  |  |  |  | $ | 74 |  |  |  |  | $ | 5 |  |
Japan government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated |  | 8,856 |  |  |  |  | 1,724 |  |  |  |  | 3,733 |  |  |  |  | 580 |  |  |  |  | 5,123 |  |  |  |  | 1,144 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 854 |  |  |  |  | 89 |  |  |  |  | 735 |  |  |  |  | 57 |  |  |  |  | 119 |  |  |  |  | 32 |  |
Yen-denominated |  | 286 |  |  |  |  | 61 |  |  |  |  | 150 |  |  |  |  | 26 |  |  |  |  | 136 |  |  |  |  | 35 |  |
Mortgage- and asset- backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 936 |  |  |  |  | 84 |  |  |  |  | 640 |  |  |  |  | 42 |  |  |  |  | 296 |  |  |  |  | 42 |  |
Yen-denominated |  | 62 |  |  |  |  | 12 |  |  |  |  | 38 |  |  |  |  | 6 |  |  |  |  | 24 |  |  |  |  | 6 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 1,852 |  |  |  |  | 180 |  |  |  |  | 1,667 |  |  |  |  | 144 |  |  |  |  | 185 |  |  |  |  | 36 |  |
Yen-denominated |  | 880 |  |  |  |  | 108 |  |  |  |  | 576 |  |  |  |  | 61 |  |  |  |  | 304 |  |  |  |  | 47 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 30 |  |  |  |  | 12 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 30 |  |  |  |  | 12 |  |
Yen-denominated |  | 71 |  |  |  |  | 5 |  |  |  |  | 34 |  |  |  |  | 4 |  |  |  |  | 37 |  |  |  |  | 1 |  |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 1,147 |  |  |  |  | 105 |  |  |  |  | 786 |  |  |  |  | 58 |  |  |  |  | 361 |  |  |  |  | 47 |  |
Yen-denominated |  | 3,957 |  |  |  |  | 531 |  |  |  |  | 1,760 |  |  |  |  | 174 |  |  |  |  | 2,197 |  |  |  |  | 357 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 10,529 |  |  |  |  | 1,201 |  |  |  |  | 8,636 |  |  |  |  | 785 |  |  |  |  | 1,893 |  |  |  |  | 416 |  |
Yen-denominated |  | 2,090 |  |  |  |  | 408 |  |  |  |  | 1,507 |  |  |  |  | 273 |  |  |  |  | 583 |  |  |  |  | 135 |  |
Total |  | $ | 31,709 |  |  |  |  | $ | 4,528 |  |  |  |  | $ | 20,347 |  |  |  |  | $ | 2,213 |  |  |  |  | $ | 11,362 |  |  |  |  | $ | 2,315 |  |
Composition of the Carrying Value for Commercial Mortgage and Other Loans by Property Type | The following table reflects the composition of the carrying value for commercial mortgage and other loans by property type as of the periods presented.
(In millions) | March 31, 2023 |  | December 31, 2022
| Amortized Cost |  | % of Total |  | Amortized Cost |  | % of Total
Commercial Mortgage and other loans: |  |  |  |  |  |  |
Transitional real estate loans: |  |  |  |  |  |  |
Office | $ | 2,142 |  |  | 15.8 | % |  | $ | 2,158 |  |  | 15.8 | %
Retail | 465 |  |  | 3.4 |  |  | 493 |  |  | 3.6 |
Apartments/Multi-Family | 2,616 |  |  | 19.3 |  |  | 2,701 |  |  | 19.7 |
Industrial | 416 |  |  | 3.1 |  |  | 123 |  |  | .9 |
Hospitality | 825 |  |  | 6.1 |  |  | 803 |  |  | 5.9 |
Other | 236 |  |  | 1.7 |  |  | 231 |  |  | 1.7 |
Total transitional real estate loans | 6,700 |  |  | 49.4 |  |  | 6,509 |  |  | 47.6 |
Commercial mortgage loans: |  |  |  |  |  |  |
Office | 380 |  |  | 2.8 |  |  | 388 |  |  | 2.8 |
Retail | 308 |  |  | 2.3 |  |  | 310 |  |  | 2.3 |
Apartments/Multi-Family | 610 |  |  | 4.5 |  |  | 630 |  |  | 4.6 |
Industrial | 469 |  |  | 3.5 |  |  | 694 |  |  | 5.1 |
Total commercial mortgage loans | 1,767 |  |  | 13.1 |  |  | 2,022 |  |  | 14.8 |
Middle market loans | 5,084 |  |  | 37.5 |  |  | 5,157 |  |  | 37.6 |
Total commercial mortgage and other loans | $ | 13,551 |  |  | 100.0 | % |  | $ | 13,688 |  |  | 100.0 | %
Allowance for credit losses | (223) |  |  |  |  | (192) |  |  |
Total net commercial mortgage and other loans | $ | 13,328 |  |  |  |  | $ | 13,496 |  |  |
Allowance for Loan Losses by Portfolio Segment | The following table presents the roll forward of the allowance for credit losses by portfolio segment.
(In millions) | Transitional Real Estate Loans | Commercial Mortgage Loans | Middle Market Loans | Held to Maturity Securities | Available for Sale Securities | Reinsurance Recoverables
Three Months Ended March 31, 2023: |  |  |  |  |  |
Balance at December 31, 2022 | $ | (54) |  | $ | (9) |  | $ | (129) |  | $ | (7) |  | $ | 0 |  | $ | (8) |
(Addition to) release of allowance for credit losses | (11) |  | 0 |  | (20) |  | 1 |  | 0 |  | (3) |
Write-offs, net of recoveries | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
Change in foreign exchange | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
Balance at March 31, 2023 | $ | (65) |  | $ | (9) |  | $ | (149) |  | $ | (6) |  | $ | 0 |  | $ | (11) |
Three Months Ended March 31, 2022: |  |  |  |  |  |
Balance at December 31, 2021 | $ | (68) |  | $ | (10) |  | $ | (96) |  | $ | (8) |  | $ | 0 |  | $ | (13) |
(Addition to) release of allowance for credit losses | 16 |  | 2 |  | (2) |  | 0 |  | 0 |  | 2 |
Change in foreign exchange | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 2 |
Balance at March 31, 2022 | $ | (52) |  | $ | (8) |  | $ | (98) |  | $ | (8) |  | $ | 0 |  | $ | (9) |
Other Investments | The table below reflects the composition of the carrying value for other investments as of the periods presented.
(In millions) | March 31, 2023 |  | December 31, 2022
Other investments: |  |  |  |  |  |  |
Policy loans |  | $ | 214 |  |  |  |  | $ | 214 |  |
Short-term investments (1) |  | 2,561 |  |  |  |  | 1,532 |  |
Limited partnerships |  | 2,432 |  |  |  |  | 2,290 |  |
Other |  | 34 |  |  |  |  | 34 |  |
Total other investments |  | $ | 5,241 |  |  |  |  | $ | 4,070 |  |
(1) Includes securities lending collateral
Securities Lending Transactions Accounted for as Secured Borrowings | Details of collateral by loaned security type and remaining maturity of the agreements were as follows:
Securities Lending Transactions Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
| March 31, 2023 |  | December 31, 2022
(In millions) | Overnight and Continuous(1) |  | Up to 30 days |  |  |  | Total |  | Overnight and Continuous(1) |  | Up to 30 days |  | Total
Securities lending transactions: |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Japan government and agencies | $ | 0 |  |  | $ | 2,912 |  |  |  |  | $ | 2,912 |  |  | $ | 0 |  |  | $ | 1,087 |  |  | $ | 1,087 |
Public utilities | 4 |  |  | 0 |  |  |  |  | 4 |  |  | 12 |  |  | 0 |  |  | 12 |
Banks/financial institutions | 60 |  |  | 0 |  |  |  |  | 60 |  |  | 89 |  |  | 0 |  |  | 89 |
Other corporate | 484 |  |  | 0 |  |  |  |  | 484 |  |  | 621 |  |  | 0 |  |  | 621 |
Total borrowings | $ | 548 |  |  | $ | 2,912 |  |  |  |  | $ | 3,460 |  |  | $ | 722 |  |  | $ | 1,087 |  |  | $ | 1,809 |
Gross amount of recognized liabilities for securities lending transactions |  |  | $ | 3,460 |  |  |  |  |  |  | $ | 1,809 |
(1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous.
Variable Interest Entity, Consolidated |
Investments in Variable Interest Entities | VIEs - Consolidated The following table presents the cost or amortized cost, fair value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. Investments in Consolidated Variable Interest Entities
| March 31, 2023 |  | December 31, 2022
(In millions) | Amortized Cost (1) |  | Fair Value |  | Amortized Cost (1) |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale |  | $ | 3,222 |  |  |  |  | $ | 3,925 |  |  |  |  | $ | 3,223 |  |  |  |  | $ | 3,805 |  |
Commercial mortgage and other loans |  | 10,684 |  |  |  |  | 10,688 |  |  |  |  | 10,832 |  |  |  |  | 10,762 |  |
Other investments (2) |  | 2,049 |  |  |  |  | 2,049 |  |  |  |  | 1,909 |  |  |  |  | 1,909 |  |
Other assets (3) |  | 63 |  |  |  |  | 63 |  |  |  |  | 62 |  |  |  |  | 62 |  |
Total assets of consolidated VIEs |  | $ | 16,018 |  |  |  |  | $ | 16,725 |  |  |  |  | $ | 16,026 |  |  |  |  | $ | 16,538 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities (3) |  | $ | 399 |  |  |  |  | $ | 399 |  |  |  |  | $ | 390 |  |  |  |  | $ | 390 |  |
Total liabilities of consolidated VIEs |  | $ | 399 |  |  |  |  | $ | 399 |  |  |  |  | $ | 390 |  |  |  |  | $ | 390 |  |
(1) Net of allowance for credit losses (2) Consists entirely of alternative investments in limited partnerships (3) Consists entirely of derivatives
Variable Interest Entity, Not Consolidated |
Investments in Variable Interest Entities | VIEs - Not Consolidated The table below reflects the amortized cost, fair value and balance sheet caption in which the Company's investment in VIEs not consolidated are reported. Investments in Variable Interest Entities Not Consolidated
| March 31, 2023 |  | December 31, 2022
(In millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale |  | $ | 3,890 |  |  |  |  | $ | 4,274 |  |  |  |  | $ | 3,998 |  |  |  |  | $ | 4,259 |  |
Other investments (1) |  | 383 |  |  |  |  | 383 |  |  |  |  | 381 |  |  |  |  | 381 |  |
Total investments in VIEs not consolidated |  | $ | 4,273 |  |  |  |  | $ | 4,657 |  |  |  |  | $ | 4,379 |  |  |  |  | $ | 4,640 |  |
(1) Consists entirely of alternative investments in limited partnerships
Transitional real estate loans |
Financing Receivable Credit Quality Indicators |
Transitional Real Estate Loans
(In millions) | 2023 | 2022 | 2021 | 2020 | 2019 |  | Prior | Total
Loan-to-Value Ratio: |  |  |  |  |  |  |  |
0%-59.99% | $ | 77 |  | $ | 692 |  | $ | 588 |  | $ | 36 |  | $ | 153 |  |  | $ | 10 |  | $ | 1,556 |
60%-69.99% | 42 |  | 663 |  | 707 |  | 135 |  | 490 |  |  | 430 |  | 2,467 |
70%-79.99% | 0 |  | 882 |  | 947 |  | 98 |  | 365 |  |  | 146 |  | 2,438 |
80% or greater | 0 |  | 77 |  | 162 |  | 0 |  | 0 |  |  | 0 |  | 239 |
Total | $ | 119 |  | $ | 2,314 |  | $ | 2,404 |  | $ | 269 |  | $ | 1,008 |  |  | $ | 586 |  | $ | 6,700 |
Commercial mortgage loans |
Financing Receivable Credit Quality Indicators |
Commercial Mortgage Loans
(In millions) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | Weighted-Average DSCR
Loan-to-Value Ratio: |  |  |  |  |  |  |  |
0%-59.99% | $ | 0 |  | $ | 0 |  | $ | 299 |  | $ | 46 |  | $ | 507 |  | $ | 599 |  | $ | 1,451 |  | 2.52
60%-69.99% | 0 |  | 0 |  | 15 |  | 0 |  | 45 |  | 169 |  | 229 |  | 2.00
70%-79.99% | 0 |  | 0 |  | 0 |  | 0 |  | 39 |  | 24 |  | 63 |  | 2.21
80% or greater | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 24 |  | 24 |  | 1.41
Total | $ | 0 |  | $ | 0 |  | $ | 314 |  | $ | 46 |  | $ | 591 |  | $ | 816 |  | $ | 1,767 |  | 2.43
Weighted Average DSCR | 0.00 | 0.00 | 2.93 | 1.93 | 2.45 | 2.24 |  |
Middle market loans |
Financing Receivable Credit Quality Indicators |
Middle Market Loans
(In millions) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total
Credit Ratings: |  |  |  |  |  |  |  |
BBB | $ | 7 |  | $ | 75 |  | $ | 142 |  | $ | 70 |  | $ | 37 |  | $ | 17 |  | $ | 134 |  | $ | 482 |
BB | 1 |  | 347 |  | 444 |  | 299 |  | 171 |  | 128 |  | 381 |  | 1,771 |
B | 20 |  | 230 |  | 661 |  | 382 |  | 464 |  | 406 |  | 297 |  | 2,460 |
CCC | 0 |  | 0 |  | 21 |  | 39 |  | 111 |  | 128 |  | 57 |  | 356 |
CC | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 14 |  | 1 |  | 15 |
C and lower | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
Total | $ | 28 |  | $ | 652 |  | $ | 1,268 |  | $ | 790 |  | $ | 783 |  | $ | 693 |  | $ | 870 |  | $ | 5,084 |

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