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Investments (Tables) | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Fixed Maturity Securities Available-for-Sale by Sector | The following table presents fixed maturity securities available-for-sale (“AFS”) by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. Asset-backed securities and collateralized loan obligations (collectively, “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.”
|  | March 31, 2024 |  | December 31, 2023
|  | Amortized Cost |  |  |  | Gross Unrealized | Estimated Fair Value |  | Amortized Cost |  |  |  | Gross Unrealized | Estimated Fair Value
Sector |  | Allowance for Credit Loss |  | Gains |  | Losses |  | Allowance for Credit Loss |  | Gains |  | Losses |
|  | (In millions)
U.S. corporate |  | $ | 86,317 |  |  | $ | (15) |  |  | $ | 1,706 |  |  | $ | 7,455 |  |  | $ | 80,553 |  |  | $ | 85,563 |  |  | $ | (68) |  |  | $ | 1,894 |  |  | $ | 6,672 |  |  | $ | 80,717 |
Foreign corporate |  | 58,146 |  |  | (2) |  |  | 1,704 |  |  | 5,819 |  |  | 54,029 |  |  | 59,123 |  |  | (2) |  |  | 1,750 |  |  | 5,427 |  |  | 55,444 |
Foreign government |  | 46,155 |  |  | (66) |  |  | 1,478 |  |  | 4,774 |  |  | 42,793 |  |  | 48,260 |  |  | (88) |  |  | 1,754 |  |  | 4,437 |  |  | 45,489 |
U.S. government and agency |  | 36,021 |  |  | — |  |  | 317 |  |  | 4,490 |  |  | 31,848 |  |  | 35,374 |  |  | — |  |  | 590 |  |  | 3,712 |  |  | 32,252 |
RMBS |  | 33,798 |  |  | (1) |  |  | 317 |  |  | 2,972 |  |  | 31,142 |  |  | 31,479 |  |  | (1) |  |  | 353 |  |  | 2,735 |  |  | 29,096 |
ABS & CLO |  | 17,973 |  |  | (9) |  |  | 73 |  |  | 569 |  |  | 17,468 |  |  | 17,910 |  |  | (7) |  |  | 54 |  |  | 663 |  |  | 17,294 |
Municipals |  | 11,898 |  |  | — |  |  | 324 |  |  | 1,284 |  |  | 10,938 |  |  | 11,991 |  |  | — |  |  | 408 |  |  | 1,228 |  |  | 11,171 |
CMBS |  | 10,315 |  |  | (20) |  |  | 102 |  |  | 759 |  |  | 9,638 |  |  | 10,855 |  |  | (18) |  |  | 73 |  |  | 961 |  |  | 9,949 |
Total fixed maturity securities AFS |  | $ | 300,623 |  |  | $ | (113) |  |  | $ | 6,021 |  |  | $ | 28,122 |  |  | $ | 278,409 |  |  | $ | 300,555 |  |  | $ | (184) |  |  | $ | 6,876 |  |  | $ | 25,835 |  |  | $ | 281,412 |
Available-for-sale fixed maturity securities by contractual maturity date | The amortized cost, net of allowance for credit loss (“ACL”), and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at March 31, 2024:
|  | 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 |  | $ | 10,447 |  |  | $ | 48,816 |  |  | $ | 52,088 |  |  | $ | 127,103 |  |  | $ | 62,056 |  |  | $ | 300,510 |
Estimated fair value |  | $ | 10,498 |  |  | $ | 48,055 |  |  | $ | 50,283 |  |  | $ | 111,325 |  |  | $ | 58,248 |  |  | $ | 278,409 |
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.
|  | March 31, 2024 |  | December 31, 2023
|  | 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 |  | Estimated Fair Value |  | Gross Unrealized Losses
|  | (Dollars in millions)
U.S. corporate |  | $ | 7,027 |  |  | $ | 610 |  |  | $ | 44,051 |  |  | $ | 6,807 |  |  | $ | 4,722 |  |  | $ | 420 |  |  | $ | 45,373 |  |  | $ | 6,208 |
Foreign corporate |  | 3,456 |  |  | 153 |  |  | 30,912 |  |  | 5,666 |  |  | 3,210 |  |  | 187 |  |  | 32,355 |  |  | 5,240 |
Foreign government |  | 4,967 |  |  | 419 |  |  | 18,275 |  |  | 4,352 |  |  | 3,913 |  |  | 246 |  |  | 19,715 |  |  | 4,187 |
U.S. government and agency |  | 8,965 |  |  | 499 |  |  | 14,810 |  |  | 3,991 |  |  | 7,856 |  |  | 368 |  |  | 13,960 |  |  | 3,344 |
RMBS |  | 4,303 |  |  | 99 |  |  | 17,123 |  |  | 2,872 |  |  | 3,465 |  |  | 60 |  |  | 17,128 |  |  | 2,675 |
ABS & CLO |  | 1,807 |  |  | 30 |  |  | 8,645 |  |  | 538 |  |  | 1,662 |  |  | 31 |  |  | 11,438 |  |  | 629 |
Municipals |  | 709 |  |  | 76 |  |  | 5,338 |  |  | 1,208 |  |  | 483 |  |  | 34 |  |  | 5,449 |  |  | 1,194 |
CMBS |  | 452 |  |  | 13 |  |  | 6,204 |  |  | 741 |  |  | 1,034 |  |  | 36 |  |  | 6,671 |  |  | 917 |
Total fixed maturity securities AFS |  | $ | 31,686 |  |  | $ | 1,899 |  |  | $ | 145,358 |  |  | $ | 26,175 |  |  | $ | 26,345 |  |  | $ | 1,382 |  |  | $ | 152,089 |  |  | $ | 24,394 |
Investment grade |  | $ | 30,014 |  |  | $ | 1,805 |  |  | $ | 139,769 |  |  | $ | 25,406 |  |  | $ | 24,834 |  |  | $ | 1,287 |  |  | $ | 146,138 |  |  | $ | 23,675 |
Below investment grade |  | 1,672 |  |  | 94 |  |  | 5,589 |  |  | 769 |  |  | 1,511 |  |  | 95 |  |  | 5,951 |  |  | 719 |
Total fixed maturity securities AFS |  | $ | 31,686 |  |  | $ | 1,899 |  |  | $ | 145,358 |  |  | $ | 26,175 |  |  | $ | 26,345 |  |  | $ | 1,382 |  |  | $ | 152,089 |  |  | $ | 24,394 |
Total number of securities in an unrealized loss position |  | 3,607 |  |  |  |  | 12,802 |  |  |  |  | 2,922 |  |  |  |  | 13,049 |  |  |
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 |  |  |  | RMBS |  | ABS & CLO |  | CMBS |  | Total
| (In millions)
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, at beginning of period | $ | 68 |  |  | $ | 2 |  |  | $ | 88 |  |  |  |  | $ | 1 |  |  | $ | 7 |  |  | $ | 18 |  |  | $ | 184 |
ACL not previously recorded | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Changes for securities with previously recorded ACL | — |  |  | — |  |  | (4) |  |  |  |  | — |  |  | 2 |  |  | 2 |  |  | — |
Securities sold or exchanged | (53) |  |  | — |  |  | (18) |  |  |  |  | — |  |  | — |  |  | — |  |  | (71) |
Balance, at end of period | $ | 15 |  |  | $ | 2 |  |  | $ | 66 |  |  |  |  | $ | 1 |  |  | $ | 9 |  |  | $ | 20 |  |  | $ | 113 |
Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, at beginning of period | $ | 29 |  |  | $ | 5 |  |  | $ | 130 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 19 |  |  | $ | 183 |
ACL not previously recorded | 36 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 36 |
Changes for securities with previously recorded ACL | — |  |  | — |  |  | (13) |  |  |  |  | — |  |  | — |  |  | 3 |  |  | (10) |
Securities sold or exchanged | (2) |  |  | (3) |  |  | — |  |  |  |  | — |  |  | — |  |  | (11) |  |  | (16) |
Balance, at end of period | $ | 63 |  |  | $ | 2 |  |  | $ | 117 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | 193 |
Debt Securities, Trading, and Equity Securities, FV-NI | The following table presents equity securities by security type.
|  | March 31, 2024 |  | December 31, 2023
|  | Cost |  | Net Unrealized Gains (Losses) (1) |  | Estimated Fair Value |  | Cost |  | Net Unrealized Gains (Losses) (1) |  | Estimated Fair Value
Security Type |  |  |  |  |
|  | (In millions)
Common stock (2) |  | $ | 411 |  |  | $ | 266 |  |  | $ | 677 |  |  | $ | 424 |  |  | $ | 239 |  |  | $ | 663 |
Non-redeemable preferred stock |  | 73 |  |  | — |  |  | 73 |  |  | 90 |  |  | 4 |  |  | 94 |
Total |  | $ | 484 |  |  | $ | 266 |  |  | $ | 750 |  |  | $ | 514 |  |  | $ | 243 |  |  | $ | 757 |
________________ (1) Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI. (2) Includes common stock, exchange traded funds, certain mutual funds and certain real estate investment trusts. 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.
|  | March 31, 2024 |  | December 31, 2023
|  | 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 |  | $ | 7,398 |  |  | $ | 1,469 |  |  | $ | 8,867 |  |  | $ | 7,770 |  |  | $ | 1,112 |  |  | $ | 8,882 |
FVO securities |  | 897 |  |  | 549 |  |  | 1,446 |  |  | 972 |  |  | 477 |  |  | 1,449 |
Total |  | $ | 8,295 |  |  | $ | 2,018 |  |  | $ | 10,313 |  |  | $ | 8,742 |  |  | $ | 1,589 |  |  | $ | 10,331 |
________________ (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:
|  | March 31, 2024 |  | December 31, 2023
Portfolio Segment |  | Carrying Value (1) |  | % of Total |  | Carrying Value (1) |  | % of Total
|  | (Dollars in millions)
Commercial |  | $ | 59,359 |  |  | 64.9 | % |  | $ | 60,326 |  |  | 65.2 | %
Agricultural |  | 19,712 |  |  | 21.6 |  |  | 19,805 |  |  | 21.4 |
Residential |  | 13,201 |  |  | 14.4 |  |  | 13,096 |  |  | 14.2 |
Total amortized cost |  | 92,272 |  |  | 100.9 |  |  | 93,227 |  |  | 100.8 |
Allowance for credit loss |  | (814) |  |  | (0.9) |  |  | (721) |  |  | (0.8) |
Total mortgage loans |  | $ | 91,458 |  |  | 100.0 | % |  | $ | 92,506 |  |  | 100.0 | %
__________________ (1)Includes certain mortgage loans originated for third parties of $8.1 billion at amortized cost ($7.8 billion commercial and $251 million agricultural) and the related ACL of $77 million, with the corresponding mortgage loan secured financing liability of $8.1 billion included in other liabilities on the consolidated balance sheet at March 31, 2024. The consolidated balance sheet at December 31, 2023 includes certain mortgage loans originated for third parties of $8.5 billion at amortized cost ($8.2 billion commercial and $246 million agricultural) and the related ACL of $73 million, with the corresponding mortgage loan secured financing liability of $8.5 billion included in other liabilities. The investment income on the mortgage loans originated for third parties and the interest expense on the related mortgage loan secured financing liability was $94 million for the three months ended March 31, 2024, and were recorded in investment income and investment expenses, both within net investment income.
Allowance for Loan and Lease Losses, Provision for Loss, Net | The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:
| Three Months Ended March 31,
| 2024 |  | 2023
| Commercial |  | Agricultural |  | Residential |  | Total |  | Commercial |  | Agricultural |  | Residential |  | Total
| (In millions)
Balance, beginning of period | $ | 367 |  |  | $ | 172 |  |  | $ | 182 |  |  | $ | 721 |  |  | $ | 218 |  |  | $ | 119 |  |  | $ | 190 |  |  | $ | 527 |
Provision (release) | 94 |  |  | 16 |  |  | (17) |  |  | 93 |  |  | 101 |  |  | 49 |  |  | 22 |  |  | 172 |
Charge-offs, net of recoveries | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7) |  |  | — |  |  | (7) |
Balance, end of period | $ | 461 |  |  | $ | 188 |  |  | $ | 165 |  |  | $ | 814 |  |  | $ | 319 |  |  | $ | 161 |  |  | $ | 212 |  |  | $ | 692 |
Financing Receivable, Modified | These mortgage loan modifications are summarized as follows:
| Three Months Ended March 31,
| 2024 |  | 2023
| Maturity Extension |  |  |  |  |  |  |  | Weighted Average Life Increase |  |  |  | % of BV |  | Maturity Extension |  | Weighted Average Life Increase |  | % of BV
| Amortized Cost |  |  |  |  |  |  |  | Affected Loans (in Years) |  |  |  |  |  | Amortized Cost |  | Affected Loans (in Years) |  |
| (Dollars in millions)
Commercial | $ | 80 |  |  |  |  |  |  |  |  | Less than one year |  |  |  |  |  | < 1% |  | $ | 64 |  |  | Less than one year |  | < 1%
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 March 31, 2024:
Credit Quality Indicator |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans |  | Total |  | % of Total
|  | (Dollars in millions)
LTV ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 65% |  | $ | 936 |  |  | $ | 2,519 |  |  | $ | 2,674 |  |  | $ | 3,227 |  |  | $ | 1,734 |  |  | $ | 16,181 |  |  | $ | 2,461 |  |  | $ | 29,732 |  |  | 50.1 | %
65% to 75% |  | 22 |  |  | 362 |  |  | 4,500 |  |  | 2,781 |  |  | 1,655 |  |  | 7,358 |  |  | — |  |  | 16,678 |  |  | 28.1 |
76% to 80% |  | — |  |  | 15 |  |  | 664 |  |  | 289 |  |  | 376 |  |  | 2,917 |  |  | — |  |  | 4,261 |  |  | 7.2 |
Greater than 80% |  | 1 |  |  | 66 |  |  | 797 |  |  | 978 |  |  | 897 |  |  | 5,949 |  |  | — |  |  | 8,688 |  |  | 14.6 |
Total |  | $ | 959 |  |  | $ | 2,962 |  |  | $ | 8,635 |  |  | $ | 7,275 |  |  | $ | 4,662 |  |  | $ | 32,405 |  |  | $ | 2,461 |  |  | $ | 59,359 |  |  | 100.0 | %
DSCR: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
> 1.20x |  | $ | 904 |  |  | $ | 2,149 |  |  | $ | 7,587 |  |  | $ | 6,682 |  |  | $ | 4,320 |  |  | $ | 27,206 |  |  | $ | 2,461 |  |  | $ | 51,309 |  |  | 86.4 | %
1.00x - 1.20x |  | 55 |  |  | 544 |  |  | 431 |  |  | 593 |  |  | 105 |  |  | 3,260 |  |  | — |  |  | 4,988 |  |  | 8.4 |
<1.00x |  | — |  |  | 269 |  |  | 617 |  |  | — |  |  | 237 |  |  | 1,939 |  |  | — |  |  | 3,062 |  |  | 5.2 |
Total |  | $ | 959 |  |  | $ | 2,962 |  |  | $ | 8,635 |  |  | $ | 7,275 |  |  | $ | 4,662 |  |  | $ | 32,405 |  |  | $ | 2,461 |  |  | $ | 59,359 |  |  | 100.0 | %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2024:
Credit Quality Indicator |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans |  | Total |  | % of Total
|  | (Dollars in millions)
LTV ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 65% |  | $ | 152 |  |  | $ | 1,163 |  |  | $ | 2,793 |  |  | $ | 2,641 |  |  | $ | 2,696 |  |  | $ | 7,506 |  |  | $ | 1,351 |  |  | $ | 18,302 |  |  | 92.8 | %
65% to 75% |  | 6 |  |  | 30 |  |  | 91 |  |  | 293 |  |  | 147 |  |  | 556 |  |  | 130 |  |  | 1,253 |  |  | 6.4 |
76% to 80% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 80% |  | — |  |  | 5 |  |  | — |  |  | — |  |  | 4 |  |  | 142 |  |  | 6 |  |  | 157 |  |  | 0.8 |
Total |  | $ | 158 |  |  | $ | 1,198 |  |  | $ | 2,884 |  |  | $ | 2,934 |  |  | $ | 2,847 |  |  | $ | 8,204 |  |  | $ | 1,487 |  |  | $ | 19,712 |  |  | 100.0 | %
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2024:
Credit Quality Indicator |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans |  | Total |  | % of Total
|  | (Dollars in millions)
Performance indicators: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 55 |  |  | $ | 958 |  |  | $ | 2,507 |  |  | $ | 1,575 |  |  | $ | 323 |  |  | $ | 7,343 |  |  | $ | — |  |  | $ | 12,761 |  |  | 96.7 | %
Nonperforming (1) |  | — |  |  | 16 |  |  | 68 |  |  | 22 |  |  | 14 |  |  | 320 |  |  | — |  |  | 440 |  |  | 3.3 |
Total |  | $ | 55 |  |  | $ | 974 |  |  | $ | 2,575 |  |  | $ | 1,597 |  |  | $ | 337 |  |  | $ | 7,663 |  |  | $ | — |  |  | $ | 13,201 |  |  | 100.0 | %
__________________ (1)Includes residential mortgage loans in process of foreclosure of $143 million and $140 million at March 31, 2024 and December 31, 2023, 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 Interest |  | Nonaccrual
Portfolio Segment |  | March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023
|  | (In millions)
Commercial |  | $ | 424 |  |  | $ | 75 |  |  | $ | 36 |  |  | $ | 3 |  |  | $ | 665 |  |  | $ | 427 |
Agricultural |  | 246 |  |  | 40 |  |  | 29 |  |  | — |  |  | 258 |  |  | 206 |
Residential |  | 440 |  |  | 418 |  |  | 15 |  |  | 16 |  |  | 428 |  |  | 402 |
Total |  | $ | 1,110 |  |  | $ | 533 |  |  | $ | 80 |  |  | $ | 19 |  |  | $ | 1,351 |  |  | $ | 1,035 |
Disclosure 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:
|  | March 31, 2024 |  | December 31, 2023 |  | Three Months Ended March 31, |  |
|  |  |  | 2024 |  | 2023 |  |  |  |
Income Type |  | Carrying Value |  | Income
|  | (In millions)
Wholly-owned real estate: |  |  |  |  |  |  |  |  |  |  |  |
Leased real estate |  | $ | 4,206 |  |  | $ | 4,446 |  |  | $ | 84 |  |  | $ | 92 |  |  |  |  |
Other real estate |  | 511 |  |  | 507 |  |  | 47 |  |  | 50 |  |  |  |  |
Real estate joint ventures |  | 8,275 |  |  | 8,379 |  |  | (121) |  |  | (116) |  |  |  |  |
Total real estate and real estate joint ventures |  | $ | 12,992 |  |  | $ | 13,332 |  |  | $ | 10 |  |  | $ | 26 |  |  |  |  |
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:
|  | March 31, 2024 |  | December 31, 2023
|  | (In millions)
Japan |  | $ | 20,960 |  |  | $ | 22,606 |
South Korea |  | $ | 6,007 |  |  | $ | 6,411 |
Mexico |  | $ | 3,765 |  |  | $ | 3,778 |
Securities Lending and Repurchase Agreements | A summary of these transactions and agreements accounted for as secured borrowings were as follows:
|  |  | March 31, 2024 |  |  |  | December 31, 2023
|  |  | 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 |  |  | $ | 10,851 |  |  | $ | 11,089 |  |  | $ | 10,861 |  |  |  |  | $ | 10,510 |  |  | $ | 10,788 |  |  | $ | 10,553 |
Repurchase agreements |  |  | $ | 3,032 |  |  | $ | 2,975 |  |  | $ | 2,912 |  |  |  |  | $ | 3,029 |  |  | $ | 2,975 |  |  | $ | 2,913 |
__________________ (1)These securities were included within fixed maturity securities AFS, short-term investments, and cash equivalents at March 31, 2024 and within fixed maturity securities AFS and short-term investments at December 31, 2023. (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:
|  | March 31, 2024 |  |  |  | December 31, 2023 |  |
|  | 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 |  | $ | 1,772 |  |  | $ | 4,687 |  |  | $ | 3,448 |  |  | $ | — |  |  | $ | 9,907 |  |  |  |  | $ | 1,393 |  |  | $ | 4,106 |  |  | $ | 3,919 |  |  | $ | — |  |  | $ | 9,418 |  |  |
Foreign government |  | — |  |  | 856 |  |  | 153 |  |  | — |  |  | 1,009 |  |  |  |  | — |  |  | 483 |  |  | 624 |  |  | — |  |  | 1,107 |  |  |
Agency RMBS |  | — |  |  | 97 |  |  | 76 |  |  | — |  |  | 173 |  |  |  |  | — |  |  | 88 |  |  | 175 |  |  | — |  |  | 263 |  |  |
Total |  | $ | 1,772 |  |  | $ | 5,640 |  |  | $ | 3,677 |  |  | $ | — |  |  | $ | 11,089 |  |  |  |  | $ | 1,393 |  |  | $ | 4,677 |  |  | $ | 4,718 |  |  | $ | — |  |  | $ | 10,788 |  |  |
Repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency |  | $ | — |  |  | $ | 2,975 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,975 |  |  |  |  | $ | — |  |  | $ | 2,975 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,975 |  |  |
__________________ (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 | 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:
|  | March 31, 2024 |  | December 31, 2023
|  | (In millions)
Invested assets on deposit (regulatory deposits) |  | $ | 1,499 |  |  | $ | 1,596 |
Invested assets held in trust (external reinsurance agreements) (1) |  | 930 |  |  | 941 |
Invested assets pledged as collateral (2) |  | 27,659 |  |  | 26,017 |
Total invested assets on deposit, held in trust and pledged as collateral |  | $ | 30,088 |  |  | $ | 28,554 |
__________________ (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 $2.0 billion at both March 31, 2024 and December 31, 2023. (2) The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, repurchase agreements and a collateral financing arrangement (see Notes 5, 16 and 17 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 11.
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:
|  | March 31, 2024 |  | December 31, 2023
Asset Type |  | Total Assets |  | Total Liabilities |  | Total Assets |  | Total Liabilities
|  | (In millions)
Investment funds (primarily other invested assets) |  | $ | 377 |  |  | $ | 28 |  |  | $ | 282 |  |  | $ | 1 |
Renewable energy partnership (primarily other invested assets) |  | 66 |  |  | 1 |  |  | 64 |  |  | — |
Total |  | $ | 443 |  |  | $ | 29 |  |  | $ | 346 |  |  | $ | 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:
|  | March 31, 2024 |  | December 31, 2023
Asset Type |  | Carrying Amount |  | Maximum Exposure to Loss (1) |  | Carrying Amount |  | Maximum Exposure to Loss (1)
|  | (In millions)
Fixed maturity securities AFS (2) |  | $ | 55,920 |  |  | $ | 55,920 |  |  | $ | 54,182 |  |  | $ | 54,182 |
Other limited partnership interests |  | 13,417 |  |  | 18,289 |  |  | 14,034 |  |  | 19,591 |
Other investments (Real estate joint ventures and FVO securities) |  | 1,114 |  |  | 1,130 |  |  | 1,039 |  |  | 1,055 |
Other invested assets |  | 1,108 |  |  | 1,203 |  |  | 1,206 |  |  | 1,275 |
Total |  | $ | 71,559 |  |  | $ | 76,542 |  |  | $ | 70,461 |  |  | $ | 76,103 |
__________________ (1)The maximum exposure to loss relating to fixed maturity securities AFS and FVO securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests (“OLPI”) and real estate joint ventures (“REJV”) is equal to the carrying amounts plus any unrecognized 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:
|  | Three Months Ended March 31, |  |
Asset Type |  | 2024 |  | 2023 |  |  |  |
|  | (In millions)
Fixed maturity securities AFS |  | $ | 3,288 |  |  | $ | 3,139 |  |  |  |  |
Equity securities |  | 7 |  |  | 12 |  |  |  |  |
FVO securities |  | 85 |  |  | 48 |  |  |  |  |
Mortgage loans |  | 1,194 |  |  | 1,041 |  |  |  |  |
Policy loans |  | 113 |  |  | 119 |  |  |  |  |
Real estate and REJV |  | 10 |  |  | 26 |  |  |  |  |
OLPI |  | 301 |  |  | 25 |  |  |  |  |
Cash, cash equivalents and short-term investments |  | 291 |  |  | 217 |  |  |  |  |
Operating joint ventures |  | 22 |  |  | 19 |  |  |  |  |
Other |  | 151 |  |  | 156 |  |  |  |  |
Subtotal investment income |  | 5,462 |  |  | 4,802 |  |  |  |  |
Less: Investment expenses |  | 568 |  |  | 461 |  |  |  |  |
Subtotal, net |  | 4,894 |  |  | 4,341 |  |  |  |  |
Unit-linked investments |  | 542 |  |  | 304 |  |  |  |  |
Net investment income |  | $ | 5,436 |  |  | $ | 4,645 |  |  |  |  |
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) |  | $ | 68 |  |  | $ | 38 |  |  |  |  |
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments) |  | 580 |  |  | 322 |  |  |  |  |
Net realized and unrealized gains (losses) recognized in NII |  | $ | 648 |  |  | $ | 360 |  |  |  |  |
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 |  | $ | 537 |  |  | $ | 313 |  |  |  |  |
Equity method investments NII (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures) |  | $ | 210 |  |  | $ | (93) |  |  |  |  |
Components of Net Investment Gains (Losses) | The composition of net investment gains (losses) by asset type and transaction type was as follows:
|  | Three Months Ended March 31, |  |  |  |
Asset Type |  | 2024 |  | 2023 |  |  |  |  |  |
|  | (In millions) |  |
Fixed maturity securities AFS |  | $ | (85) |  |  | $ | (580) |  |  |  |  |  |  |
Equity securities |  | 28 |  |  | 48 |  |  |  |  |  |  |
Mortgage loans |  | (86) |  |  | (164) |  |  |  |  |  |  |
Real estate and REJV (excluding changes in estimated fair value) |  | 35 |  |  | 18 |  |  |  |  |  |  |
OLPI (excluding changes in estimated fair value) (1) |  | (50) |  |  | 9 |  |  |  |  |  |  |
Other gains (losses) |  | 6 |  |  | (23) |  |  |  |  |  |  |
Subtotal |  | (152) |  |  | (692) |  |  |  |  |  |  |
Change in estimated fair value of OLPI and REJV |  | 3 |  |  | (5) |  |  |  |  |  |  |
Non-investment portfolio gains (losses) |  | (226) |  |  | 13 |  |  |  |  |  |  |
Subtotal |  | (223) |  |  | 8 |  |  |  |  |  |  |
Net investment gains (losses) |  | $ | (375) |  |  | $ | (684) |  |  |  |  |  |  |
Transaction Type |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments sold or disposed (1) |  | $ | (135) |  |  | $ | (546) |  |  |  |  |  |  |
Impairment (losses) |  | — |  |  | (7) |  |  |  |  |  |  |
Recognized gains (losses): |  |  |  |  |  |  |  |  |  |
Change in allowance for credit loss recognized in earnings |  | (46) |  |  | (182) |  |  |  |  |  |  |
Unrealized net gains (losses) recognized in earnings |  | 32 |  |  | 38 |  |  |  |  |  |  |
Total recognized gains (losses) |  | (14) |  |  | (144) |  |  |  |  |  |  |
Non-investment portfolio gains (losses) |  | (226) |  |  | 13 |  |  |  |  |  |  |
Net investment gains (losses) |  | $ | (375) |  |  | $ | (684) |  |  |  |  |  |  |
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 |  | $ | 31 |  |  | $ | 40 |  |  |  |  |  |  |
Foreign currency gains (losses) |  | $ | (45) |  |  | $ | 41 |  |  |  |  |  |  |
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments |  |  |  |  |  |  |  |  |  |
Recognized in NIGL |  | $ | (135) |  |  | $ | (546) |  |  |  |  |  |  |
Recognized in NII |  | 68 |  |  | 38 |  |  |  |  |  |  |
Net realized investment gains (losses) from sales and disposals of investments |  | $ | (67) |  |  | $ | (508) |  |  |  |  |  |  |
__________________ (1) Includes a net loss of $43 million during the three months ended March 31, 2024 for private equity investments sold. The Company sold a $741 million portfolio of investments to a fund for proceeds of $698 million in cash and receivables secured by the value of the fund. The Company’s investment management business has entered into an agreement to serve as the investment manager of the fund for which it will receive a management fee.
Schedule of Realized Gain (Loss) | The composition of net investment gains (losses) for these securities is as follows:
|  | Three Months Ended March 31, |  |
Fixed Maturity Securities AFS |  | 2024 |  | 2023 |  |  |  |
|  | (In millions)
Proceeds |  | $ | 6,352 |  |  | $ | 15,044 |  |  |  |  |
Gross investment gains |  | $ | 156 |  |  | $ | 293 |  |  |  |  |
Gross investment (losses) |  | (312) |  |  | (856) |  |  |  |  |
Realized gains (losses) on sales and disposals |  | (156) |  |  | (563) |  |  |  |  |
Net credit loss (provision) release (change in ACL recognized in earnings) |  | 71 |  |  | (10) |  |  |  |  |
Impairment (losses) |  | — |  |  | (7) |  |  |  |  |
Net credit loss (provision) release and impairment (losses) |  | 71 |  |  | (17) |  |  |  |  |
Net investment gains (losses) |  | $ | (85) |  |  | $ | (580) |  |  |  |  |
Equity Securities |  |  |  |  |  |  |  |
Realized gains (losses) on sales and disposals |  | $ | (2) |  |  | $ | 7 |  |  |  |  |
Unrealized net gains (losses) recognized in earnings |  | 30 |  |  | 41 |  |  |  |  |
Net investment gains (losses) |  | $ | 28 |  |  | $ | 48 |  |  |  |  |

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- Definition Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481444/860-30-45-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A + Details
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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-6 + Details
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