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v3.23.1

INVESTMENTS | 3 Months Ended
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Mar. 31, 2023
Investments [Abstract] |
INVESTMENTS | INVESTMENTS Investment Holdings 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 |
| 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 |
(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 |  |
The methods of determining the fair values of the Company's investments in fixed maturity securities and equity securities are described in Note 5. During the first quarter of 2023 and 2022, respectively, the Company did not reclassify any investments from the held-to-maturity category to the available-for-sale category. Contractual and Economic Maturities 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 Economic maturities are used for certain debt instruments with no stated maturity where the expected maturity date is based on the combination of features in the financial instrument such as the right to call or prepay obligations or changes in coupon rates. Investment Concentrations The Company's process for investing in credit-related investments begins with an independent approach to underwriting each issuer's fundamental credit quality. The Company evaluates independently those factors that it believes could influence an issuer's ability to make payments under the contractual terms of the Company's instruments. This includes a thorough analysis of a variety of items including the issuer's country of domicile (including political, legal, and financial considerations); the industry in which the issuer competes (with an analysis of industry structure, end-market dynamics, and regulation); company specific issues (such as management, assets, earnings, cash generation, and capital needs); and contractual provisions of the instrument (such as financial covenants and position in the capital structure). The Company further evaluates the investment considering broad business and portfolio management objectives, including asset/liability needs, portfolio diversification, and expected income. 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 Net Investment Gains and Losses 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 |  |
The unrealized holding losses, net of gains, recorded as a component of net investment gains and losses for the three-month period ended March 31, 2023, that relate to equity securities still held at the March 31, 2023 reporting date, were $5 million. Unrealized Investment Gains and Losses Effect on Shareholders’ Equity 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) |  |
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 |  |
Analysis of Securities in Unrealized Loss Positions The unrealized losses on the Company's fixed maturity securities investments have been primarily related to general market changes in interest rates, foreign exchange rates, and/or the levels of credit spreads rather than specific concerns with the issuer's ability to pay interest and repay principal. In the first quarter of 2023, interest rates for longer durations have declined which is the primary driver of the decrease in unrealized losses. However, compared to the prior year, interest rates have risen significantly which is the primary driver contributing to the increase in unrealized losses 12 months or longer. For any of its fixed maturity securities with significant declines in fair value, the Company performs detailed analyses to identify whether the drivers of the declines are due to general market drivers, such as the recent rise in interest rates, or due to credit-related factors. Identifying the drivers of the declines in fair value helps to align and allocate the Company‘s resources to securities with real credit-related concerns that could impact ultimate collection of principal and interest. For any significant declines in fair value determined to be non-interest rate or market related, the Company performs a more focused review of the related issuers' specific credit profile. For corporate issuers, the Company evaluates their assets, business profile including industry dynamics and competitive positioning, financial statements and other available financial data. For non-corporate issuers, the Company analyzes all sources of credit support, including issuer-specific factors. The Company utilizes information available in the public domain and, for certain private placement issuers, from consultations with the issuers directly. The Company also considers ratings from Nationally Recognized Statistical Rating Organizations (NRSROs), as well as the specific characteristics of the security it owns including seniority in the issuer's capital structure, covenant protections, or other relevant features. From these reviews, the Company evaluates the issuers' continued ability to service the Company's investment through payment of interest and principal. Assuming no credit-related factors develop, unrealized gains and losses on fixed maturity securities are expected to diminish as investments near maturity. Based on its credit analysis, the Company believes that the issuers of its fixed maturity investments in the sectors shown in the table above have the ability to service their obligations to the Company, and the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. However, from time to time the Company identifies certain available-for-sale fixed maturity securities where the amortized cost basis exceeds the present value of the cash flows expected to be collected due to credit related factors and as a result, a credit allowance will be estimated. Based on an evaluation of its securities currently in an unrealized loss position, the Company has determined that those securities had not incurred a credit loss and therefore, should not have a credit loss allowance as of March 31, 2023. Refer to the Allowance for Credit Losses section below for additional information. Commercial Mortgage and Other Loans The Company classifies its transitional real estate loans (TREs), commercial mortgage loans (CMLs) and middle market loans (MMLs) as held-for-investment and includes them in the commercial mortgage and other loans line on the consolidated balance sheets. The Company carries them on the balance sheet at amortized cost less an estimated allowance for credit losses. 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 |  |  |
CMLs and TREs were secured by properties entirely within the U.S. (with the largest concentrations in California (20%), Texas (12%) and Florida (10%)). MMLs are issued only to companies domiciled within the U.S. and Canada. Transitional Real Estate Loans TREs are commercial mortgage loans that are typically relatively short-term floating rate instruments secured by a first lien on the property. These loans provide funding for properties undergoing a change in their physical characteristics and/or economic profile and do not typically require any principal repayment prior to the maturity date. As of March 31, 2023, the Company had $709 million in outstanding commitments to fund TREs. These commitments are contingent on the final underwriting and due diligence to be performed. Commercial Mortgage Loans CMLs are typically fixed rate loans on commercial real estate with partial repayment of principal over the life of the loan with the remaining outstanding principal being repaid upon maturity. This loan portfolio is generally considered higher quality investment grade loans. Middle Market Loans MMLs are typically first lien senior secured cash flow loans to small to mid-size companies for working capital, refinancing, acquisition, and recapitalization. These loans are generally considered to be below investment grade. The carrying value for MMLs included $21 million and $28 million for a short term credit facility that is reflected in other liabilities on the consolidated balance sheets, as of March 31, 2023, and December 31, 2022, respectively. As of March 31, 2023, the Company had commitments of approximately $748 million to fund future MMLs. These commitments are contingent upon the availability of MMLs that meet the Company's underwriting criteria. Credit Quality Indicators For TREs, the Company’s key credit quality indicator is loan-to-value (LTV). Given that TREs involve properties undergoing a repositioning of their commercial profile, LTV provides the most insight into the credit risk of the loan. The Company monitors the performance of the loans periodically, but not less frequently than quarterly. The monitoring process also focuses on higher risk loans, which include those that are delinquent or for which foreclosure or deed-in-lieu of foreclosure is anticipated. For CMLs, the Company’s key credit quality indicators include LTV and debt service coverage ratios (DSCR). LTV is calculated by dividing the current outstanding loan balance by the most recent estimated property value. DSCR is the most recently available operating income of the underlying property compared to the required debt service of the loan. For MMLs and held-to-maturity fixed maturity securities, the Company’s key credit quality indicator is credit ratings. The Company’s held-to-maturity portfolio is composed of investment grade securities that are senior unsecured instruments, while its MMLs generally have below-investment-grade ratings but are typically senior secured instruments. The Company monitors the credit ratings periodically, but not less frequently than quarterly. For the Company’s reinsurance recoverable balance, the key credit quality indicator is the credit rating of the Company’s reinsurance counterparty. The Company uses external credit ratings focused on the reinsurer’s financial strength and credit worthiness. As of March 31, 2023, the Company's reinsurance counterparties were rated A+. The Company monitors the credit ratings periodically, but not less frequently than quarterly. The following tables present as of March 31, 2023 the amortized cost basis of TREs, CMLs and MMLs by year of origination and credit quality indicator.
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
(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
(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 |
Loan Modifications The Company granted certain loan modifications in its MML and TRE portfolios during the three-month period ended March 31, 2023. As of March 31, 2023, these loan modifications did not have a material impact on the Company’s results of operations. Allowance for Credit Losses The Company calculates its allowance for credit losses for held-to-maturity fixed maturity securities, loan receivables, loan commitments and reinsurance recoverable by grouping assets with similar risk characteristics when there is not a specific expectation of a loss for an individual asset. For held-to-maturity fixed maturity securities, MMLs, and MML commitments, the Company groups assets by credit ratings, industry, and country. The Company groups CMLs and TREs and respective loan commitments by property type, property location and the property’s LTV and DSCR. The credit allowance for the reinsurance recoverable balance is estimated using a probability-of-default (PD) / loss-given-default (LGD) method. The credit allowance for held-to-maturity fixed maturity securities and loan receivables is estimated using a PD / LGD method, discounted for the time value of money. For held-to-maturity fixed maturity securities, available-for-sale fixed maturity securities and loan receivables, the Company includes the change in present value due to the passage of time in the change in the allowance for credit losses. The Company’s methodology for estimating credit losses utilizes the contractual maturity date of the financial asset, adjusted when necessary to reflect the expected timing of repayment (such as prepayment options, renewal options, call options, or extension options). The Company applies reasonable and supportable forecasts of macroeconomic variables that impact the determination of PD/LGD over a two-year period for held-to-maturity fixed maturity securities and MMLs. The Company reverts to historical loss information over one year, following the two-year forecast period. For the CML and TRE portfolio, the Company applies reasonable and supportable forecasts of macroeconomic variables as well as national and local real-estate market factors to estimate future credit losses where the market factors revert back to historical levels over time with the period being dependent on current market conditions, projected market conditions and difference in the current and historical market levels for each factor. The Company continuously monitors the estimation methodology, due to changes in portfolio composition, changes in underwriting practices and significant events or conditions and makes adjustments as necessary. The Company’s held-to-maturity fixed maturity portfolio includes Japan Government and Agency securities of $18.0 billion amortized cost as of March 31, 2023 that meet the requirements for zero-credit-loss expectation and therefore these asset classes have been excluded from the current expected credit loss measurement. An investment in an available-for-sale fixed maturity security may be impaired if the fair value falls below amortized cost. The Company regularly reviews its fixed maturity security investments portfolio for declines in fair value. The Company's debt impairment model focuses on the ultimate collection of the cash flows from its investments and whether the Company has the intent to sell or if it is more likely than not the Company would be required to sell the security prior to recovery of its amortized cost. The determination of the amount of impairments under this model is based upon the Company's periodic evaluation and assessment of known and inherent risks associated with the respective securities. Such evaluations and assessments are revised as conditions change and new information becomes available. When determining the Company's intention to sell a security prior to recovery of its fair value to amortized cost, the Company evaluates facts and circumstances such as, but not limited to, future cash flow needs, decisions to reposition its security portfolio, and risk profile of individual investment holdings. The Company performs ongoing analyses of its liquidity needs, which includes cash flow testing of its policy liabilities, debt maturities, projected dividend payments, and other cash flow and liquidity needs. The Company’s methodology for estimating credit losses for available-for-sale fixed maturity securities utilizes the discounted cash flow model, based on past events, current market conditions and future economic conditions, as well as industry analysis and credit ratings of the fixed maturity securities. In addition, the Company evaluates the specific issuer’s probability of default and expected recovery of its position in the event of default based on the underlying financial condition and assets of the borrower as well as seniority and/or security of other debt holders in the issuer when developing management’s best estimate of expected cash flows. The Company designates nonaccrual status for a nonperforming loan or debt security or a loan that is not generating its stated interest rate because of nonpayment of periodic interest by the borrower. The Company applies the cash basis method to record any payments received on non-accrual assets. The Company resumes the accrual of interest on fixed maturity securities and loans that are currently making contractual payments or for those that are not current where the borrower has paid timely (less than 30 days outstanding). As of March 31, 2023 and December 31, 2022, the Company had an immaterial amount of loans and fixed maturity securities on nonaccrual status. 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) |
During the first quarter of 2023, the Company identified certain TREs collateralized with commercial real estate properties with an amortized cost of $521 million in anticipation of potential foreclosure or deed-in lieu foreclosure transactions. The Company established a credit allowance of $10 million for those amortized loans of $345 million for which the fair value of the collateral was below the amortized cost of the loans. For assets that are subject to the credit loss measurement, the change in credit loss allowance will be significantly impacted by purchases and sales in those assets during the period as well as entering into new non-cancelable loan commitments. The estimate of credit losses for loan commitments as of March 31, 2023 was $21 million. 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 The Parent Company invests in partnerships that specialize in rehabilitating historic structures or the installation of solar equipment in order to receive federal historic rehabilitation and solar tax credits. These investments are classified as limited partnerships and included in other investments in the consolidated balance sheet. The change in value of each investment is recorded as a reduction to net investment income. Tax credits generated by these investments are recorded as an income tax benefit in the consolidated statement of earnings. As of March 31, 2023, the Company had $2.0 billion in outstanding commitments to fund alternative investments in limited partnerships. Variable Interest Entities (VIEs) As a condition of its involvement or investment in a VIE, the Company enters into certain protective rights and covenants that preclude changes in the structure of the VIE that would alter the creditworthiness of the Company's investment or its beneficial interest in the VIE. For those VIEs other than certain unit trust structures, the Company's involvement is passive in nature. The Company is not, nor has it been, required to purchase any securities issued in the future by these VIEs. The Company's ownership interest in VIEs is limited to holding the obligations issued by them. The Company has no direct or contingent obligations to fund the limited activities of these VIEs, nor does it have any direct or indirect financial guarantees related to the limited activities of these VIEs. The Company has not provided any assistance or any other type of financing support to any of the VIEs it invests in, nor does it have any intention to do so in the future. For those VIEs in which the Company holds debt obligations, the weighted-average lives of the Company's notes are very similar to the underlying collateral held by these VIEs where applicable. The Company's risk of loss related to its interests in any of its VIEs is limited to the carrying value of the related investments held in the VIE. 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 The Company is substantively the only investor in the consolidated VIEs listed in the table above. As the sole investor in these VIEs, the Company has the power to direct the activities of a variable interest entity that most significantly impact the entity's economic performance and is therefore considered to be the primary beneficiary of the VIEs that it consolidates. The Company also participates in substantially all of the variability created by these VIEs. The activities of these VIEs are limited to holding invested assets and foreign currency swaps, as appropriate, and utilizing the cash flows from these securities to service its investment. Neither the Company nor any of its creditors are able to obtain the underlying collateral of the VIEs unless there is an event of default or other specified event. For those VIEs that contain a swap, the Company is not a direct counterparty to the swap contracts and has no control over them. The Company's loss exposure to these VIEs is limited to its original investment. The Company's consolidated VIEs do not rely on outside or ongoing sources of funding to support their activities beyond the underlying collateral and swap contracts, if applicable. With the exception of its investment in unit trust structures, the underlying collateral assets and funding of the Company's consolidated VIEs are generally static in nature. Investments in Unit Trust Structures The Company also utilizes unit trust structures in its Aflac Japan segment to invest in various asset classes. As the sole investor of these VIEs, the Company is required to consolidate these trusts under U.S. GAAP. 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 Certain investments in VIEs that the Company is not required to consolidate are investments that are in the form of debt obligations from the VIEs that are irrevocably and unconditionally guaranteed by their corporate parents or sponsors. These VIEs are the primary financing vehicles used by their corporate sponsors to raise financing in the capital markets. The variable interests created by these VIEs are principally or solely a result of the debt instruments issued by them. The Company does not have the power to direct the activities that most significantly impact the entity's economic performance, nor does it have the obligation to absorb losses of the entity or the right to receive benefits from the entity. As such, the Company is not the primary beneficiary of these VIEs and is therefore not required to consolidate them. The Company holds alternative investments in limited partnerships that have been determined to be VIEs. These partnerships invest in private equity and structured investments. The Company’s maximum exposure to loss on these investments is limited to the amount of its investment. The Company is not the primary beneficiary of these VIEs and is therefore not required to consolidate them. The Company classifies these investments as Other investments in the consolidated balance sheets. Securities Lending and Pledged Securities The Company lends fixed maturity and public equity securities to financial institutions in short-term security-lending transactions. These short-term security-lending arrangements increase investment income with minimal risk. The Company receives cash or other securities as collateral for such loans. The Company's security lending policy requires that the fair value of the securities received as collateral be 102% or more of the fair value of the loaned securities and that unrestricted cash received as collateral be 100% or more of the fair value of the loaned securities. The securities loaned continue to be carried as investment assets on the Company's balance sheet during the terms of the loans and are not reported as sales. For loans involving unrestricted cash or securities as collateral, the collateral is reported as an asset with a corresponding liability for the return of the collateral. For loans where the Company receives as collateral securities that the Company is not permitted to sell or repledge, the collateral is not reflected on the consolidated financial statements. 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. In connection with securities lending, in addition to cash collateral received, the Company received from counterparties securities collateral of $5.9 billion and $6.8 billion at March 31, 2023 and December 31, 2022, respectively, which may not be sold or re-pledged, unless the counterparty is in default. Such securities collateral is not reflected on the consolidated financial statements.
The Company did not have any repurchase agreements or repurchase-to-maturity transactions outstanding as of March 31, 2023, and December 31, 2022, respectively. Certain fixed maturity securities can be pledged as collateral as part of derivative transactions, or pledged to support state deposit requirements on certain investment programs. For additional information regarding pledged securities related to derivative transactions, see Note 4.

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