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INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Schedule Of Net Investment Income | The components of net investment income for the years ended December 31 were as follows:
(In millions) | 2023 |  | 2022 |  | 2021
Fixed maturity securities |  | $ | 2,873 |  |  |  |  | $ | 2,926 |  |  |  |  | $ | 3,068 |  |
Equity securities |  | 28 |  |  |  |  | 31 |  |  |  |  | 35 |  |
Commercial mortgage and other loans |  | 1,002 |  |  |  |  | 716 |  |  |  |  | 570 |  |
Other investments (1) |  | (70) |  |  |  |  | 131 |  |  |  |  | 356 |  |
Short-term investments and cash equivalents |  | 213 |  |  |  |  | 78 |  |  |  |  | 7 |  |
Gross investment income |  | 4,046 |  |  |  |  | 3,882 |  |  |  |  | 4,036 |  |
Less investment expenses |  | 235 |  |  |  |  | 226 |  |  |  |  | 218 |  |
Net investment income |  | $ | 3,811 |  |  |  |  | $ | 3,656 |  |  |  |  | $ | 3,818 |  |
(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $343, $91, and $138 in 2023, 2022, and 2021, respectively, is included as a reduction to net investment income. Tax credits on these investments of $334, $83, and $115 in 2023, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.
Available-for-Sale Debt Securities | The amortized cost and allowance for credit losses for the Company's investments in fixed maturity securities and the fair values of these investments as well as the fair value of the Company's investments in equity securities are shown in the following tables.
| 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 | $ | 23,067 |  | $ | 0 |  | $ | 1,040 |  | $ | 1,696 |  | $ | 22,411 |
Municipalities | 968 |  | 0 |  | 115 |  | 58 |  | 1,025 |
Mortgage- and asset-backed securities | 215 |  | 0 |  | 6 |  | 11 |  | 210 |
Public utilities | 3,757 |  | 0 |  | 325 |  | 82 |  | 4,000 |
Sovereign and supranational | 373 |  | 0 |  | 24 |  | 7 |  | 390 |
Banks/financial institutions | 5,896 |  | 0 |  | 320 |  | 365 |  | 5,851 |
Other corporate | 5,898 |  | 0 |  | 699 |  | 294 |  | 6,303 |
Total yen-denominated | 40,174 |  | 0 |  | 2,529 |  | 2,513 |  | 40,190 |
U.S. dollar-denominated: |  |  |  |  |
U.S. government and agencies | 191 |  | 0 |  | 2 |  | 4 |  | 189 |
Municipalities | 1,246 |  | 0 |  | 65 |  | 38 |  | 1,273 |
Mortgage- and asset-backed securities | 2,748 |  | 0 |  | 184 |  | 56 |  | 2,876 |
Public utilities | 3,346 |  | 0 |  | 360 |  | 114 |  | 3,592 |
Sovereign and supranational | 122 |  | 0 |  | 33 |  | 8 |  | 147 |
Banks/financial institutions | 2,676 |  | 0 |  | 359 |  | 51 |  | 2,984 |
Other corporate | 20,186 |  | 0 |  | 2,518 |  | 665 |  | 22,039 |
Total U.S. dollar-denominated | 30,515 |  | 0 |  | 3,521 |  | 936 |  | 33,100 |
Total securities available-for-sale | $ | 70,689 |  | $ | 0 |  | $ | 6,050 |  | $ | 3,449 |  | $ | 73,290 |
| 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 |
| 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 | $ | 17,085 |  | $ | 2 |  | $ | 17,083 |  | $ | 1,746 |  | $ | 0 |  | $ | 18,829 |
Municipalities | 266 |  | 0 |  | 266 |  | 41 |  | 0 |  | 307 |
Public utilities | 34 |  | 0 |  | 34 |  | 4 |  | 0 |  | 38 |
Sovereign and supranational | 421 |  | 3 |  | 418 |  | 44 |  | 0 |  | 462 |
Other corporate | 18 |  | 0 |  | 18 |  | 3 |  | 0 |  | 21 |
Total yen-denominated | 17,824 |  | 5 |  | 17,819 |  | 1,838 |  | 0 |  | 19,657 |
Total securities held-to-maturity | $ | 17,824 |  | $ | 5 |  | $ | 17,819 |  | $ | 1,838 |  | $ | 0 |  | $ | 19,657 |
| 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 |
| 2023 |  | 2022
(In millions) | Fair Value |  | Fair Value
Equity securities, carried at fair value through net earnings: |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |
Yen-denominated |  | $ | 751 |  |  |  |  | $ | 670 |  |
U.S. dollar-denominated |  | 252 |  |  |  |  | 374 |  |
Other currencies |  | 85 |  |  |  |  | 47 |  |
Total equity securities |  | $ | 1,088 |  |  |  |  | $ | 1,091 |  |
Investments Classified by Contractual Maturity Date | The contractual and economic maturities of the Company's investments in fixed maturity securities at December 31, 2023, were as follows:
(In millions) | Amortized Cost (1) |  | Fair Value
Available-for-sale: |  |  |  |  |  |
Due in one year or less |  | $ | 1,422 |  |  |  |  | $ | 1,440 |
Due after one year through five years |  | 6,690 |  |  |  |  | 7,358 |
Due after five years through 10 years |  | 18,885 |  |  |  |  | 20,740 |
Due after 10 years |  | 40,729 |  |  |  |  | 40,666 |
Mortgage- and asset-backed securities |  | 2,963 |  |  |  |  | 3,086 |
Total fixed maturity securities available-for-sale |  | $ | 70,689 |  |  |  |  | $ | 73,290 |
Held-to-maturity: |  |  |  |  |  |
Due in one year or less |  | $ | 0 |  |  |  |  | $ | 0 |
Due after one year through five years |  | 37 |  |  |  |  | 39 |
Due after five years through 10 years |  | 9,504 |  |  |  |  | 10,458 |
Due after 10 years |  | 8,278 |  |  |  |  | 9,160 |
Total fixed maturity securities held-to-maturity |  | $ | 17,819 |  |  |  |  | $ | 19,657 |
(1) Net of allowance for credit losses
Investment Exposures Exceeding 10 Percent Shareholders Equity | Investment exposures that individually exceeded 10% of shareholders' equity as of December 31 were as follows:
| 2023 |  | 2022
(In millions) | Credit Rating |  | Amortized Cost |  | Fair Value |  | Credit Rating |  | Amortized Cost |  | Fair Value
Japan National Government(1) | A+ |  | $39,151 |  | $40,222 |  | 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 for the years ended December 31 follows:
(In millions) | 2023 |  | 2022 |  | 2021 |
Net investment gains (losses): |  |  |  |  |  |
Sales and redemptions: |  |  |  |  |  |
Fixed maturity securities available-for-sale: |  |  |  |  |  |
Gross gains from sales | $ | 24 |  |  | $ | 93 |  |  | $ | 64 |  |
Gross losses from sales | (61) |  |  | (78) |  |  | (52) |  |
Foreign currency gains (losses) | 204 |  |  | 442 |  |  | 1 |  |
Other investments: |  |  |  |  |  |
Gross gains (losses) from sales and redemptions | 33 |  |  | 10 |  |  | 0 |  |
Total sales and redemptions | 200 |  |  | 467 |  |  | 13 |  |
Equity securities | 88 |  |  | (341) |  |  | 164 |  |
Credit losses: |  |  |  |  |  |
Fixed maturity securities available-for-sale | 0 |  |  | 0 |  |  | 38 |  |
Fixed maturity securities held-to-maturity | 1 |  |  | 0 |  |  | 1 |  |
Commercial mortgage and other loans | (146) |  |  | (18) |  |  | 6 |  |
Impairment losses | 0 |  |  | (25) |  |  | (20) |  |
Loan commitments | 9 |  |  | 9 |  |  | 4 |  |
Reinsurance recoverables and other | (3) |  |  | (2) |  |  | (2) |  |
Total credit losses | (139) |  |  | (36) |  |  | 27 |  |
Derivatives and other: |  |  |  |  |  |
Derivative gains (losses) | (531) |  |  | (1,151) |  |  | (805) |  |
Foreign currency gains (losses) | 972 |  |  | 1,424 |  |  | 1,069 |  |
Total derivatives and other | 441 |  |  | 273 |  |  | 264 |  |
Total net investment gains (losses) | $ | 590 |  |  | $ | 363 |  |  | $ | 468 |  |
Unrealized Gain (Loss) on Investments | Information regarding changes in unrealized gains and losses from investments recorded in AOCI for the years ended December 31 follows:
(In millions) | 2023 |  | 2022 |  | 2021
Changes in unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available-for-sale |  | $ | 2,327 |  |  |  |  | $ | (13,056) |  |  |  |  | $ | (960) |  |
Total change in unrealized gains (losses) |  | $ | 2,327 |  |  |  |  | $ | (13,056) |  |  |  |  | $ | (960) |  |
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 at December 31 was as follows:
(In millions) | 2023 |  | 2022
Unrealized gains (losses) on securities available-for-sale |  | $ | 2,601 |  |  |  |  | $ | 272 |  |
Deferred income taxes |  | (1,462) |  |  |  |  | (974) |  |
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities |  | $ | 1,139 |  |  |  |  | $ | (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, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 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 |  | $ | 123 |  |  |  |  | $ | 4 |  |  |  |  | $ | 53 |  |  |  |  | $ | 1 |  |  |  |  | $ | 70 |  |  |  |  | $ | 3 |  |
Japan government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated |  | 8,393 |  |  |  |  | 1,696 |  |  |  |  | 1,657 |  |  |  |  | 303 |  |  |  |  | 6,736 |  |  |  |  | 1,393 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 703 |  |  |  |  | 38 |  |  |  |  | 31 |  |  |  |  | 1 |  |  |  |  | 672 |  |  |  |  | 37 |  |
Yen-denominated |  | 301 |  |  |  |  | 58 |  |  |  |  | 34 |  |  |  |  | 0 |  |  |  |  | 267 |  |  |  |  | 58 |  |
Mortgage- and asset- backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 925 |  |  |  |  | 56 |  |  |  |  | 340 |  |  |  |  | 6 |  |  |  |  | 585 |  |  |  |  | 50 |  |
Yen-denominated |  | 58 |  |  |  |  | 11 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 58 |  |  |  |  | 11 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 1,120 |  |  |  |  | 114 |  |  |  |  | 228 |  |  |  |  | 4 |  |  |  |  | 892 |  |  |  |  | 110 |  |
Yen-denominated |  | 1,028 |  |  |  |  | 82 |  |  |  |  | 444 |  |  |  |  | 13 |  |  |  |  | 584 |  |  |  |  | 69 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 35 |  |  |  |  | 8 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 35 |  |  |  |  | 8 |  |
Yen-denominated |  | 60 |  |  |  |  | 7 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 60 |  |  |  |  | 7 |  |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 655 |  |  |  |  | 51 |  |  |  |  | 159 |  |  |  |  | 4 |  |  |  |  | 496 |  |  |  |  | 47 |  |
Yen-denominated |  | 3,673 |  |  |  |  | 365 |  |  |  |  | 186 |  |  |  |  | 4 |  |  |  |  | 3,487 |  |  |  |  | 361 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 6,380 |  |  |  |  | 665 |  |  |  |  | 799 |  |  |  |  | 19 |  |  |  |  | 5,581 |  |  |  |  | 646 |  |
Yen-denominated |  | 1,948 |  |  |  |  | 294 |  |  |  |  | 308 |  |  |  |  | 9 |  |  |  |  | 1,640 |  |  |  |  | 285 |  |
Total |  | $ | 25,402 |  |  |  |  | $ | 3,449 |  |  |  |  | $ | 4,239 |  |  |  |  | $ | 364 |  |  |  |  | $ | 21,163 |  |  |  |  | $ | 3,085 |  |
| 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 |  |
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 December 31.
(In millions) | 2023 |  | 2022
| Amortized Cost |  | % of Total |  | Amortized Cost |  | % of Total
Commercial Mortgage and other loans: |  |  |  |  |  |  |
Transitional real estate loans: |  |  |  |  |  |  |
Office | $ | 1,807 |  |  | 14.1 | % |  | $ | 2,158 |  |  | 15.8 | %
Retail | 473 |  |  | 3.7 |  |  | 493 |  |  | 3.6 |
Apartments/Multi-Family | 2,608 |  |  | 20.4 |  |  | 2,701 |  |  | 19.7 |
Industrial | 157 |  |  | 1.2 |  |  | 123 |  |  | .9 |
Hospitality | 814 |  |  | 6.4 |  |  | 803 |  |  | 5.9 |
Other | 255 |  |  | 2.0 |  |  | 231 |  |  | 1.7 |
Total transitional real estate loans | 6,114 |  |  | 47.8 |  |  | 6,509 |  |  | 47.6 |
Commercial mortgage loans: |  |  |  |  |  |  |
Office | 359 |  |  | 2.8 |  |  | 383 |  |  | 2.8 |
Retail | 301 |  |  | 2.4 |  |  | 310 |  |  | 2.3 |
Apartments/Multi-Family | 586 |  |  | 4.6 |  |  | 620 |  |  | 4.5 |
Industrial | 463 |  |  | 3.6 |  |  | 471 |  |  | 3.4 |
Total commercial mortgage loans | 1,709 |  |  | 13.4 |  |  | 1,784 |  |  | 13.0 |
Middle market loans | 4,677 |  |  | 36.5 |  |  | 5,157 |  |  | 37.7 |
Other loans | 301 |  |  | 2.3 | % |  | 238 |  |  | 1.7 | %
Total commercial mortgage and other loans | $ | 12,801 |  |  | 100.0 | % |  | $ | 13,688 |  |  | 100.0 | %
Allowance for credit losses | (274) |  |  |  |  | (192) |  |  |
Total net commercial mortgage and other loans | $ | 12,527 |  |  |  |  | $ | 13,496 |  |  |
Financing Receivable Nonaccrual | The following table presents an aging of past due and nonaccrual loans at amortized cost, before allowance for credit losses, as of December 31.
| 2023
(In millions) | Current | Less Than 90 Days Past Due | 90 Days or More Past Due(1) | Total Past Due | Total Loans | Nonaccrual Status
Transitional real estate loans | $ | 5,481 |  | $ | 108 |  | $ | 525 |  | $ | 633 |  | $ | 6,114 |  | $ | 633 |
Commercial mortgage loans | 1,676 |  | 33 |  | 0 |  | 33 |  | 1,709 |  | 0 |
Middle market loans | 4,592 |  | 0 |  | 85 |  | 85 |  | 4,677 |  | 85 |
Other loans | 301 |  | 0 |  | 0 |  | 0 |  | 301 |  | 0 |
Total | $ | 12,050 |  | $ | 141 |  | $ | 610 |  | $ | 751 |  | $ | 12,801 |  | $ | 718 |
(1) As of December 31, 2023, there were no loans that were 90 days or more past due that continued to accrue interest.
Financing Receivable, Allowance for Credit Loss | The following table presents the roll forward of the allowance for credit losses by portfolio segment for loans and by accounting classification for securities.
(In millions) | Transitional Real Estate Loans | Commercial Mortgage Loans | Middle Market Loans | Other Loans and Loan Commitments | Held-to-Maturity Securities | Available-for-Sale Securities | Total |
Balance at December 31, 2020 | $ | (63) |  | $ | (32) |  | $ | (85) |  | $ | (35) |  | $ | (10) |  | $ | (38) |  | $ | (263) |  |
(Addition to) release of allowance for credit losses | (5) |  | 22 |  | (11) |  | 4 |  | 1 |  | 26 |  | 37 |  |
Write-offs, net of recoveries | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 12 |  | 12 |  |
Change in foreign exchange | 0 |  | 0 |  | 0 |  | 0 |  | 1 |  | 0 |  | 1 |  |
Balance at December 31, 2021 | (68) |  | (10) |  | (96) |  | (31) |  | (8) |  | 0 |  | (213) |  |
(Addition to) release of allowance for credit losses | 14 |  | 1 |  | (39) |  | 7 |  | 0 |  | 0 |  | (17) |  |
Write-offs, net of recoveries | 0 |  | 0 |  | 6 |  | 0 |  | 0 |  | 0 |  | 6 |  |
Change in foreign exchange | 0 |  | 0 |  | 0 |  | 0 |  | 1 |  | 0 |  | 1 |  |
Balance at December 31, 2022 | (54) |  | (9) |  | (129) |  | (24) |  | (7) |  | 0 |  | (223) |  |
(Addition to) release of allowance for credit losses (1) | (124) |  | (7) |  | (17) |  | 8 |  | 1 |  | 0 |  | (139) |  |
Write-offs, net of recoveries | 66 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 66 |  |
Change in foreign exchange | 0 |  | 0 |  | 0 |  | 0 |  | 1 |  | 0 |  | 1 |  |
Balance at December 31, 2023 | $ | (112) |  | $ | (16) |  | $ | (146) |  | $ | (16) |  | $ | (5) |  | $ | 0 |  | $ | (295) |  |
(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.
Other Investments | The table below reflects the composition of the carrying value for other investments as of December 31.
(In millions) | 2023 |  | 2022
Other investments: |  |  |  |  |  |  |
Policy loans |  | $ | 214 |  |  |  |  | $ | 214 |  |
Short-term investments (1) |  | 1,304 |  |  |  |  | 1,532 |  |
Limited partnerships |  | 2,750 |  |  |  |  | 2,290 |  |
Real estate owned |  | 227 |  |  |  |  | 0 |  |
Other |  | 35 |  |  |  |  | 34 |  |
Total other investments |  | $ | 4,530 |  |  |  |  | $ | 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 as of December 31 were as follows:
Securities Lending Transactions Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
| 2023 | 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 |  | $ | 737 |  |  | $ | 737 |  | $ | 0 |  | $ | 1,087 |  | $ | 1,087 |
Public utilities | 19 |  | 0 |  |  | 19 |  | 12 |  | 0 |  | 12 |
Banks/financial institutions | 72 |  | 0 |  |  | 72 |  | 89 |  | 0 |  | 89 |
Other corporate | 675 |  | 0 |  |  | 675 |  | 621 |  | 0 |  | 621 |
Total borrowings | $ | 766 |  | $ | 737 |  |  | $ | 1,503 |  | $ | 722 |  | $ | 1,087 |  | $ | 1,809 |
Gross amount of recognized liabilities for securities lending transactions |  | $ | 1,503 |  |  |  | $ | 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 | 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 as of December 31. Investments in Consolidated Variable Interest Entities
| 2023 |  | 2022
(In millions) | Amortized Cost (1) |  | Fair Value |  | Amortized Cost (1) |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available-for-sale |  | $ | 2,882 |  |  |  |  | $ | 3,712 |  |  |  |  | $ | 3,223 |  |  |  |  | $ | 3,805 |  |
Commercial mortgage and other loans |  | 10,150 |  |  |  |  | 9,915 |  |  |  |  | 10,832 |  |  |  |  | 10,762 |  |
Other investments (2) |  | 2,381 |  |  |  |  | 2,381 |  |  |  |  | 1,909 |  |  |  |  | 1,909 |  |
Other assets (3) |  | 55 |  |  |  |  | 55 |  |  |  |  | 62 |  |  |  |  | 62 |  |
Total assets of consolidated VIEs |  | $ | 15,468 |  |  |  |  | $ | 16,063 |  |  |  |  | $ | 16,026 |  |  |  |  | $ | 16,538 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities (3) |  | $ | 507 |  |  |  |  | $ | 507 |  |  |  |  | $ | 390 |  |  |  |  | $ | 390 |  |
Total liabilities of consolidated VIEs |  | $ | 507 |  |  |  |  | $ | 507 |  |  |  |  | $ | 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 | 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 as of December 31. Investments in Variable Interest Entities Not Consolidated
| 2023 |  | 2022
(In millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available-for-sale |  | $ | 5,904 |  |  |  |  | $ | 6,424 |  |  |  |  | $ | 3,998 |  |  |  |  | $ | 4,259 |  |
Other investments (1) |  | 369 |  |  |  |  | 369 |  |  |  |  | 381 |  |  |  |  | 381 |  |
Total investments in VIEs not consolidated |  | $ | 6,273 |  |  |  |  | $ | 6,793 |  |  |  |  | $ | 4,379 |  |  |  |  | $ | 4,640 |  |
(1) Consists entirely of alternative investments in limited partnerships
Transitional real estate loans |
Financing Receivable Credit Quality Indicators | The following tables present as of December 31, 2023 the amortized cost basis of TREs, CMLs, MMLs, and other loans 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% | $ | 252 |  | $ | 603 |  | $ | 506 |  | $ | 36 |  | $ | 125 |  | $ | 2 |  | $ | 1,524 |
60%-69.99% | 91 |  | 534 |  | 667 |  | 18 |  | 420 |  | 123 |  | 1,853 |
70%-79.99% | 14 |  | 835 |  | 898 |  | 85 |  | 3 |  | 64 |  | 1,899 |
80% or greater | 0 |  | 217 |  | 250 |  | 80 |  | 87 |  | 204 |  | 838 |
Total | $ | 357 |  | $ | 2,189 |  | $ | 2,321 |  | $ | 219 |  | $ | 635 |  | $ | 393 |  | $ | 6,114 |
Current-period gross writeoffs: | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 4 |  | $ | 12 |  | $ | 50 |  | $ | 66 |
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% | $ | 33 |  | $ | 0 |  | $ | 310 |  | $ | 45 |  | $ | 422 |  | $ | 599 |  | $ | 1,409 |  | 2.56
60%-69.99% | 0 |  | 0 |  | 0 |  | 0 |  | 17 |  | 29 |  | 46 |  | 1.76
70%-79.99% | 0 |  | 0 |  | 0 |  | 0 |  | 39 |  | 105 |  | 144 |  | 2.46
80% or greater | 0 |  | 0 |  | 0 |  | 0 |  | 90 |  | 20 |  | 110 |  | 1.85
Total | $ | 33 |  | $ | 0 |  | $ | 310 |  | $ | 45 |  | $ | 568 |  | $ | 753 |  | $ | 1,709 |  | 2.49
Weighted Average DSCR | 2.64 | 0.00 | 3.24 | 2.05 | 2.44 | 2.23 |  |
Current-period gross writeoffs: | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  |
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 |  | $ | 45 |  | $ | 142 |  | $ | 68 |  | $ | 38 |  | $ | 45 |  | $ | 120 |  | $ | 465 |
BB | 35 |  | 313 |  | 413 |  | 253 |  | 176 |  | 104 |  | 398 |  | 1,692 |
B | 64 |  | 213 |  | 601 |  | 322 |  | 432 |  | 230 |  | 275 |  | 2,137 |
CCC | 0 |  | 20 |  | 26 |  | 51 |  | 78 |  | 128 |  | 39 |  | 342 |
CC | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 10 |  | 0 |  | 10 |
C and lower | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 12 |  | 19 |  | 31 |
Total | $ | 106 |  | $ | 591 |  | $ | 1,182 |  | $ | 694 |  | $ | 724 |  | $ | 529 |  | $ | 851 |  | $ | 4,677 |
Current-period gross writeoffs: | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |
Other loans |
Financing Receivable Credit Quality Indicators |
Other Loans
(In millions) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total
Credit Ratings: |  |  |  |  |  |  |  |
A | $ | 22 |  | $ | 115 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 137 |
AA | 0 |  | 5 |  | 5 |  | 0 |  | 0 |  | 0 |  | 0 |  | 10 |
BBB | 73 |  | 0 |  | 5 |  | 0 |  | 0 |  | 0 |  | 0 |  | 78 |
BB | 0 |  | 76 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 76 |
Total | 95 |  | 196 |  | 10 |  | 0 |  | 0 |  | 0 |  | 0 |  | 301 |
Current-period gross writeoffs: | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |

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