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v3.23.3

INVESTMENTS - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022
Allowance for Loan Losses by Portfolio Segment [Roll Forward] |  |  |  |  |  |  |
Balance, beginning of period |  |  |  |  | $ (192) |  |
(Addition to) release of allowance for credit losses |  | $ (30) |  | $ (12) | (63) |  | $ (8)
Balance, end of period |  | (260) |  |  | (260) |  |
Balance, beginning of period |  |  |  |  | (7) |  |
(Addition to) release of allowance for credit losses |  | 0 |  | 0 | 1 |  | 0
Balance, end of period |  | (5) |  |  | (5) |  |
Balance, beginning of period |  |  |  |  | 0 |  |
Balance, end of period |  | 0 |  |  | 0 |  |
Loan commitments, allowance for credit loss |  | 19 |  | 26 | 19 |  | 26
Transitional real estate loans |  |  |  |  |  |  |
Allowance for Loan Losses by Portfolio Segment [Roll Forward] |  |  |  |  |  |  |
Balance, beginning of period |  | (76) |  | (53) | (54) |  | (68)
(Addition to) release of allowance for credit losses |  | (35) | [1] | (2) | (57) | [1] | 13
Write-offs, net of recoveries |  | 0 |  | 0 | 0 |  | 0
Change in foreign exchange |  | 0 |  | 0 | 0 |  | 0
Balance, end of period | [2] | (111) |  | (55) | (111) |  | (55)
Allowance for credit loss accounted for as purchased financial assets with credit deterioration |  | 4 |  |  | 4 |  |
Commercial mortgage loans |  |  |  |  |  |  |
Allowance for Loan Losses by Portfolio Segment [Roll Forward] |  |  |  |  |  |  |
Balance, beginning of period |  | (9) |  | (8) | (9) |  | (10)
(Addition to) release of allowance for credit losses |  | (3) |  | (2) | (3) |  | 0
Write-offs, net of recoveries |  | 0 |  | 0 | 0 |  | 0
Change in foreign exchange |  | 0 |  | 0 | 0 |  | 0
Balance, end of period | [2] | (12) |  | (10) | (12) |  | (10)
Middle market loans |  |  |  |  |  |  |
Allowance for Loan Losses by Portfolio Segment [Roll Forward] |  |  |  |  |  |  |
Balance, beginning of period |  | (140) |  | (109) | (129) |  | (96)
(Addition to) release of allowance for credit losses |  | 3 |  | (6) | (8) |  | (24)
Write-offs, net of recoveries |  | 0 |  | (2) | 0 |  | 3
Change in foreign exchange |  | 0 |  | 0 | 0 |  | 0
Balance, end of period | [2] | (137) |  | (117) | (137) |  | (117)
Held-to-maturity securities |  |  |  |  |  |  |
Allowance for Loan Losses by Portfolio Segment [Roll Forward] |  |  |  |  |  |  |
Balance, beginning of period |  | (5) |  | (7) | (7) |  | (8)
(Addition to) release of allowance for credit losses |  | 1 |  | 0 | 1 |  | 0
Write-offs, net of recoveries |  | 0 |  | 0 | 0 |  | 0
Change in foreign exchange |  | (1) |  | 1 | 1 |  | 2
Balance, end of period | [2] | (5) |  | (6) | (5) |  | (6)
Available-for-sale securities |  |  |  |  |  |  |
Allowance for Loan Losses by Portfolio Segment [Roll Forward] |  |  |  |  |  |  |
Balance, beginning of period |  | 0 |  | 0 | 0 |  | 0
(Addition to) release of allowance for credit losses |  | 0 |  | 0 | 0 |  | 0
Write-offs, net of recoveries |  | 0 |  | 0 | 0 |  | 0
Change in foreign exchange |  | 0 |  | 0 | 0 |  | 0
Balance, end of period | [2] | 0 |  | 0 | 0 |  | 0
Reinsurance recoverables |  |  |  |  |  |  |
Allowance for Loan Losses by Portfolio Segment [Roll Forward] |  |  |  |  |  |  |
Balance, beginning of period |  | (10) |  | (8) | (8) |  | (13)
(Addition to) release of allowance for credit losses) |  | 0 |  | 0 | (2) |  | 2
Write-offs, net of recoveries |  | 0 |  | 0 | 0 |  | 0
Change in foreign exchange |  | 1 |  | 0 | 1 |  | 3
Balance, end of period | [2] | $ (9) |  | $ (8) | $ (9) |  | $ (8)
[1] | Includes an allowance for credit losses of $4 recognized on financial assets accounted for as purchased financial assets with credit deterioration that is not recorded in earnings upon recognition.
[2] | Excludes allowance on firm loan commitments of $19 and $26 as of September 30, 2023 and 2022, respectively.

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