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INVESTMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
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.
| June 30, 2025
(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 | $ | 20,289 |  | $ | 0 |  | $ | 174 |  | $ | 2,935 |  | $ | 17,528 |
Municipalities | 950 |  | 0 |  | 49 |  | 118 |  | 881 |
Mortgage- and asset-backed securities | 338 |  | 0 |  | 3 |  | 30 |  | 311 |
Public utilities | 2,861 |  | 0 |  | 165 |  | 183 |  | 2,843 |
Sovereign and supranational | 359 |  | 0 |  | 9 |  | 11 |  | 357 |
Banks/financial institutions | 5,771 |  | 0 |  | 214 |  | 420 |  | 5,565 |
Other corporate | 5,755 |  | 0 |  | 445 |  | 438 |  | 5,762 |
Total yen-denominated | 36,323 |  | 0 |  | 1,059 |  | 4,135 |  | 33,247 |
U.S. dollar-denominated: |  |  |  |  |
U.S. government and agencies | 226 |  | 0 |  | 1 |  | 2 |  | 225 |
Municipalities | 1,212 |  | 0 |  | 66 |  | 85 |  | 1,193 |
Mortgage- and asset-backed securities | 4,065 |  | 0 |  | 171 |  | 69 |  | 4,167 |
Public utilities | 4,378 |  | 0 |  | 350 |  | 155 |  | 4,573 |
Sovereign and supranational | 58 |  | 0 |  | 20 |  | 0 |  | 78 |
Banks/financial institutions | 3,930 |  | 0 |  | 371 |  | 39 |  | 4,262 |
Other corporate | 19,708 |  | 0 |  | 2,031 |  | 738 |  | 21,001 |
Total U.S. dollar-denominated | 33,577 |  | 0 |  | 3,010 |  | 1,088 |  | 35,499 |
Other currencies: |  |  |  |  |
Mortgage- and asset-backed securities | 47 |  | 0 |  | 1 |  | 0 |  | 48 |
Public utilities | 57 |  | 0 |  | 1 |  | 0 |  | 58 |
Other corporate | 26 |  | 0 |  | 1 |  | 0 |  | 27 |
Total other currencies | 130 |  | 0 |  | 3 |  | 0 |  | 133 |
Total securities available-for-sale | $ | 70,030 |  | $ | 0 |  | $ | 4,072 |  | $ | 5,223 |  | $ | 68,879 |
| December 31, 2024
(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 | $ | 19,409 |  | $ | 0 |  | $ | 465 |  | $ | 2,234 |  | $ | 17,640 |
Municipalities | 869 |  | 0 |  | 65 |  | 79 |  | 855 |
Mortgage- and asset-backed securities | 327 |  | 0 |  | 4 |  | 23 |  | 308 |
Public utilities | 2,746 |  | 0 |  | 202 |  | 108 |  | 2,840 |
Sovereign and supranational | 330 |  | 0 |  | 16 |  | 8 |  | 338 |
Banks/financial institutions | 5,376 |  | 0 |  | 267 |  | 342 |  | 5,301 |
Other corporate | 5,329 |  | 0 |  | 568 |  | 305 |  | 5,592 |
Total yen-denominated | 34,386 |  | 0 |  | 1,587 |  | 3,099 |  | 32,874 |
U.S. dollar-denominated: |  |  |  |  |
U.S. government and agencies | 208 |  | 0 |  | 1 |  | 3 |  | 206 |
Municipalities | 1,167 |  | 0 |  | 65 |  | 53 |  | 1,179 |
Mortgage- and asset-backed securities | 2,987 |  | 0 |  | 302 |  | 34 |  | 3,255 |
Public utilities | 3,938 |  | 0 |  | 418 |  | 151 |  | 4,205 |
Sovereign and supranational | 57 |  | 0 |  | 21 |  | 0 |  | 78 |
Banks/financial institutions | 3,271 |  | 0 |  | 420 |  | 36 |  | 3,655 |
Other corporate | 18,050 |  | 0 |  | 2,493 |  | 752 |  | 19,791 |
Total U.S. dollar-denominated | 29,678 |  | 0 |  | 3,720 |  | 1,029 |  | 32,369 |
Other currencies: |  |  |  |  |
Other corporate | 25 |  | 0 |  | 1 |  | 0 |  | 26 |
Total other currencies | 25 |  | 0 |  | 1 |  | 0 |  | 26 |
Total securities available-for-sale | $ | 64,089 |  | $ | 0 |  | $ | 5,308 |  | $ | 4,128 |  | $ | 65,269 |
Held-to-maturity Securities |
| June 30, 2025
(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 | $ | 16,720 |  | $ | 2 |  | $ | 16,718 |  | $ | 414 |  | $ | 272 |  | $ | 16,860 |
Municipalities | 255 |  | 0 |  | 255 |  | 10 |  | 0 |  | 265 |
Public utilities | 35 |  | 0 |  | 35 |  | 0 |  | 1 |  | 34 |
Sovereign and supranational | 412 |  | 3 |  | 409 |  | 21 |  | 0 |  | 430 |
Other corporate | 17 |  | 0 |  | 17 |  | 1 |  | 0 |  | 18 |
Total yen-denominated | 17,439 |  | 5 |  | 17,434 |  | 446 |  | 273 |  | 17,607 |
Total securities held-to-maturity | $ | 17,439 |  | $ | 5 |  | $ | 17,434 |  | $ | 446 |  | $ | 273 |  | $ | 17,607 |
| December 31, 2024
(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 | $ | 15,311 |  | $ | 2 |  | $ | 15,309 |  | $ | 759 |  | $ | 9 |  | $ | 16,059 |
Municipalities | 235 |  | 0 |  | 235 |  | 22 |  | 0 |  | 257 |
Public utilities | 32 |  | 0 |  | 32 |  | 1 |  | 0 |  | 33 |
Sovereign and supranational | 377 |  | 3 |  | 374 |  | 31 |  | 0 |  | 405 |
Other corporate | 16 |  | 0 |  | 16 |  | 2 |  | 0 |  | 18 |
Total yen-denominated | 15,971 |  | 5 |  | 15,966 |  | 815 |  | 9 |  | 16,772 |
Total securities held-to-maturity | $ | 15,971 |  | $ | 5 |  | $ | 15,966 |  | $ | 815 |  | $ | 9 |  | $ | 16,772 |
Equity securities, FV-NI |
| June 30, 2025 |  | December 31, 2024
(In millions) | Fair Value |  | Fair Value
Equity securities, carried at fair value through net earnings: |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |
Yen-denominated |  | $ | 538 |  |  |  |  | $ | 484 |  |
U.S. dollar-denominated |  | 344 |  |  |  |  | 312 |  |
Total equity securities |  | $ | 882 |  |  |  |  | $ | 796 |  |
Investments Classified by Contractual Maturity Date | The contractual and economic maturities of the Company's investments in fixed maturity securities at June 30, 2025, were as follows:
(In millions) | Amortized Cost (1) |  | Fair Value |
Available-for-sale: |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 1,382 |  |  |  |  | $ | 1,481 |  |  |
Due after one year through five years |  | 8,612 |  |  |  |  | 9,422 |  |  |
Due after five years through 10 years |  | 16,665 |  |  |  |  | 17,423 |  |  |
Due after 10 years |  | 38,921 |  |  |  |  | 36,027 |  |  |
Mortgage- and asset-backed securities |  | 4,450 |  |  |  |  | 4,526 |  |  |
Total fixed maturity securities available-for-sale |  | $ | 70,030 |  |  |  |  | $ | 68,879 |  |  |
Held-to-maturity: |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 35 |  |  |  |  | $ | 35 |  |  |
Due after one year through five years |  | 45 |  |  |  |  | 46 |  |  |
Due after five years through 10 years |  | 9,256 |  |  |  |  | 9,647 |  |  |
Due after 10 years |  | 8,098 |  |  |  |  | 7,879 |  |  |
Total fixed maturity securities held-to-maturity |  | $ | 17,434 |  |  |  |  | $ | 17,607 |  |  |
(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:
| June 30, 2025 |  | December 31, 2024
(In millions) | Credit Rating |  | Amortized Cost |  | Fair Value |  | Credit Rating |  | Amortized Cost |  | Fair Value
Japan National Government(1) | A+ |  | $36,029 |  | $33,508 |  | A+ |  | $33,822 |  | $32,844
(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 June 30, |  | Six Months Ended June 30, |
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |
Net investment gains (losses): |  |  |  |  |  |  |  |
Sales and redemptions: |  |  |  |  |  |  |  |
Fixed maturity securities available-for-sale: |  |  |  |  |  |  |  |
Gross gains from sales | $ | 5 |  |  | $ | 6 |  |  | $ | 119 |  |  | $ | 40 |  |
Gross losses from sales | (98) |  |  | (27) |  |  | (333) |  |  | (309) |  |
Foreign currency gains (losses) | 79 |  |  | 71 |  |  | 240 |  |  | 487 |  |
Other investments: |  |  |  |  |  |  |  |
Gross gains (losses) from sales and redemptions | 11 |  |  | 5 |  |  | 12 |  |  | 10 |  |
Total sales and redemptions | (3) |  |  | 55 |  |  | 38 |  |  | 228 |  |
Equity securities | 98 |  |  | 11 |  |  | 37 |  |  | 87 |  |
Real estate owned impairments | (6) |  |  | 0 |  |  | (6) |  |  | 0 |  |
Credit losses: |  |  |  |  |  |  |  |
Fixed maturity securities held-to-maturity | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |
Commercial mortgage and other loans | (61) |  |  | (21) |  |  | (114) |  |  | (28) |  |
Loan commitments | 2 |  |  | 2 |  |  | 0 |  |  | 3 |  |
Reinsurance recoverables and other | 1 |  |  | 0 |  |  | 1 |  |  | 5 |  |
Total credit losses | (58) |  |  | (19) |  |  | (113) |  |  | (20) |  |
Derivatives and other: |  |  |  |  |  |  |  |
Derivative gains (losses) | 23 |  |  | (275) |  |  | (22) |  |  | (490) |  |
Foreign currency gains (losses) | (475) |  |  | 924 |  |  | (1,318) |  |  | 1,842 |  |
Total derivatives and other | (452) |  |  | 649 |  |  | (1,340) |  |  | 1,352 |  |
Total net investment gains (losses) | $ | (421) |  |  | $ | 696 |  |  | $ | (1,384) |  |  | $ | 1,647 |  |
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) | June 30, 2025 |  | December 31, 2024
Unrealized gains (losses) on securities available-for-sale |  | $ | (1,151) |  |  |  |  | $ | 1,180 |  |
Deferred income taxes |  | (677) |  |  |  |  | (1,156) |  |
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities |  | $ | (1,828) |  |  |  |  | $ | 24 |  |
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 June 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
| June 30, 2025
| 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 |  | $ | 108 |  |  |  |  | $ | 2 |  |  |  |  | $ | 73 |  |  |  |  | $ | 0 |  |  |  |  | $ | 35 |  |  |  |  | $ | 2 |  |
Japan government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated |  | 11,469 |  |  |  |  | 2,935 |  |  |  |  | 5,838 |  |  |  |  | 288 |  |  |  |  | 5,631 |  |  |  |  | 2,647 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 650 |  |  |  |  | 85 |  |  |  |  | 88 |  |  |  |  | 5 |  |  |  |  | 562 |  |  |  |  | 80 |  |
Yen-denominated |  | 341 |  |  |  |  | 118 |  |  |  |  | 88 |  |  |  |  | 9 |  |  |  |  | 253 |  |  |  |  | 109 |  |
Mortgage- and asset- backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 1,578 |  |  |  |  | 69 |  |  |  |  | 1,182 |  |  |  |  | 41 |  |  |  |  | 396 |  |  |  |  | 28 |  |
Yen-denominated |  | 214 |  |  |  |  | 30 |  |  |  |  | 23 |  |  |  |  | 0 |  |  |  |  | 191 |  |  |  |  | 30 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 1,911 |  |  |  |  | 155 |  |  |  |  | 1,045 |  |  |  |  | 30 |  |  |  |  | 866 |  |  |  |  | 125 |  |
Yen-denominated |  | 1,048 |  |  |  |  | 183 |  |  |  |  | 211 |  |  |  |  | 10 |  |  |  |  | 837 |  |  |  |  | 173 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated |  | 48 |  |  |  |  | 11 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 48 |  |  |  |  | 11 |  |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 1,065 |  |  |  |  | 39 |  |  |  |  | 890 |  |  |  |  | 16 |  |  |  |  | 175 |  |  |  |  | 23 |  |
Yen-denominated |  | 3,759 |  |  |  |  | 420 |  |  |  |  | 655 |  |  |  |  | 16 |  |  |  |  | 3,104 |  |  |  |  | 404 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 7,675 |  |  |  |  | 738 |  |  |  |  | 3,823 |  |  |  |  | 105 |  |  |  |  | 3,852 |  |  |  |  | 633 |  |
Yen-denominated |  | 2,190 |  |  |  |  | 438 |  |  |  |  | 566 |  |  |  |  | 34 |  |  |  |  | 1,624 |  |  |  |  | 404 |  |
Total |  | $ | 32,056 |  |  |  |  | $ | 5,223 |  |  |  |  | $ | 14,482 |  |  |  |  | $ | 554 |  |  |  |  | $ | 17,574 |  |  |  |  | $ | 4,669 |  |
| December 31, 2024
| 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 |  | $ | 106 |  |  |  |  | $ | 3 |  |  |  |  | $ | 59 |  |  |  |  | $ | 1 |  |  |  |  | $ | 47 |  |  |  |  | $ | 2 |  |
Japan government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated |  | 8,136 |  |  |  |  | 2,234 |  |  |  |  | 2,070 |  |  |  |  | 57 |  |  |  |  | 6,066 |  |  |  |  | 2,177 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 666 |  |  |  |  | 53 |  |  |  |  | 67 |  |  |  |  | 3 |  |  |  |  | 599 |  |  |  |  | 50 |  |
Yen-denominated |  | 341 |  |  |  |  | 79 |  |  |  |  | 96 |  |  |  |  | 2 |  |  |  |  | 245 |  |  |  |  | 77 |  |
Mortgage- and asset- backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 567 |  |  |  |  | 34 |  |  |  |  | 173 |  |  |  |  | 2 |  |  |  |  | 394 |  |  |  |  | 32 |  |
Yen-denominated |  | 196 |  |  |  |  | 23 |  |  |  |  | 12 |  |  |  |  | 0 |  |  |  |  | 184 |  |  |  |  | 23 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 1,570 |  |  |  |  | 151 |  |  |  |  | 699 |  |  |  |  | 19 |  |  |  |  | 871 |  |  |  |  | 132 |  |
Yen-denominated |  | 1,020 |  |  |  |  | 108 |  |  |  |  | 368 |  |  |  |  | 11 |  |  |  |  | 652 |  |  |  |  | 97 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated |  | 47 |  |  |  |  | 8 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 47 |  |  |  |  | 8 |  |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 625 |  |  |  |  | 36 |  |  |  |  | 376 |  |  |  |  | 7 |  |  |  |  | 249 |  |  |  |  | 29 |  |
Yen-denominated |  | 3,197 |  |  |  |  | 342 |  |  |  |  | 471 |  |  |  |  | 22 |  |  |  |  | 2,726 |  |  |  |  | 320 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 6,097 |  |  |  |  | 752 |  |  |  |  | 2,036 |  |  |  |  | 59 |  |  |  |  | 4,061 |  |  |  |  | 693 |  |
Yen-denominated |  | 1,733 |  |  |  |  | 305 |  |  |  |  | 289 |  |  |  |  | 14 |  |  |  |  | 1,444 |  |  |  |  | 291 |  |
Total |  | $ | 24,301 |  |  |  |  | $ | 4,128 |  |  |  |  | $ | 6,716 |  |  |  |  | $ | 197 |  |  |  |  | $ | 17,585 |  |  |  |  | $ | 3,931 |  |
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.
| June 30, 2025 |  | December 31, 2024
(In millions) | Amortized Cost |  | % of Total |  | Amortized Cost |  | % of Total
Commercial Mortgage and other loans: |  |  |  |  |  |  |
Transitional real estate loans: |  |  |  |  |  |  |
Office | $ | 1,246 |  |  | 11.7 | % |  | $ | 1,361 |  |  | 12.1 | %
Retail | 314 |  |  | 2.9 |  |  | 349 |  |  | 3.1 |
Apartments/Multi-Family | 1,881 |  |  | 17.7 |  |  | 2,201 |  |  | 19.6 |
Industrial | 100 |  |  | .9 |  |  | 117 |  |  | 1.1 |
Hospitality | 525 |  |  | 4.9 |  |  | 556 |  |  | 5.0 |
Other | 292 |  |  | 2.7 |  |  | 318 |  |  | 2.8 |
Total transitional real estate loans | 4,358 |  |  | 40.8 |  |  | 4,902 |  |  | 43.7 |
Commercial mortgage loans: |  |  |  |  |  |  |
Office | 294 |  |  | 2.8 |  |  | 300 |  |  | 2.7 |
Retail | 210 |  |  | 2.0 |  |  | 214 |  |  | 1.9 |
Apartments/Multi-Family | 559 |  |  | 5.3 |  |  | 572 |  |  | 5.1 |
Industrial | 413 |  |  | 3.9 |  |  | 436 |  |  | 3.9 |
Other | 14 |  |  | .1 |  |  | 15 |  |  | .1 |
Total commercial mortgage loans | 1,490 |  |  | 14.1 |  |  | 1,537 |  |  | 13.7 |
Middle market loans | 4,355 |  |  | 40.9 |  |  | 4,423 |  |  | 39.4 |
Other loans | 445 |  |  | 4.2 |  |  | 362 |  |  | 3.2 |
Total commercial mortgage and other loans | $ | 10,648 |  |  | 100.0 | % |  | $ | 11,224 |  |  | 100.0 | %
Allowance for credit losses | (384) |  |  |  |  | (355) |  |  |
Total net commercial mortgage and other loans | $ | 10,264 |  |  |  |  | $ | 10,869 |  |  |
Financing Receivable Nonaccrual | The following tables present an aging of past due and nonaccrual loans at amortized cost, before allowance for credit losses, as of the periods presented.
| June 30, 2025
(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 | $ | 3,808 |  | $ | 142 |  | $ | 408 |  | $ | 550 |  | $ | 4,358 |  | $ | 408 |
Commercial mortgage loans | 1,490 |  | 0 |  | 0 |  | 0 |  | 1,490 |  | 0 |
Middle market loans | 4,273 |  | 23 |  | 59 |  | 82 |  | 4,355 |  | 59 |
Other loans | 445 |  | 0 |  | 0 |  | 0 |  | 445 |  | 0 |
Total | $ | 10,016 |  | $ | 165 |  | $ | 467 |  | $ | 632 |  | $ | 10,648 |  | $ | 467 |
(1) As of June 30, 2025, there were no loans that were 90 days or more past due that continued to accrue interest.
| December 31, 2024
(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 | $ | 4,364 |  | $ | 195 |  | $ | 343 |  | $ | 538 |  | $ | 4,902 |  | $ | 378 |
Commercial mortgage loans | 1,537 |  | 0 |  | 0 |  | 0 |  | 1,537 |  | 0 |
Middle market loans | 4,295 |  | 63 |  | 65 |  | 128 |  | 4,423 |  | 108 |
Other loans | 362 |  | 0 |  | 0 |  | 0 |  | 362 |  | 0 |
Total | $ | 10,558 |  | $ | 258 |  | $ | 408 |  | $ | 666 |  | $ | 11,224 |  | $ | 486 |
(1) As of December 31, 2024, there were no loans that were 90 days or more past due that continued to accrue interest.
Effect of Loan Modifications | The following tables present the amortized cost basis of modified loans to borrowers experiencing financial difficulty and the financial effect of the modifications, disaggregated by loan classification and type of modification.
Three Months Ended June 30, 2025
(In millions) | Amortized Cost (1) |  | % of Total |  | Financial Effect
Transitional Real Estate Loans: |  |  |  |  |
Term extension | $ | 128 |  |  | 3.1 | % |  | Term extension of 22 months on average
Term extension and interest rate reduction | 152 |  |  | 3.7 |  |  | Term extension of 26 months on average and reduction in the weighted-average contractual interest rate from 4.8% to 4.3%
Middle Market Loans: |  |  |  |  |
Principal forgiveness | $ | 4 |  |  | .1 | % |  | Reduction in the amortized cost basis of $0.3 million
Principal forgiveness and term extension | 25 |  |  | .6 |  |  | Reduction in the amortized cost basis of $34 million and term extension of 30 months on average
(1) Net of allowance for credit losses
Three Months Ended June 30, 2024
(In millions) | Amortized Cost (1) |  | % of Total |  | Financial Effect
Transitional Real Estate Loans: |  |  |  |  |
Other-than-insignificant payment delays and interest rate reduction | $ | 121 |  |  | 2.2 | % |  | Delay in payments of 31 months on average and reduction in the weighted-average contractual interest rate from 8.1% to 7.8%
(1) Net of allowance for credit losses
Six Months Ended June 30, 2025
(In millions) | Amortized Cost (1) |  | % of Total |  | Financial Effect
Transitional Real Estate Loans: |  |  |  |  |
Term extension | $ | 159 |  |  | 3.9 | % |  | Term extension of 20 months on average
Term extension and interest rate reduction | 152 |  |  | 3.7 |  |  | Term extension of 26 months on average and reduction in the weighted-average contractual interest rate from 4.8% to 4.3%
Middle Market Loans: |  |  |  |  |
Principal forgiveness | $ | 6 |  |  | .1 | % |  | Reduction in the amortized cost basis of $4 million
Term extension | 33 |  |  | .8 |  |  | Term extension of six months on average
Other-than-insignificant payment delays | 28 |  |  | .7 |  |  | Delay in principal and interest payments of 35 months on average
Principal forgiveness and term extension | 25 |  |  | .6 |  |  | Reduction in the amortized cost basis of $34 million and term extension of 30 months on average
(1) Net of allowance for credit losses
Six Months Ended June 30, 2024
(In millions) | Amortized Cost (1) |  | % of Total |  | Financial Effect
Transitional Real Estate Loans: |  |  |  |  |
Other-than-insignificant payment delays and interest rate reduction | $ | 332 |  |  | 6.0 | % |  | Delay in payments of 44 months on average and reduction in the weighted-average contractual interest rate from 8.2% to 7.3%
(1) Net of allowance for credit losses
Loan Performance After Modifications | The following table presents an aging of loans that received modifications in the 12 months preceding the period presented, at amortized cost.
| June 30, 2025 |  |
(In millions) | Current | Less Than 90 Days Past Due | 90 Days or More Past Due | Nonaccrual Status |  |  |  |
Transitional real estate loans | $ | 592 |  | $ | 0 |  | $ | 60 |  | $ | 60 |  |  |  |  |
Middle market loans | 106 |  | 1 |  | 0 |  | 0 |  |  |  |  |
Total | $ | 698 |  | $ | 1 |  | $ | 60 |  | $ | 60 |  |  |  |  |
Allowance for Loan Losses by Portfolio Segment | 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
Three Months Ended June 30, 2025: |  |  |  |  |  |  |
Balance at March 31, 2025 | $ | (203) |  | $ | (15) |  | $ | (150) |  | $ | (19) |  | $ | (5) |  | $ | 0 |  | $ | (392) |
(Addition to) release of allowance for credit losses | (45) |  | 3 |  | (19) |  | 2 |  | 0 |  | 0 |  | (59) |
Writeoffs, net of recoveries | 5 |  | 0 |  | 42 |  | 0 |  | 0 |  | 0 |  | 47 |
Change in foreign exchange | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
Balance at June 30, 2025 | $ | (243) |  | $ | (12) |  | $ | (127) |  | $ | (17) |  | $ | (5) |  | $ | 0 |  | $ | (404) |
Three Months Ended June 30, 2024: |  |  |  |  |  |  |
Balance at March 31, 2024 | $ | (114) |  | $ | (19) |  | $ | (99) |  | $ | (15) |  | $ | (5) |  | $ | 0 |  | $ | (252) |
(Addition to) release of allowance for credit losses | (24) |  | 2 |  | 1 |  | 2 |  | 0 |  | 0 |  | (19) |
Writeoffs, net of recoveries | 15 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 15 |
Change in foreign exchange | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
Balance at June 30, 2024 (2) | $ | (123) |  | $ | (17) |  | $ | (98) |  | $ | (13) |  | $ | (5) |  | $ | 0 |  | $ | (256) |
Six Months Ended June 30, 2025: |  |  |  |  |  |  |
Balance at December 31, 2024 | $ | (199) |  | $ | (14) |  | $ | (140) |  | $ | (17) |  | $ | (5) |  | $ | 0 |  | $ | (375) |
(Addition to) release of allowance for credit losses | (73) |  | 2 |  | (43) |  | 0 |  | 0 |  | 0 |  | (114) |
Writeoffs, net of recoveries | 29 |  | 0 |  | 56 |  | 0 |  | 0 |  | 0 |  | 85 |
Change in foreign exchange | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
Balance at June 30, 2025 | $ | (243) |  | $ | (12) |  | $ | (127) |  | $ | (17) |  | $ | (5) |  | $ | 0 |  | $ | (404) |
Six Months Ended June 30, 2024: |  |  |  |  |  |  |
Balance at December 31, 2023 | $ | (112) |  | $ | (16) |  | $ | (146) |  | $ | (16) |  | $ | (5) |  | $ | 0 |  | $ | (295) |
(Addition to) release of allowance for credit losses | (26) |  | (1) |  | (2) |  | 3 |  | 0 |  | 0 |  | (26) |
Writeoffs, net of recoveries | 15 |  | 0 |  | 50 |  | 0 |  | 0 |  | 0 |  | 65 |
Change in foreign exchange | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
Balance at June 30, 2024 | $ | (123) |  | $ | (17) |  | $ | (98) |  | $ | (13) |  | $ | (5) |  | $ | 0 |  | $ | (256) |
Other Investments | The table below reflects the composition of the carrying value for other investments as of the periods presented.
(In millions) | June 30, 2025 |  | December 31, 2024
Other investments: |  |  |  |  |  |  |
Policy loans |  | $ | 221 |  |  |  |  | $ | 203 |  |
Short-term investments (1) |  | 2,375 |  |  |  |  | 1,599 |  |
Limited partnerships (2) |  | 3,745 |  |  |  |  | 3,435 |  |
Real estate owned |  | 964 |  |  |  |  | 682 |  |
Other |  | 40 |  |  |  |  | 39 |  |
Total other investments |  | $ | 7,345 |  |  |  |  | $ | 5,958 |  |
(1) Includes securities lending collateral (2) Includes tax credit investments and asset classes such as private equity and real estate funds
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
| June 30, 2025 |  | December 31, 2024
(In millions) | Overnight and Continuous(1) |  | Up to 30 days |  | 30-90 days |  | Total |  | Overnight and Continuous(1) |  | Up to 30 days |  | Total
Securities lending transactions: |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Japan government and agencies | $ | 0 |  |  | $ | 3,837 |  |  | $ | 1,035 |  |  | $ | 4,872 |  |  | $ | 0 |  |  | $ | 1,027 |  |  | $ | 1,027 |
Public utilities | 27 |  |  | 0 |  |  | 0 |  |  | 27 |  |  | 34 |  |  | 0 |  |  | 34 |
Banks/financial institutions | 145 |  |  | 0 |  |  | 0 |  |  | 145 |  |  | 193 |  |  | 0 |  |  | 193 |
Other corporate | 723 |  |  | 0 |  |  | 0 |  |  | 723 |  |  | 783 |  |  | 0 |  |  | 783 |
Total borrowings | $ | 895 |  |  | $ | 3,837 |  |  | $ | 1,035 |  |  | $ | 5,767 |  |  | $ | 1,010 |  |  | $ | 1,027 |  |  | $ | 2,037 |
Gross amount of recognized liabilities for securities lending transactions |  |  | $ | 5,767 |  |  |  |  |  |  | $ | 2,037 |
(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 carrying value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. Investments in Consolidated Variable Interest Entities
(In millions) | June 30, 2025 |  | December 31, 2024
Assets: |  |  |  |  |  |  |
Fixed maturity securities, available-for-sale |  | $ | 3,675 |  |  |  |  | $ | 3,428 |  |
Commercial mortgage and other loans |  | 8,207 |  |  |  |  | 8,693 |  |
Other investments (1) |  | 2,220 |  |  |  |  | 2,176 |  |
Other assets (2) |  | 45 |  |  |  |  | 53 |  |
Total assets of consolidated VIEs |  | $ | 14,147 |  |  |  |  | $ | 14,350 |  |
Liabilities: |  |  |  |  |  |  |
Other liabilities (2) |  | $ | 589 |  |  |  |  | $ | 604 |  |
Total liabilities of consolidated VIEs |  | $ | 589 |  |  |  |  | $ | 604 |  |
(1) Consists entirely of alternative investments in limited partnerships, which represent VIEs where the Company is not the primary beneficiary and, therefore, are not consolidated (2) Consists entirely of derivatives
Variable Interest Entity, Not Consolidated |
Investments in Variable Interest Entities | VIEs - Not Consolidated The table below reflects the carrying value and balance sheet caption in which the Company's investments in VIEs that are not consolidated are reported. Investments in Variable Interest Entities Not Consolidated
(In millions) | June 30, 2025 |  | December 31, 2024
Assets: |  |  |  |  |  |  |
Fixed maturity securities, available-for-sale |  | $ | 7,121 |  |  |  |  | $ | 6,243 |  |
Other investments (1) |  | 1,367 |  |  |  |  | 1,124 |  |
Total investments in VIEs not consolidated |  | $ | 8,488 |  |  |  |  | $ | 7,367 |  |
(1) Consists entirely of alternative investments in limited partnerships
Transitional real estate loans |
Financing Receivable Credit Quality Indicators | The following tables present as of June 30, 2025 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) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total
Loan-to-Value Ratio: |  |  |  |  |  |  |
0%-59.99% | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 370 |  | $ | 391 |  | $ | 10 |  | $ | 771 |
60%-69.99% | 0 |  | 0 |  | 77 |  | 419 |  | 442 |  | 400 |  | 1,338 |
70%-79.99% | 0 |  | 0 |  | 14 |  | 772 |  | 625 |  | 44 |  | 1,455 |
80% or greater | 0 |  | 0 |  | 0 |  | 186 |  | 297 |  | 311 |  | 794 |
Total | $ | 0 |  | $ | 0 |  | $ | 91 |  | $ | 1,747 |  | $ | 1,755 |  | $ | 765 |  | $ | 4,358 |
Current-period gross writeoffs: | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 5 |  | $ | 0 |  | $ | 24 |  | $ | 29 |
Commercial mortgage loans |
Financing Receivable Credit Quality Indicators |
Commercial Mortgage Loans
(In millions) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | Weighted-Average DSCR
Loan-to-Value Ratio: |  |  |  |  |  |  |  |
0%-59.99% | $ | 0 |  | $ | 0 |  | $ | 32 |  | $ | 0 |  | $ | 247 |  | $ | 1,010 |  | $ | 1,289 |  | 2.68
60%-69.99% | 0 |  | 0 |  | 0 |  | 0 |  | 25 |  | 53 |  | 78 |  | 2.14
70%-79.99% | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 8 |  | 8 |  | 1.48
80% or greater | 0 |  | 12 |  | 0 |  | 0 |  | 0 |  | 103 |  | 115 |  | 0.76
Total | $ | 0 |  | $ | 12 |  | $ | 32 |  | $ | 0 |  | $ | 272 |  | $ | 1,174 |  | $ | 1,490 |  | 2.50
Weighted Average DSCR | 0.00 | 1.13 | 2.49 | 0.00 | 3.04 | 2.39 |  |
Current-period gross writeoffs: | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  |
Middle market loans |
Financing Receivable Credit Quality Indicators |
Middle Market Loans
(In millions) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving Loans | Total
Credit Ratings: |  |  |  |  |  |  |  |
BBB | $ | 13 |  | $ | 37 |  | $ | 30 |  | $ | 0 |  | $ | 71 |  | $ | 106 |  | $ | 11 |  | $ | 268 |
BB | 233 |  | 466 |  | 37 |  | 385 |  | 349 |  | 620 |  | 77 |  | 2,167 |
B | 46 |  | 181 |  | 46 |  | 257 |  | 460 |  | 475 |  | 31 |  | 1,496 |
CCC | 17 |  | 5 |  | 0 |  | 9 |  | 62 |  | 194 |  | 20 |  | 307 |
CC | 0 |  | 0 |  | 0 |  | 14 |  | 0 |  | 0 |  | 1 |  | 15 |
C and lower | 0 |  | 0 |  | 0 |  | 0 |  | 16 |  | 80 |  | 6 |  | 102 |
Total | $ | 309 |  | $ | 689 |  | $ | 113 |  | $ | 665 |  | $ | 958 |  | $ | 1,475 |  | $ | 146 |  | $ | 4,355 |
Current-period gross writeoffs: | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 17 |  | $ | 39 |  | $ | 0 |  | $ | 56 |
Other loans |
Financing Receivable Credit Quality Indicators |
Other Loans
(In millions) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving Loans | Total
Credit Ratings: |  |  |  |  |  |  |  |
A | $ | 40 |  | $ | 0 |  | $ | 0 |  | $ | 74 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 114 |
AA | 0 |  | 0 |  | 0 |  | 8 |  | 3 |  | 0 |  | 0 |  | 11 |
BBB | 5 |  | 217 |  | 72 |  | 26 |  | 0 |  | 0 |  | 0 |  | 320 |
BB | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
Total | $ | 45 |  | $ | 217 |  | $ | 72 |  | $ | 108 |  | $ | 3 |  | $ | 0 |  | $ | 0 |  | $ | 445 |
Current-period gross writeoffs: | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |

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