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Investments (Tables) | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Fixed Maturity Securities AFS by Sector | The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. RMBS includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”
|  | December 31,
|  | 2022 |  | 2021
|  | Amortized Cost |  |  |  | Gross Unrealized |  | Estimated Fair Value |  | Amortized Cost |  |  |  | Gross Unrealized (1) |  | Estimated Fair Value
Sector |  |  | Allowance for Credit Loss |  | Gains |  | Losses |  | Allowance for Credit Loss |  | Gains |  | Losses |
|  | (In millions)
U.S. corporate |  | $ | 88,466 |  |  | $ | (29) |  |  | $ | 1,133 |  |  | $ | 9,540 |  |  | $ | 80,030 |  |  | $ | 82,694 |  |  | $ | (30) |  |  | $ | 10,651 |  |  | $ | 281 |  |  | $ | 93,034 |
Foreign corporate |  | 59,696 |  |  | (5) |  |  | 1,213 |  |  | 8,332 |  |  | 52,572 |  |  | 59,124 |  |  | (28) |  |  | 5,275 |  |  | 731 |  |  | 63,640 |
Foreign government |  | 50,047 |  |  | (130) |  |  | 1,876 |  |  | 5,046 |  |  | 46,747 |  |  | 56,848 |  |  | (19) |  |  | 5,603 |  |  | 823 |  |  | 61,609 |
U.S. government and agency |  | 35,658 |  |  | — |  |  | 431 |  |  | 3,860 |  |  | 32,229 |  |  | 41,068 |  |  | — |  |  | 5,807 |  |  | 276 |  |  | 46,599 |
RMBS |  | 29,496 |  |  | — |  |  | 187 |  |  | 3,518 |  |  | 26,165 |  |  | 29,152 |  |  | — |  |  | 1,440 |  |  | 188 |  |  | 30,404 |
ABS & CLO |  | 17,991 |  |  | — |  |  | 23 |  |  | 1,192 |  |  | 16,822 |  |  | 18,443 |  |  | — |  |  | 185 |  |  | 59 |  |  | 18,569 |
Municipals |  | 13,548 |  |  | — |  |  | 317 |  |  | 1,713 |  |  | 12,152 |  |  | 11,761 |  |  | — |  |  | 2,464 |  |  | 13 |  |  | 14,212 |
CMBS |  | 11,123 |  |  | (19) |  |  | 59 |  |  | 1,100 |  |  | 10,063 |  |  | 11,794 |  |  | (14) |  |  | 476 |  |  | 49 |  |  | 12,207 |
Total fixed maturity securities AFS |  | $ | 306,025 |  |  | $ | (183) |  |  | $ | 5,239 |  |  | $ | 34,301 |  |  | $ | 276,780 |  |  | $ | 310,884 |  |  | $ | (91) |  |  | $ | 31,901 |  |  | $ | 2,420 |  |  | $ | 340,274 |
__________________ (1)Excludes gross unrealized gains (losses) related to assets held-for-sale; these unrealized gains (losses) are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the Company’s business dispositions.
Available-for-sale fixed maturity securities by contractual maturity date | The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at December 31, 2022:
| Due in One Year or Less |  | Due After One Year Through Five Years |  | Due After Five Years Through Ten Years |  | Due After Ten Years |  | Structured Products |  | Total Fixed Maturity Securities AFS
| (In millions)
Amortized cost, net of ACL | $ | 8,235 |  |  | $ | 50,977 |  |  | $ | 54,016 |  |  | $ | 134,023 |  |  | $ | 58,591 |  |  | $ | 305,842 |
Estimated fair value | $ | 8,131 |  |  | $ | 49,344 |  |  | $ | 50,498 |  |  | $ | 115,757 |  |  | $ | 53,050 |  |  | $ | 276,780 |
Continuous Gross Unrealized Losses for Fixed Maturity Securities Available-for-Sale | The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.
| December 31,
| 2022 |  | 2021
| Less than 12 Months |  | Equal to or Greater than 12 Months |  | Less than 12 Months |  | Equal to or Greater than 12 Months
Sector & Credit Quality | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses (1) |  | Estimated Fair Value |  | Gross Unrealized Losses (1)
| (Dollars in millions)
U.S. corporate | $ | 55,210 |  |  | $ | 7,573 |  |  | $ | 6,484 |  |  | $ | 1,965 |  |  | $ | 8,076 |  |  | $ | 165 |  |  | $ | 1,499 |  |  | $ | 116 |
Foreign corporate | 31,932 |  |  | 5,999 |  |  | 8,956 |  |  | 2,332 |  |  | 10,011 |  |  | 404 |  |  | 2,834 |  |  | 327 |
Foreign government | 16,568 |  |  | 2,170 |  |  | 8,308 |  |  | 2,874 |  |  | 7,812 |  |  | 319 |  |  | 5,377 |  |  | 502 |
U.S. government and agency | 20,436 |  |  | 2,784 |  |  | 4,177 |  |  | 1,076 |  |  | 14,419 |  |  | 138 |  |  | 1,571 |  |  | 138 |
RMBS | 16,223 |  |  | 1,890 |  |  | 6,650 |  |  | 1,628 |  |  | 10,363 |  |  | 158 |  |  | 417 |  |  | 30 |
ABS & CLO | 10,924 |  |  | 712 |  |  | 4,326 |  |  | 480 |  |  | 8,150 |  |  | 39 |  |  | 804 |  |  | 20 |
Municipals | 7,277 |  |  | 1,514 |  |  | 482 |  |  | 199 |  |  | 524 |  |  | 10 |  |  | 65 |  |  | 3 |
CMBS | 6,890 |  |  | 764 |  |  | 2,037 |  |  | 335 |  |  | 2,664 |  |  | 31 |  |  | 657 |  |  | 18 |
Total fixed maturity securities AFS | $ | 165,460 |  |  | $ | 23,406 |  |  | $ | 41,420 |  |  | $ | 10,889 |  |  | $ | 62,019 |  |  | $ | 1,264 |  |  | $ | 13,224 |  |  | $ | 1,154 |
Investment grade | $ | 157,654 |  |  | $ | 22,713 |  |  | $ | 38,785 |  |  | $ | 10,298 |  |  | $ | 58,358 |  |  | $ | 1,123 |  |  | $ | 12,022 |  |  | $ | 1,025 |
Below investment grade | 7,806 |  |  | 693 |  |  | 2,635 |  |  | 591 |  |  | 3,661 |  |  | 141 |  |  | 1,202 |  |  | 129 |
Total fixed maturity securities AFS | $ | 165,460 |  |  | $ | 23,406 |  |  | $ | 41,420 |  |  | $ | 10,889 |  |  | $ | 62,019 |  |  | $ | 1,264 |  |  | $ | 13,224 |  |  | $ | 1,154 |
Total number of securities in an unrealized loss position | 15,204 |  |  |  |  | 4,303 |  |  |  |  | 4,774 |  |  |  |  | 979 |  |  |
__________________ (1)Excludes gross unrealized losses related to assets held-for-sale; these unrealized losses are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the Company’s business dispositions.
Debt Securities, Available-for-sale, Allowance for Credit Loss | The rollforward of ACL for fixed maturity securities AFS by sector is as follows:
|  | U.S. Corporate |  | Foreign Corporate |  | Foreign Government |  |  |  |  |  |  |  |  |  | CMBS |  | Total
Year Ended December 31, 2022 |  | (In millions)
Balance at January 1, |  | $ | 30 |  |  | $ | 28 |  |  | $ | 19 |  |  |  |  |  |  |  |  |  |  | $ | 14 |  |  | $ | 91 |
ACL not previously recorded |  | 13 |  |  | 67 |  |  | 207 |  |  |  |  |  |  |  |  |  |  | 5 |  |  | 292 |
Changes for securities with previously recorded ACL |  | 17 |  |  | 2 |  |  | (48) |  |  |  |  |  |  |  |  |  |  | — |  |  | (29) |
Securities sold or exchanged |  | (9) |  |  | (93) |  |  | (37) |  |  |  |  |  |  |  |  |  |  | — |  |  | (139) |
Dispositions |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | — |  |  | — |
Effect of foreign currency translation |  | — |  |  | 1 |  |  | (11) |  |  |  |  |  |  |  |  |  |  | — |  |  | (10) |
Write-offs |  | (22) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | — |  |  | (22) |
Balance at December 31, |  | $ | 29 |  |  | $ | 5 |  |  | $ | 130 |  |  |  |  |  |  |  |  |  |  | $ | 19 |  |  | $ | 183 |
|  | U.S. Corporate |  | Foreign Corporate |  | Foreign Government |  |  |  |  |  |  |  |  |  | CMBS |  | Total
Year Ended December 31, 2021 |  | (In millions)
Balance at January 1, |  | $ | 44 |  |  | $ | 16 |  |  | $ | 21 |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 81 |
ACL not previously recorded |  | 48 |  |  | 26 |  |  | — |  |  |  |  |  |  |  |  |  |  | 11 |  |  | 85 |
Changes for securities with previously recorded ACL |  | 3 |  |  | (4) |  |  | — |  |  |  |  |  |  |  |  |  |  | 3 |  |  | 2 |
Securities sold or exchanged |  | (52) |  |  | (10) |  |  | — |  |  |  |  |  |  |  |  |  |  | — |  |  | (62) |
Dispositions (1) |  | — |  |  | — |  |  | (2) |  |  |  |  |  |  |  |  |  |  | — |  |  | (2) |
Effect of foreign currency translation |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | — |  |  | — |
Write-offs |  | (13) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | — |  |  | (13) |
Balance at December 31, |  | $ | 30 |  |  | $ | 28 |  |  | $ | 19 |  |  |  |  |  |  |  |  |  |  | $ | 14 |  |  | $ | 91 |
__________________ (1)In connection with the disposition of MetLife Seguros, ACL was reduced by $2 million for the year ended December 31, 2021. See Note 3 for additional information on the Company’s business dispositions.
Debt Securities, Trading, and Equity Securities, FV-NI | The following table presents equity securities by security type. Common stock includes common stock, exchange traded funds, mutual funds and real estate investment trusts.
|  | December 31,
|  | 2022 | 2021
|  | Cost |  | Net Unrealized Gains (Losses) (1) |  | Estimated Fair Value |  | Cost |  | Net Unrealized Gains (Losses) (1) |  | Estimated Fair Value
Security Type |  |  |  |  |
|  |  |  | (In millions)
Common stock |  | $ | 1,347 |  |  | $ | 195 |  |  | $ | 1,542 |  |  | $ | 784 |  |  | $ | 295 |  |  | $ | 1,079 |
Non-redeemable preferred stock |  | 148 |  |  | (6) |  |  | 142 |  |  | 189 |  |  | 1 |  |  | 190 |
Total |  | $ | 1,495 |  |  | $ | 189 |  |  | $ | 1,684 |  |  | $ | 973 |  |  | $ | 296 |  |  | $ | 1,269 |
__________________ (1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI. The following table presents these investments by asset type. Unit-linked investments are primarily equity securities (including mutual funds). FVO Securities includes fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.
|  | December 31,
|  | 2022 | 2021
|  | Cost or Amortized Cost |  | Net Unrealized Gains (Losses) (1) |  | Estimated Fair Value |  | Cost or Amortized Cost |  | Net Unrealized Gains (Losses) (1) |  | Estimated Fair Value
Asset Type |  |  |  |  |
|  |  |  | (In millions)
Unit-linked investments |  | $ | 7,945 |  |  | $ | 288 |  |  | $ | 8,233 |  |  | $ | 8,643 |  |  | $ | 1,897 |  |  | $ | 10,540 |
FVO Securities |  | 1,161 |  |  | 274 |  |  | 1,435 |  |  | 1,243 |  |  | 359 |  |  | 1,602 |
Total |  | $ | 9,106 |  |  | $ | 562 |  |  | $ | 9,668 |  |  | $ | 9,886 |  |  | $ | 2,256 |  |  | $ | 12,142 |
__________________ (1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.
Disclosure of Mortgage Loans Net of Valuation Allowance | Mortgage loans are summarized as follows at:
|  | December 31,
|  | 2022 |  | 2021
Portfolio Segment |  | Carrying Value |  | % of Total |  | Carrying Value |  | % of Total
|  | (Dollars in millions)
Commercial |  | $ | 52,502 |  |  | 62.7 | % |  | $ | 50,553 |  |  | 63.7 | %
Agricultural |  | 19,306 |  |  | 23.0 |  |  | 18,111 |  |  | 22.8 |
Residential |  | 12,482 |  |  | 14.9 |  |  | 11,196 |  |  | 14.1 |
Total amortized cost |  | 84,290 |  |  | 100.6 |  |  | 79,860 |  |  | 100.6 |
Allowance for credit loss |  | (527) |  |  | (0.6) |  |  | (634) |  |  | (0.8) |
Subtotal mortgage loans, net |  | 83,763 |  |  | 100.0 |  |  | 79,226 |  |  | 99.8 |
Residential — FVO |  | — |  |  | — |  |  | 127 |  |  | 0.2 |
Total mortgage loans, net |  | $ | 83,763 |  |  | 100.0 | % |  | $ | 79,353 |  |  | 100.0 | %
Allowance for Loan and Lease Losses, Provision for Loss, Net | The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| Commercial |  | Agricultural |  | Residential |  | Total |  | Commercial |  | Agricultural |  | Residential |  | Total |  | Commercial |  | Agricultural |  | Residential |  | Total
| (In millions)
Balance at January 1, | $ | 340 |  |  | $ | 88 |  |  | $ | 206 |  |  | $ | 634 |  |  | $ | 252 |  |  | $ | 106 |  |  | $ | 232 |  |  | $ | 590 |  |  | $ | 246 |  |  | $ | 52 |  |  | $ | 55 |  |  | $ | 353 |
Adoption of credit loss guidance | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (118) |  |  | 35 |  |  | 161 |  |  | 78 |
Provision (release) | (2) |  |  | 53 |  |  | (8) |  |  | 43 |  |  | 88 |  |  | 6 |  |  | (27) |  |  | 67 |  |  | 124 |  |  | 22 |  |  | 30 |  |  | 176 |
Initial credit losses on PCD loans (1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |  |  | — |  |  | — |  |  | 18 |  |  | 18 |
Charge-offs, net of recoveries | (120) |  |  | (22) |  |  | (8) |  |  | (150) |  |  | — |  |  | (24) |  |  | (2) |  |  | (26) |  |  | — |  |  | (2) |  |  | (32) |  |  | (34) |
HFS transfer | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Balance at December 31, | $ | 218 |  |  | $ | 119 |  |  | $ | 190 |  |  | $ | 527 |  |  | $ | 340 |  |  | $ | 88 |  |  | $ | 206 |  |  | $ | 634 |  |  | $ | 252 |  |  | $ | 106 |  |  | $ | 232 |  |  | $ | 590 |
__________________ (1)Represents the initial credit losses on purchased mortgage loans accounted for as PCD.
Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories | The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2022:
Credit Quality Indicator |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Revolving Loans |  | Total |  | % of Total
|  | (Dollars in millions)
LTV ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 65% |  | $ | 5,081 |  |  | $ | 5,633 |  |  | $ | 3,496 |  |  | $ | 5,195 |  |  | $ | 4,866 |  |  | $ | 13,237 |  |  | $ | 2,860 |  |  | $ | 40,368 |  |  | 76.9 | %
65% to 75% |  | 2,321 |  |  | 1,227 |  |  | 1,073 |  |  | 1,613 |  |  | 1,360 |  |  | 1,872 |  |  | — |  |  | 9,466 |  |  | 18.0 |
76% to 80% |  | 64 |  |  | 19 |  |  | 99 |  |  | 467 |  |  | 290 |  |  | 287 |  |  | — |  |  | 1,226 |  |  | 2.3 |
Greater than 80% |  | 33 |  |  | 40 |  |  | 18 |  |  | 421 |  |  | 151 |  |  | 779 |  |  | — |  |  | 1,442 |  |  | 2.8 |
Total |  | $ | 7,499 |  |  | $ | 6,919 |  |  | $ | 4,686 |  |  | $ | 7,696 |  |  | $ | 6,667 |  |  | $ | 16,175 |  |  | $ | 2,860 |  |  | $ | 52,502 |  |  | 100.0 | %
DSCR: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
> 1.20x |  | $ | 6,705 |  |  | $ | 6,410 |  |  | $ | 4,441 |  |  | $ | 7,123 |  |  | $ | 5,981 |  |  | $ | 14,107 |  |  | $ | 2,860 |  |  | $ | 47,627 |  |  | 90.7 | %
1.00x - 1.20x |  | 667 |  |  | 128 |  |  | 115 |  |  | 436 |  |  | 274 |  |  | 963 |  |  | — |  |  | 2,583 |  |  | 4.9 |
<1.00x |  | 127 |  |  | 381 |  |  | 130 |  |  | 137 |  |  | 412 |  |  | 1,105 |  |  | — |  |  | 2,292 |  |  | 4.4 |
Total |  | $ | 7,499 |  |  | $ | 6,919 |  |  | $ | 4,686 |  |  | $ | 7,696 |  |  | $ | 6,667 |  |  | $ | 16,175 |  |  | $ | 2,860 |  |  | $ | 52,502 |  |  | 100.0 | %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2022:
Credit Quality Indicator |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Revolving Loans |  | Total |  | % of Total
|  | (Dollars in millions)
LTV ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 65% |  | $ | 2,594 |  |  | $ | 2,708 |  |  | $ | 2,600 |  |  | $ | 1,690 |  |  | $ | 2,364 |  |  | $ | 4,276 |  |  | $ | 1,171 |  |  | $ | 17,403 |  |  | 90.1 | %
65% to 75% |  | 177 |  |  | 320 |  |  | 347 |  |  | 177 |  |  | 93 |  |  | 494 |  |  | 131 |  |  | 1,739 |  |  | 9.0 |
76% to 80% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | 11 |  |  | 0.1 |
Greater than 80% |  | — |  |  | — |  |  | 29 |  |  | 76 |  |  | — |  |  | 44 |  |  | 4 |  |  | 153 |  |  | 0.8 |
Total |  | $ | 2,771 |  |  | $ | 3,028 |  |  | $ | 2,976 |  |  | $ | 1,943 |  |  | $ | 2,457 |  |  | $ | 4,825 |  |  | $ | 1,306 |  |  | $ | 19,306 |  |  | 100.0 | %
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2022:
Credit Quality Indicator |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Revolving Loans |  | Total |  | % of Total
|  | (Dollars in millions)
Performance indicators: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 2,071 |  |  | $ | 1,450 |  |  | $ | 374 |  |  | $ | 982 |  |  | $ | 439 |  |  | $ | 6,693 |  |  | $ | — |  |  | $ | 12,009 |  |  | 96.2 | %
Nonperforming (1) |  | 12 |  |  | 9 |  |  | 10 |  |  | 48 |  |  | 15 |  |  | 379 |  |  | — |  |  | 473 |  |  | 3.8 |
Total |  | $ | 2,083 |  |  | $ | 1,459 |  |  | $ | 384 |  |  | $ | 1,030 |  |  | $ | 454 |  |  | $ | 7,072 |  |  | $ | — |  |  | $ | 12,482 |  |  | 100.0 | %
__________________ (1)Includes residential mortgage loans in process of foreclosure of $146 million and $70 million at December 31, 2022 and 2021, respectively.
Schedule of Past Due and Non-Accrual Mortgage Loans | The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:
|  | Past Due |  | Past Due and Still Accruing |  | Nonaccrual
Portfolio Segment |  | December 31, 2022 |  | December 31, 2021 |  | December 31, 2022 |  | December 31, 2021 |  | December 31, 2022 |  | December 31, 2021
|  | (In millions)
Commercial |  | $ | 6 |  |  | $ | 13 |  |  | $ | 6 |  |  | $ | 13 |  |  | $ | 169 |  |  | $ | 155 |
Agricultural |  | 124 |  |  | 124 |  |  | 21 |  |  | 16 |  |  | 131 |  |  | 225 |
Residential |  | 473 |  |  | 450 |  |  | 12 |  |  | 8 |  |  | 462 |  |  | 442 |
Total |  | $ | 603 |  |  | $ | 587 |  |  | $ | 39 |  |  | $ | 37 |  |  | $ | 762 |  |  | $ | 822 |
Purchased Financial Assets with Credit Deterioration | The following table reconciles the contractual principal to the purchase price of PCD investments:
|  | Year Ended December 31, 2022
|  | Contractual Principal |  | ACL at Acquisition |  | Non-Credit (Discount) Premium |  | Purchase Price
|  | (In millions)
PCD residential mortgage loans |  | $ | 48 |  |  | $ | — |  |  | $ | (3) |  |  | $ | 45 |
Disclosure of Real Estate and Real Estate Joint Ventures | Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:
|  | December 31, |  | Years Ended December 31, |  |
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2020 |  |
Income Type |  | Carrying Value |  | Income |  |
|  | (In millions) |  |
Wholly-owned real estate: |  |  |  |  |  |  |  |  |  |  |  |
Leased real estate |  | $ | 4,523 |  |  | $ | 5,146 |  |  | $ | 392 |  |  | $ | 429 |  |  | $ | 435 |  |  |
Other real estate |  | 487 |  |  | 474 |  |  | 252 |  |  | 199 |  |  | 133 |  |  |
Real estate joint ventures |  | 8,127 |  |  | 6,596 |  |  | 556 |  |  | 326 |  |  | (36) |  |  |
Total real estate and real estate joint ventures |  | $ | 13,137 |  |  | $ | 12,216 |  |  | $ | 1,200 |  |  | $ | 954 |  |  | $ | 532 |  |  |
Schedule of Operating Leases by Property Type | Leased real estate investments and income earned, by property type, were as follows at and for the periods indicated:
|  | December 31, |  | Years Ended December 31, |  |
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2020 |  |
Property Type |  | Carrying Value |  | Income |  |
|  | (In millions) |  |
Leased real estate investments: |  |  |  |  |  |  |  |  |  |  |  |
Office |  | $ | 2,206 |  |  | $ | 2,322 |  |  | $ | 183 |  |  | $ | 196 |  |  | $ | 188 |  |  |
Retail |  | 804 |  |  | 938 |  |  | 60 |  |  | 75 |  |  | 93 |  |  |
Apartment |  | 625 |  |  | 828 |  |  | 56 |  |  | 66 |  |  | 62 |  |  |
Land |  | 562 |  |  | 635 |  |  | 26 |  |  | 28 |  |  | 25 |  |  |
Industrial |  | 254 |  |  | 339 |  |  | 62 |  |  | 58 |  | 56 |  |
Hotel |  | 72 |  |  | 84 |  | 5 |  |  | 6 |  | 5 |  |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |
Total leased real estate investments |  | $ | 4,523 |  |  | $ | 5,146 |  |  | $ | 392 |  |  | $ | 429 |  |  | $ | 435 |  |  |
Components of Leveraged and Direct Financing Leases | Investment in leveraged and direct financing leases consisted of the following at:
| December 31,
| 2022 |  | 2021
| Leveraged Leases |  | Direct Financing Leases |  | Leveraged Leases |  | Direct Financing Leases
| (In millions)
Lease receivables, net (1) | $ | 477 |  |  | $ | 1,750 |  |  | $ | 542 |  |  | $ | 1,755 |
Estimated residual values | 517 |  |  | 39 |  |  | 560 |  | 39
Subtotal | 994 |  |  | 1,789 |  |  | 1,102 |  |  | 1,794 |
Unearned income | (245) |  |  | (586) |  |  | (284) |  |  | (642) |
Investment in leases, before ACL | 749 |  |  | 1,203 |  |  | 818 |  |  | 1,152 |
ACL | (18) |  |  | (8) |  |  | (31) |  |  | (9) |
Investment in leases, net of ACL | $ | 731 |  |  | $ | 1,195 |  |  | $ | 787 |  |  | $ | 1,143 |
__________________ (1)Future contractual receipts under direct financing leases at December 31, 2022 were $122 million in 2023, $92 million in 2024, $91 million in 2025, $117 million in 2026, $101 million in 2027, $1.2 billion thereafter and, in total, were $1.8 billion.
Schedule of Net Income From Investment In Leveraged and Direct Financing Leases | The components of income from investment in leveraged and direct financing leases, excluding net investment gains (losses), were as follows:
|  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
|  | Leveraged Leases |  | Direct Financing Leases |  | Leveraged Leases |  | Direct Financing Leases |  | Leveraged Leases |  | Direct Financing Leases
|  | (In millions)
Lease investment income |  | $ | 35 |  |  | $ | 129 |  |  | $ | 34 |  |  | $ | 96 |  |  | $ | 39 |  |  | $ | 106 |
Less: Income tax expense |  | 7 |  |  | 27 |  |  | 7 |  |  | 20 |  | 8 |  | 22
Lease investment income, net of income tax |  | $ | 28 |  |  | $ | 102 |  |  | $ | 27 |  |  | $ | 76 |  |  | $ | 31 |  |  | $ | 84 |
Fair Value, Concentration of Risk | Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies:
|  | December 31,
|  | 2022 |  | 2021
|  | (In millions)
Japan |  | $ | 24,295 |  |  | $ | 32,723 |
South Korea |  | $ | 5,887 |  |  | $ | 7,117 |
Mexico |  | $ | 3,463 |  |  | N/A
Securities Lending and Repurchase Agreements | A summary of these transactions and agreements accounted for as secured borrowings were as follows:
|  | December 31,
|  | 2022 |  | 2021
|  | Securities (1) |  |  |  |  |  | Securities (1) |  |  |  |
Agreement Type |  | Estimated Fair Value |  | Cash Collateral Received from Counterparties (2) |  | Reinvestment Portfolio at Estimated Fair Value |  | Estimated Fair Value |  | Cash Collateral Received from Counterparties (2) |  | Reinvestment Portfolio at Estimated Fair Value
|  | (In millions)
Securities lending |  | $ | 11,756 |  |  | $ | 12,092 |  |  | $ | 11,833 |  |  | $ | 20,654 |  |  | $ | 21,055 |  |  | $ | 21,319 |
Repurchase agreements |  | $ | 3,176 |  |  | $ | 3,125 |  |  | $ | 3,057 |  |  | $ | 3,416 |  |  | $ | 3,325 |  |  | $ | 3,357 |
__________________ (1)These securities were included within fixed maturity securities AFS and short-term investments at December 31, 2022 and within fixed maturity securities AFS at December 31, 2021. (2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions. Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:
|  | December 31, |  |
|  | 2022 |  | 2021 |  |
|  | Remaining Maturities |  |  |  | Remaining Maturities |  |  |  |
Security Type |  | Open (1) |  | 1 Month or Less |  | Over 1 Month to 6 Months |  | Over 6 Months to 1 Year |  | Total |  | Open (1) |  | 1 Month or Less |  | Over 1 Month to 6 Months |  | Over 6 Months to 1 Year |  | Total |  |
|  | (In millions)
Cash collateral liability by security type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities lending: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency |  | $ | 1,945 |  |  | $ | 5,448 |  |  | $ | 3,101 |  |  | $ | — |  |  | $ | 10,494 |  |  | $ | 5,900 |  |  | $ | 7,052 |  |  | $ | 7,055 |  |  | $ | — |  |  | $ | 20,007 |  |  |
Foreign government |  | — |  |  | 422 |  |  | 922 |  |  | — |  |  | 1,344 |  |  | — |  |  | 285 |  |  | 762 |  |  | — |  |  | 1,047 |  |  |
Agency RMBS |  | — |  |  | 63 |  |  | 191 |  |  | — |  |  | 254 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
U.S. corporate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  |
Total |  | $ | 1,945 |  |  | $ | 5,933 |  |  | $ | 4,214 |  |  | $ | — |  |  | $ | 12,092 |  |  | $ | 5,901 |  |  | $ | 7,337 |  |  | $ | 7,817 |  |  | $ | — |  |  | $ | 21,055 |  |  |
Repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency |  | $ | — |  |  | $ | 3,125 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,125 |  |  | $ | — |  |  | $ | 3,325 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,325 |  |  |
__________________ (1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.
Invested Assets on Deposit, Held in Trust and Pledged as Collateral | Certain subsidiaries have also entered into funding agreements with FHLBNY and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in policyholder account balances. Information related to such funding agreements was as follows at:
|  | Liability |  | Collateral
|  | December 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | (In millions)
FHLBNY (1) |  | $ | 14,940 |  |  | $ | 15,750 |  |  | $ | 17,857 |  | (2) |  | $ | 17,981 |  | (2)
Farmer Mac (3) |  | $ | 2,050 |  |  | $ | 2,050 |  |  | $ | 2,148 |  |  |  | $ | 2,159 |  |
__________________ (1)Represents funding agreements issued to FHLBNY in exchange for cash and for which it has been granted a lien on certain assets, some of which are in the custody of FHLBNY, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under such funding agreements. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of FHLBNY as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by such subsidiary, FHLBNY’s recovery on the collateral is limited to the amount of such subsidiary’s liability to FHLBNY. (2)Advances are collateralized primarily by mortgage-backed securities presented at estimated fair value. The remaining collateral is mortgage loans presented at carrying value. (3)Represents funding agreements issued to a subsidiary of Farmer Mac. The obligations under these funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value. Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value and were as follows at:
|  | December 31,
|  | 2022 |  | 2021
|  | (In millions)
Invested assets on deposit (regulatory deposits) |  | $ | 1,514 |  |  | $ | 1,872 |
Invested assets held in trust (external reinsurance agreements) (1) |  | 881 |  |  | 1,114 |
Invested assets pledged as collateral (2) |  | 25,442 |  |  | 24,261 |
Total invested assets on deposit, held in trust and pledged as collateral |  | $ | 27,837 |  |  | $ | 27,247 |
__________________ (1)Represents assets held in trust related to third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $1.9 billion and $2.1 billion at December 31, 2022 and 2021, respectively. (2)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4), derivative transactions (see Note 9), secured debt and short-term debt related to repurchase agreements (see Note 13), and a collateral financing arrangement (see Note 14).
Schedule of Variable Interest Entities | The following table presents the total assets and total liabilities relating to investment related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:
|  | December 31,
|  | 2022 |  | 2021
Asset Type |  | Total Assets |  | Total Liabilities |  | Total Assets |  | Total Liabilities
|  | (In millions)
Investment funds (primarily other invested assets) |  | $ | 266 |  |  | $ | 1 |  |  | $ | 292 |  |  | $ | 1 |
Renewable energy partnership (primarily other invested assets) |  | 76 |  |  | — |  |  | 79 |  |  | — |
Other investments (primarily other assets) |  | — |  |  | — |  |  | 1 |  |  | — |
Total |  | $ | 342 |  |  | $ | 1 |  |  | $ | 372 |  |  | $ | 1 |
Unconsolidated VIEs The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:
|  | December 31,
|  | 2022 |  | 2021
Asset Type |  | Carrying Amount |  | Maximum Exposure to Loss (1) |  | Carrying Amount |  | Maximum Exposure to Loss (1)
|  | (In millions)
Fixed maturity securities AFS (2) |  | $ | 51,422 |  |  | $ | 51,422 |  |  | $ | 62,654 |  |  | $ | 62,654 |
Other limited partnership interests |  | 13,244 |  |  | 18,906 |  |  | 13,287 |  |  | 20,720 |
Other invested assets |  | 1,310 |  |  | 1,387 |  |  | 1,257 |  |  | 1,314 |
Other investments |  | 945 |  |  | 948 |  |  | 776 |  |  | 926 |
Total |  | $ | 66,921 |  |  | $ | 72,663 |  |  | $ | 77,974 |  |  | $ | 85,614 |
__________________ (1)The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee. (2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.
Components of Net Investment Income | The composition of net investment income by asset type was as follows:
|  | Years Ended December 31,
Asset Type |  | 2022 |  | 2021 |  | 2020
|  | (In millions)
Fixed maturity securities AFS |  | $ | 11,490 |  |  | $ | 10,996 |  |  | $ | 11,304 |
Equity securities |  | 36 |  |  | 36 |  |  | 50 |
FVO Securities |  | (127) |  |  | 167 |  |  | 140 |
Mortgage loans |  | 3,539 |  |  | 3,435 |  |  | 3,518 |
Policy loans |  | 460 |  |  | 474 |  |  | 498 |
Real estate and real estate joint ventures |  | 1,200 |  |  | 954 |  |  | 532 |
Other limited partnership interests |  | 858 |  |  | 4,927 |  |  | 1,000 |
Cash, cash equivalents and short-term investments |  | 358 |  |  | 103 |  |  | 213 |
Operating joint ventures |  | 51 |  |  | 77 |  |  | 93 |
Other |  | 633 |  |  | 223 |  |  | 255 |
Subtotal investment income |  | 18,498 |  |  | 21,392 |  |  | 17,603 |
Less: Investment expenses |  | 1,284 |  |  | 949 |  |  | 1,054 |
Subtotal, net |  | 17,214 |  |  | 20,443 |  |  | 16,549 |
Unit-linked investments |  | (1,298) |  |  | 952 |  |  | 568 |
Net investment income |  | $ | 15,916 |  |  | $ | 21,395 |  |  | $ | 17,117 |
Net Investment Income (“NII”) Information |  |  |  |  |  |
Net realized and unrealized gains (losses) recognized in NII: |  |  |  |  |  |
Net realized gains (losses) from sales and disposals (primarily FVO Securities and Unit-linked investments) |  | $ | 155 |  |  | $ | 518 |  |  | $ | 422 |
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO Securities and Unit-linked investments) |  | (1,586) |  |  | 616 |  |  | 233 |
Net realized and unrealized gains (losses) recognized in NII |  | $ | (1,431) |  |  | $ | 1,134 |  |  | $ | 655 |
Changes in estimated fair value subsequent to purchase of FVO Securities and Unit-linked investments still held at the end of the respective periods and recognized in NII |  | $ | (1,286) |  |  | $ | 730 |  |  | $ | 489 |
Equity method investments NII (primarily real estate joint ventures, other limited partnership interests, tax credit and renewable energy partnerships and operating joint ventures) |  | $ | 1,305 |  |  | $ | 5,136 |  |  | $ | 829 |
Components of Net Investment Gains (Losses) | The composition of net investment gains (losses) by asset type and transaction type was as follows:
|  | Years Ended December 31,
Asset Type |  | 2022 |  | 2021 |  | 2020
|  | (In millions)
Fixed maturity securities AFS |  | $ | (1,912) |  |  | $ | 66 |  |  | $ | 297 |
Equity securities |  | (133) |  |  | 108 |  |  | (137) |
Mortgage loans |  | 21 |  |  | (18) |  |  | (213) |
Real estate and real estate joint ventures (excluding changes in estimated fair value) |  | 653 |  |  | 502 |  |  | 7 |
Other limited partnership interests (excluding changes in estimated fair value) |  | 53 |  |  | (6) |  |  | (15) |
Other gains (losses) |  | 178 |  |  | 131 |  |  | 198 |
Subtotal |  | (1,140) |  |  | 783 |  |  | 137 |
Change in estimated fair value of other limited partnership interests and real estate joint ventures |  | (14) |  |  | 45 |  |  | (4) |
Non-investment portfolio gains (losses) (1) |  | (108) |  |  | 701 |  |  | (243) |
Subtotal |  | (122) |  |  | 746 |  |  | (247) |
Net investment gains (losses) |  | $ | (1,262) |  |  | $ | 1,529 |  |  | $ | (110) |
Transaction Type |  |  |  |  |  |
Realized gains (losses) on investments sold or disposed |  | $ | (880) |  |  | $ | 711 |  |  | $ | 634 |
Impairment (losses) |  | (40) |  |  | (24) |  |  | (63) |
Recognized gains (losses): |  |  |  |  |  |
Change in allowance for credit loss recognized in earnings |  | (134) |  |  | (86) |  |  | (280) |
Unrealized net gains (losses) recognized in earnings |  | (100) |  |  | 227 |  |  | (158) |
Total recognized gains (losses) |  | (234) |  |  | 141 |  |  | (438) |
Non-investment portfolio gains (losses) (1) |  | (108) |  |  | 701 |  |  | (243) |
Net investment gains (losses) |  | $ | (1,262) |  |  | $ | 1,529 |  |  | $ | (110) |
Net Investment Gains (Losses) (“NIGL”) Information |  |  |  |  |  |
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in NIGL |  | $ | (89) |  |  | $ | 77 |  |  | $ | (127) |
Other gains (losses) include: |  |  |  |  |  |
Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship |  | $ | 38 |  |  | $ | 88 |  |  | $ | 129 |
Gains (losses) on leveraged leases and renewable energy partnerships |  | $ | 33 |  |  | $ | 12 |  |  | $ | 87 |
Foreign currency gains (losses) |  | $ | 182 |  |  | $ | (10) |  |  | $ | 79 |
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments |  |  |  |  |  |
Recognized in NIGL |  | $ | (880) |  |  | $ | 711 |  |  | $ | 634 |
Recognized in NII |  | 155 |  |  | 518 |  |  | 422 |
Net realized investment gains (losses) from sales and disposals of investments |  | $ | (725) |  |  | $ | 1,229 |  |  | $ | 1,056 |
__________________ (1)See Note 3 for information regarding the Company’s business dispositions.
Schedule of Realized Gain (Loss) | The composition of net investment gains (losses) for these securities is as follows:
|  | Years Ended December 31,
Fixed Maturity Securities AFS |  | 2022 |  | 2021 |  | 2020
|  | (In millions)
Proceeds |  | $ | 67,754 |  |  | $ | 54,612 |  |  | $ | 40,809 |
Gross investment gains |  | $ | 935 |  |  | $ | 761 |  |  | $ | 1,125 |
Gross investment (losses) |  | (2,704) |  |  | (656) |  |  | (674) |
Realized gains (losses) on sales and disposals |  | (1,769) |  |  | 105 |  |  | 451 |
Net credit loss (provision) release (change in ACL recognized in earnings) |  | (103) |  |  | (15) |  |  | (91) |
Impairment (losses) |  | (40) |  |  | (24) |  |  | (63) |
Net credit loss (provision) release and impairment (losses) |  | (143) |  |  | (39) |  |  | (154) |
Net investment gains (losses) |  | $ | (1,912) |  |  | $ | 66 |  |  | $ | 297 |
Equity Securities |  |  |  |  |  |
Realized gains (losses) on sales and disposals |  | $ | (47) |  |  | $ | (69) |  |  | $ | 16 |
Unrealized net gains (losses) recognized in earnings |  | (86) |  |  | 177 |  |  | (153) |
Net investment gains (losses) |  | $ | (133) |  |  | $ | 108 |  |  | $ | (137) |

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- Definition Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13572-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13531-108611 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 23 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13587-108611 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13537-108611 + Details
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