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Investments (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Fixed Maturity Securities Available-for-Sale by Sector | The following table presents fixed maturity securities 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. ABS & CLO includes securities collateralized by consumer loans, corporate loans, broadly syndicated bank loans, and other assets. 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.”
|  | June 30, 2025 |  | December 31, 2024
|  | Amortized Cost |  |  |  | Gross Unrealized | Estimated Fair Value |  | Amortized Cost |  |  |  | Gross Unrealized | Estimated Fair Value
Sector |  | Allowance for Credit Loss (“ACL”) |  | Gains |  | Losses |  | ACL |  | Gains |  | Losses |
|  | (In millions)
U.S. corporate |  | $ | 88,484 |  |  | $ | (62) |  |  | $ | 1,509 |  |  | $ | 7,398 |  |  | $ | 82,533 |  |  | $ | 86,315 |  |  | $ | (59) |  |  | $ | 1,331 |  |  | $ | 8,213 |  |  | $ | 79,374 |
Foreign corporate |  | 61,640 |  |  | — |  |  | 2,201 |  |  | 4,598 |  |  | 59,243 |  |  | 58,646 |  |  | (18) |  |  | 1,478 |  |  | 6,347 |  |  | 53,759 |
Foreign government |  | 47,874 |  |  | (57) |  |  | 1,216 |  |  | 6,551 |  |  | 42,482 |  |  | 44,377 |  |  | (57) |  |  | 1,256 |  |  | 5,326 |  |  | 40,250 |
RMBS |  | 43,004 |  |  | (2) |  |  | 526 |  |  | 2,453 |  |  | 41,075 |  |  | 37,085 |  |  | (1) |  |  | 314 |  |  | 2,977 |  |  | 34,421 |
U.S. government and agency |  | 38,002 |  |  | — |  |  | 279 |  |  | 5,655 |  |  | 32,626 |  |  | 38,963 |  |  | — |  |  | 179 |  |  | 5,714 |  |  | 33,428 |
ABS & CLO |  | 21,409 |  |  | (5) |  |  | 253 |  |  | 433 |  |  | 21,224 |  |  | 20,973 |  |  | (9) |  |  | 153 |  |  | 526 |  |  | 20,591 |
Municipals |  | 11,314 |  |  | — |  |  | 138 |  |  | 1,515 |  |  | 9,937 |  |  | 11,205 |  |  | — |  |  | 166 |  |  | 1,498 |  |  | 9,873 |
CMBS |  | 10,008 |  |  | (25) |  |  | 107 |  |  | 473 |  |  | 9,617 |  |  | 9,857 |  |  | (16) |  |  | 104 |  |  | 598 |  |  | 9,347 |
Total fixed maturity securities AFS |  | $ | 321,735 |  |  | $ | (151) |  |  | $ | 6,229 |  |  | $ | 29,076 |  |  | $ | 298,737 |  |  | $ | 307,421 |  |  | $ | (160) |  |  | $ | 4,981 |  |  | $ | 31,199 |  |  | $ | 281,043 |
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 June 30, 2025:
|  | 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 |  | $ | 13,174 |  |  | $ | 48,581 |  |  | $ | 53,881 |  |  | $ | 131,559 |  |  | $ | 74,389 |  |  | $ | 321,584 |
Estimated fair value |  | $ | 13,291 |  |  | $ | 49,010 |  |  | $ | 53,426 |  |  | $ | 111,094 |  |  | $ | 71,916 |  |  | $ | 298,737 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | 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.
|  | June 30, 2025 |  | December 31, 2024
|  | 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 |  | $ | 14,604 |  |  | $ | 1,408 |  |  | $ | 35,147 |  |  | $ | 5,950 |  |  | $ | 17,222 |  |  | $ | 1,586 |  |  | $ | 35,940 |  |  | $ | 6,599 |
Foreign corporate |  | 6,014 |  |  | 452 |  |  | 23,035 |  |  | 4,146 |  |  | 10,516 |  |  | 709 |  |  | 24,454 |  |  | 5,625 |
Foreign government |  | 6,698 |  |  | 601 |  |  | 16,231 |  |  | 5,948 |  |  | 6,462 |  |  | 581 |  |  | 16,338 |  |  | 4,740 |
RMBS |  | 8,042 |  |  | 266 |  |  | 12,844 |  |  | 2,187 |  |  | 10,152 |  |  | 358 |  |  | 13,922 |  |  | 2,619 |
U.S. government and agency |  | 5,811 |  |  | 591 |  |  | 13,618 |  |  | 5,064 |  |  | 9,337 |  |  | 687 |  |  | 14,082 |  |  | 5,027 |
ABS & CLO |  | 4,175 |  |  | 93 |  |  | 4,142 |  |  | 337 |  |  | 2,840 |  |  | 88 |  |  | 5,831 |  |  | 436 |
Municipals |  | 2,244 |  |  | 259 |  |  | 4,493 |  |  | 1,256 |  |  | 2,012 |  |  | 226 |  |  | 4,621 |  |  | 1,272 |
CMBS |  | 1,053 |  |  | 46 |  |  | 4,202 |  |  | 418 |  |  | 1,272 |  |  | 39 |  |  | 4,788 |  |  | 559 |
Total fixed maturity securities AFS |  | $ | 48,641 |  |  | $ | 3,716 |  |  | $ | 113,712 |  |  | $ | 25,306 |  |  | $ | 59,813 |  |  | $ | 4,274 |  |  | $ | 119,976 |  |  | $ | 26,877 |
Investment grade |  | $ | 46,418 |  |  | $ | 3,612 |  |  | $ | 110,383 |  |  | $ | 24,850 |  |  | $ | 56,946 |  |  | $ | 4,132 |  |  | $ | 116,072 |  |  | $ | 26,325 |
Below investment grade |  | 2,223 |  |  | 104 |  |  | 3,329 |  |  | 456 |  |  | 2,867 |  |  | 142 |  |  | 3,904 |  |  | 552 |
Total fixed maturity securities AFS |  | $ | 48,641 |  |  | $ | 3,716 |  |  | $ | 113,712 |  |  | $ | 25,306 |  |  | $ | 59,813 |  |  | $ | 4,274 |  |  | $ | 119,976 |  |  | $ | 26,877 |
Total number of securities in an unrealized loss position |  | 6,118 |  |  |  |  | 9,686 |  |  |  |  | 7,220 |  |  |  |  | 10,468 |  |  |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The rollforward of ACL for fixed maturity securities AFS by sector was as follows:
| U.S. Corporate |  | Foreign Corporate |  | Foreign Government |  |  |  | RMBS |  | ABS & CLO |  | CMBS |  | Total
| (In millions)
Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, at beginning of period | $ | 40 |  |  | $ | 6 |  |  | $ | 57 |  |  |  |  | $ | 2 |  |  | $ | 7 |  |  | $ | 25 |  |  | $ | 137 |
ACL not previously recorded | 16 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 16 |
Changes for securities with previously recorded ACL | 6 |  |  | (2) |  |  | — |  |  |  |  | — |  |  | (2) |  |  | — |  |  | 2 |
Securities sold or exchanged | — |  |  | (4) |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | (4) |
Balance, at end of period | $ | 62 |  |  | $ | — |  |  | $ | 57 |  |  |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | 25 |  |  | $ | 151 |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, at beginning of period | $ | 15 |  |  | $ | 2 |  |  | $ | 66 |  |  |  |  | $ | 1 |  |  | $ | 9 |  |  | $ | 20 |  |  | $ | 113 |
ACL not previously recorded | 14 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 14 |
Changes for securities with previously recorded ACL | 11 |  |  | — |  |  | (1) |  |  |  |  | — |  |  | — |  |  | — |  |  | 10 |
Securities sold or exchanged | (3) |  |  | — |  |  | (7) |  |  |  |  | — |  |  | — |  |  | (6) |  |  | (16) |
Balance, at end of period | $ | 37 |  |  | $ | 2 |  |  | $ | 58 |  |  |  |  | $ | 1 |  |  | $ | 9 |  |  | $ | 14 |  |  | $ | 121 |
| U.S. Corporate |  | Foreign Corporate |  | Foreign Government |  |  |  | RMBS |  | ABS & CLO |  | CMBS |  | Total
| (In millions)
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, at beginning of period | $ | 59 |  |  | $ | 18 |  |  | $ | 57 |  |  |  |  | $ | 1 |  |  | $ | 9 |  |  | $ | 16 |  |  | $ | 160 |
ACL not previously recorded | 16 |  |  | — |  |  | — |  |  |  |  | 1 |  |  | — |  |  | 7 |  |  | 24 |
Changes for securities with previously recorded ACL | 13 |  |  | (2) |  |  | — |  |  |  |  | — |  |  | (1) |  |  | 2 |  |  | 12 |
Securities sold or exchanged | (26) |  |  | (16) |  |  | — |  |  |  |  | — |  |  | (3) |  |  | — |  |  | (45) |
Balance, at end of period | $ | 62 |  |  | $ | — |  |  | $ | 57 |  |  |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | 25 |  |  | $ | 151 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, at beginning of period | $ | 68 |  |  | $ | 2 |  |  | $ | 88 |  |  |  |  | $ | 1 |  |  | $ | 7 |  |  | $ | 18 |  |  | $ | 184 |
ACL not previously recorded | 14 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 14 |
Changes for securities with previously recorded ACL | 11 |  |  | — |  |  | (5) |  |  |  |  | — |  |  | 2 |  |  | 2 |  |  | 10 |
Securities sold or exchanged | (56) |  |  | — |  |  | (25) |  |  |  |  | — |  |  | — |  |  | (6) |  |  | (87) |
Balance, at end of period | $ | 37 |  |  | $ | 2 |  |  | $ | 58 |  |  |  |  | $ | 1 |  |  | $ | 9 |  |  | $ | 14 |  |  | $ | 121 |
Debt Securities, Trading, and Equity Securities, FV-NI | The following table presents equity securities by security type:
|  | June 30, 2025 |  | December 31, 2024
|  | 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 |  |  | $ | 250 |  |  | $ | 661 |  |  | $ | 451 |  |  | $ | 167 |  |  | $ | 618 |
Non-redeemable preferred stock |  | 130 |  |  | (1) |  |  | 129 |  |  | 93 |  |  | 1 |  |  | 94 |
Total |  | $ | 541 |  |  | $ | 249 |  |  | $ | 790 |  |  | $ | 544 |  |  | $ | 168 |  |  | $ | 712 |
________________ (1) Represents cumulative changes in estimated fair value, recognized in earnings. (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 include fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.
|  | June 30, 2025 |  | December 31, 2024
|  | 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 |  | $ | 8,031 |  |  | $ | 1,935 |  |  | $ | 9,966 |  |  | $ | 7,398 |  |  | $ | 1,699 |  |  | $ | 9,097 |
FVO securities |  | 968 |  |  | 760 |  |  | 1,728 |  |  | 886 |  |  | 689 |  |  | 1,575 |
Total |  | $ | 8,999 |  |  | $ | 2,695 |  |  | $ | 11,694 |  |  | $ | 8,284 |  |  | $ | 2,388 |  |  | $ | 10,672 |
________________ (1)Represents cumulative changes in estimated fair value, recognized in earnings.
Disclosure of Mortgage Loans Net of Valuation Allowance | Mortgage loans are summarized as follows at:
|  | June 30, 2025 |  | December 31, 2024
Portfolio Segment |  | Carrying Value (1) |  | % of Total |  | Carrying Value (1) |  | % of Total
|  | (Dollars in millions)
Commercial |  | $ | 53,455 |  |  | 61.5 | % |  | $ | 56,310 |  |  | 63.3 | %
Agricultural |  | 19,323 |  |  | 22.3 |  |  | 19,313 |  |  | 21.7 |
Residential |  | 15,286 |  |  | 17.6 |  |  | 14,189 |  |  | 15.9 |
Total amortized cost |  | 88,064 |  |  | 101.4 |  |  | 89,812 |  |  | 100.9 |
ACL |  | (1,196) |  |  | (1.4) |  |  | (800) |  |  | (0.9) |
Total mortgage loans |  | $ | 86,868 |  |  | 100.0 | % |  | $ | 89,012 |  |  | 100.0 | %
__________________ (1)Includes certain mortgage loans originated for third parties of $7.0 billion at amortized cost ($6.7 billion commercial and $330 million agricultural) and the related ACL of $91 million, with the corresponding mortgage loan secured financing liability of $7.0 billion included in other liabilities on the consolidated balance sheet at June 30, 2025. The consolidated balance sheet at December 31, 2024 includes certain mortgage loans originated for third parties of $7.5 billion at amortized cost ($7.2 billion commercial and $283 million agricultural) and the related ACL of $77 million, with the corresponding mortgage loan secured financing liability of $7.5 billion included in other liabilities. The investment income on the mortgage loans originated for third parties and the interest expense on the mortgage loan secured financing liability was $77 million and $158 million for the three months and six months ended June 30, 2025, respectively, and recorded in investment income and investment expenses, within net investment income.
Allowance for Loan and Lease Losses, Provision for Loss, Net | The rollforward of ACL for mortgage loans, by portfolio segment, was as follows:
| Six Months Ended June 30,
| 2025 |  | 2024
| Commercial |  | Agricultural |  | Residential |  | Total |  | Commercial |  | Agricultural |  | Residential |  | Total
| (In millions)
Balance, beginning of period | $ | 537 |  |  | $ | 84 |  |  | $ | 179 |  |  | $ | 800 |  |  | $ | 367 |  |  | $ | 172 |  |  | $ | 182 |  |  | $ | 721 |
Provision (release) | 410 |  |  | 10 |  |  | 27 |  |  | 447 |  |  | 155 |  |  | 6 |  |  | (41) |  |  | 120 |
Charge-offs, net of recoveries | (51) |  |  | — |  |  | — |  |  | (51) |  |  | (28) |  |  | (7) |  |  | — |  |  | (35) |
Balance, end of period | $ | 896 |  |  | $ | 94 |  |  | $ | 206 |  |  | $ | 1,196 |  |  | $ | 494 |  |  | $ | 171 |  |  | $ | 141 |  |  | $ | 806 |
The gross charge-offs of mortgage loans by origination year and portfolio segment for the six months ended June 30, 2025 was as follows:
|  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
|  | (In millions)
Commercial |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 51 |  |  | $ | 51 |
Financing Receivable, Modified | These mortgage loan modifications are summarized as follows:
| Three Months Ended June 30,
| 2025 |  | 2024
| Maturity Extension |  |  |  |  |  |  |  | Weighted Average Life Increase |  |  |  |  |  | Maturity Extension |  | Weighted Average Life Increase |  |
| Amortized Cost |  |  |  |  |  |  |  | Affected Loans (in Years) |  |  |  | % of Book Value |  | Amortized Cost |  | Affected Loans (in Years) |  | % of Book Value
| (Dollars in millions)
Commercial | $ | 339 |  |  |  |  |  |  |  |  | 5 |  |  |  |  |  | <1% |  | $ | 156 |  |  | Less than one year |  | <1%
| Six Months Ended June 30,
| 2025 |  | 2024
| Maturity Extension |  |  |  |  |  |  |  | Weighted Average Life Increase |  |  |  |  |  | Maturity Extension |  | Weighted Average Life Increase |  |
| Amortized Cost |  |  |  |  |  |  |  | Affected Loans (in Years) |  |  |  | % of Book Value |  | Amortized Cost |  | Affected Loans (in Years) |  | % of Book Value
| (Dollars in millions)
Commercial | $ | 589 |  |  |  |  |  |  |  |  | 5 |  |  |  |  |  | 1.1 | % |  | $ | 236 |  |  | 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 June 30, 2025:
Credit Quality Indicator |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans |  | Total |  | % of Total
|  | (Dollars in millions)
LTV ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 65% |  | $ | 1,398 |  |  | $ | 3,257 |  |  | $ | 2,301 |  |  | $ | 2,147 |  |  | $ | 3,020 |  |  | $ | 12,231 |  |  | $ | 2,218 |  |  | $ | 26,572 |  |  | 49.7 | %
65% to 75% |  | 130 |  |  | 790 |  |  | 496 |  |  | 2,908 |  |  | 1,837 |  |  | 4,292 |  |  | — |  |  | 10,453 |  |  | 19.6 |
76% to 80% |  | — |  |  | — |  |  | 4 |  |  | 173 |  |  | 175 |  |  | 2,636 |  |  | — |  |  | 2,988 |  |  | 5.6 |
Greater than 80% |  | 187 |  |  | 178 |  |  | 119 |  |  | 1,260 |  |  | 1,289 |  |  | 10,409 |  |  | — |  |  | 13,442 |  |  | 25.1 |
Total |  | $ | 1,715 |  |  | $ | 4,225 |  |  | $ | 2,920 |  |  | $ | 6,488 |  |  | $ | 6,321 |  |  | $ | 29,568 |  |  | $ | 2,218 |  |  | $ | 53,455 |  |  | 100.0 | %
DSCR: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
> 1.20x |  | $ | 1,384 |  |  | $ | 3,457 |  |  | $ | 2,141 |  |  | $ | 5,546 |  |  | $ | 5,029 |  |  | $ | 23,903 |  |  | $ | 2,218 |  |  | $ | 43,678 |  |  | 81.7 | %
1.00x - 1.20x |  | 136 |  |  | 475 |  |  | 493 |  |  | 471 |  |  | 932 |  |  | 3,054 |  |  | — |  |  | 5,561 |  |  | 10.4 |
<1.00x |  | 195 |  |  | 293 |  |  | 286 |  |  | 471 |  |  | 360 |  |  | 2,611 |  |  | — |  |  | 4,216 |  |  | 7.9 |
Total |  | $ | 1,715 |  |  | $ | 4,225 |  |  | $ | 2,920 |  |  | $ | 6,488 |  |  | $ | 6,321 |  |  | $ | 29,568 |  |  | $ | 2,218 |  |  | $ | 53,455 |  |  | 100.0 | %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2025:
Credit Quality Indicator |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans |  | Total |  | % of Total
|  | (Dollars in millions)
LTV ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 65% |  | $ | 628 |  |  | $ | 769 |  |  | $ | 1,228 |  |  | $ | 2,489 |  |  | $ | 2,428 |  |  | $ | 9,020 |  |  | $ | 1,353 |  |  | $ | 17,915 |  |  | 92.7 | %
65% to 75% |  | 5 |  |  | 8 |  |  | 51 |  |  | 227 |  |  | 316 |  |  | 620 |  |  | 79 |  |  | 1,306 |  |  | 6.8 |
76% to 80% |  | — |  |  | — |  |  | — |  |  | 24 |  |  | — |  |  | 9 |  |  | 4 |  |  | 37 |  |  | 0.2 |
Greater than 80% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 64 |  |  | 1 |  |  | 65 |  |  | 0.3 |
Total |  | $ | 633 |  |  | $ | 777 |  |  | $ | 1,279 |  |  | $ | 2,740 |  |  | $ | 2,744 |  |  | $ | 9,713 |  |  | $ | 1,437 |  |  | $ | 19,323 |  |  | 100.0 | %
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2025:
Credit Quality Indicator |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans |  | Total |  | % of Total
|  | (Dollars in millions)
Performance indicators: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 505 |  |  | $ | 2,405 |  |  | $ | 847 |  |  | $ | 2,299 |  |  | $ | 1,749 |  |  | $ | 6,984 |  |  | $ | — |  |  | $ | 14,789 |  |  | 96.7 | %
Nonperforming (1) |  | 2 |  |  | 35 |  |  | 49 |  |  | 98 |  |  | 36 |  |  | 277 |  |  | — |  |  | 497 |  |  | 3.3 |
Total |  | $ | 507 |  |  | $ | 2,440 |  |  | $ | 896 |  |  | $ | 2,397 |  |  | $ | 1,785 |  |  | $ | 7,261 |  |  | $ | — |  |  | $ | 15,286 |  |  | 100.0 | %
__________________ (1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $179 million and $140 million at June 30, 2025 and December 31, 2024, 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 |  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024
|  | (In millions)
Commercial |  | $ | 1,158 |  |  | $ | 773 |  |  | $ | 122 |  |  | $ | — |  |  | $ | 1,743 |  |  | $ | 1,123 |
Agricultural |  | 409 |  |  | 341 |  |  | 326 |  |  | 262 |  |  | 94 |  |  | 89 |
Residential |  | 497 |  |  | 464 |  |  | 21 |  |  | 18 |  |  | 481 |  |  | 446 |
Total |  | $ | 2,064 |  |  | $ | 1,578 |  |  | $ | 469 |  |  | $ | 280 |  |  | $ | 2,318 |  |  | $ | 1,658 |
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:
|  | June 30, 2025 |  | December 31, 2024 |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  |  |  | 2025 |  |  | 2024 |  | 2025 |  | 2024
Income Type |  | Carrying Value |  | Income
|  | (In millions)
Wholly-owned real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Leased real estate |  | $ | 4,679 |  |  | $ | 4,283 |  |  | $ | 89 |  |  |  | $ | 83 |  |  | $ | 178 |  |  | $ | 167 |
Other real estate |  | 677 |  |  | 650 |  |  | 96 |  |  |  | 78 |  |  | 171 |  |  | 125 |
REJV |  | 8,651 |  |  | 8,409 |  |  | 54 |  |  |  | (81) |  |  | 97 |  |  | (202) |
Total real estate and REJV |  | $ | 14,007 |  |  | $ | 13,342 |  |  | $ | 239 |  |  |  | $ | 80 |  |  | $ | 446 |  |  | $ | 90 |
Fair Value, Concentration of Risk | Investments in any counterparty that were greate r 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:
|  | June 30, 2025 |  | December 31, 2024
|  | (In millions)
Japan |  | $ | 18,695 |  |  | $ | 18,886 |
South Korea |  | $ | 6,754 |  |  | $ | 6,078 |
Mexico |  | $ | 4,024 |  |  | $ | 3,468 |
Securities Lending and Repurchase Agreements | A summary of these transactions and agreements accounted for as secured borrowings were as follows:
|  |  | June 30, 2025 |  |  |  | December 31, 2024
|  |  | 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 |  |  | $ | 12,257 |  |  | $ | 12,520 |  |  | $ | 12,485 |  |  |  |  | $ | 11,119 |  |  | $ | 11,404 |  |  | $ | 11,202 |
Repurchase agreements |  |  | $ | 2,995 |  |  | $ | 2,925 |  |  | $ | 2,909 |  |  |  |  | $ | 3,019 |  |  | $ | 2,975 |  |  | $ | 2,925 |
__________________ (1)These securities were included within fix ed maturity securities AFS, short-term investments and cash equivalents at June 30, 2025 and within fixed maturity securities AFS at December 31, 2024. (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:
|  | June 30, 2025 |  |  |  | December 31, 2024 |  |
|  | Remaining Maturities |  |  |  |  |  | Remaining Maturities |  |  |  |
Cash collateral liability by 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)
Securities lending: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency |  | $ | 2,823 |  |  | $ | 3,485 |  |  | $ | 4,796 |  |  | $ | — |  |  | $ | 11,104 |  |  |  |  | $ | 2,987 |  |  | $ | 4,986 |  |  | $ | 2,089 |  |  | $ | — |  |  | $ | 10,062 |  |  |
Foreign government |  | — |  |  | 798 |  |  | 458 |  |  | — |  |  | 1,256 |  |  |  |  | — |  |  | 677 |  |  | 493 |  |  | — |  |  | 1,170 |  |  |
Agency RMBS |  | — |  |  | 99 |  |  | 61 |  |  | — |  |  | 160 |  |  |  |  | — |  |  | 108 |  |  | 64 |  |  | — |  |  | 172 |  |  |
Total |  | $ | 2,823 |  |  | $ | 4,382 |  |  | $ | 5,315 |  |  | $ | — |  |  | $ | 12,520 |  |  |  |  | $ | 2,987 |  |  | $ | 5,771 |  |  | $ | 2,646 |  |  | $ | — |  |  | $ | 11,404 |  |  |
Repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency |  | $ | — |  |  | $ | 2,925 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,925 |  |  |  |  | $ | — |  |  | $ | 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:
|  | June 30, 2025 |  | December 31, 2024
|  | (In millions)
Invested assets on deposit (regulatory deposits) |  | $ | 1,568 |  |  | $ | 1,515 |
Invested assets held in trust (external reinsurance agreements) (1) |  | 1,344 |  |  | 1,255 |
Invested assets pledged as collateral (2) |  | 29,965 |  |  | 27,125 |
Total invested assets on deposit, held in trust and pledged as collateral |  | $ | 32,877 |  |  | $ | 29,895 |
__________________ (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 $2.5 billion and $1.9 billion at June 30, 2025 and December 31, 2024, respectively. (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 2024 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:
|  | June 30, 2025 |  | December 31, 2024
Asset Type |  | Total Assets |  | Total Liabilities |  | Total Assets |  | Total Liabilities
|  | (In millions)
Investment funds (primarily other invested assets) |  | $ | 731 |  |  | $ | 165 |  |  | $ | 635 |  |  | $ | 143 |
Renewable energy partnership (primarily other invested assets) |  | 54 |  |  | — |  |  | 57 |  |  | — |
Total |  | $ | 785 |  |  | $ | 165 |  |  | $ | 692 |  |  | $ | 143 |
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:
|  | June 30, 2025 |  | December 31, 2024
Asset Type |  | Carrying Amount |  | Maximum Exposure to Loss (1) |  | Carrying Amount |  | Maximum Exposure to Loss (1)
|  | (In millions)
Fixed maturity securities AFS (2) |  | $ | 67,298 |  |  | $ | 67,298 |  |  | $ | 60,386 |  |  | $ | 60,386 |
OLPI |  | 13,413 |  |  | 17,947 |  |  | 13,529 |  |  | 17,991 |
Other invested assets |  | 1,066 |  |  | 1,210 |  |  | 1,085 |  |  | 1,242 |
Other investments (REJV, FVO securities and mortgage loans) |  | 2,189 |  |  | 2,254 |  |  | 1,660 |  |  | 1,701 |
Total |  | $ | 83,966 |  |  | $ | 88,709 |  |  | $ | 76,660 |  |  | $ | 81,320 |
__________________ (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 OLPI, REJV and mortgage loans 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 generally 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 June 30, |  | Six Months Ended June 30,
Asset Type |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (In millions)
Fixed maturity securities AFS |  | $ | 3,608 |  |  | $ | 3,355 |  |  | $ | 7,075 |  |  | $ | 6,643 |
Equity securities |  | 3 |  |  | 7 |  |  | 12 |  |  | 14 |
FVO securities |  | 107 |  |  | 22 |  |  | 87 |  |  | 107 |
Mortgage loans |  | 1,104 |  |  | 1,187 |  |  | 2,243 |  |  | 2,381 |
Policy loans |  | 113 |  |  | 110 |  |  | 220 |  |  | 223 |
Real estate and REJV |  | 239 |  |  | 80 |  |  | 446 |  |  | 90 |
OLPI |  | 124 |  |  | 325 |  |  | 344 |  |  | 626 |
Cash, cash equivalents and short-term investments |  | 254 |  |  | 250 |  |  | 504 |  |  | 541 |
Operating joint ventures |  | 38 |  |  | 22 |  |  | 58 |  |  | 44 |
Other |  | 100 |  |  | 192 |  |  | 339 |  |  | 343 |
Subtotal investment income |  | 5,690 |  |  | 5,550 |  |  | 11,328 |  |  | 11,012 |
Less: Investment expenses |  | 527 |  |  | 564 |  |  | 1,053 |  |  | 1,132 |
Subtotal, net |  | 5,163 |  |  | 4,986 |  |  | 10,275 |  |  | 9,880 |
Unit-linked investments |  | 498 |  |  | 219 |  |  | 271 |  |  | 761 |
Net investment income |  | $ | 5,661 |  |  | $ | 5,205 |  |  | $ | 10,546 |  |  | $ | 10,641 |
Net Investment Income Information |  |  |  |  |  |  |  |
Net realized and unrealized gains (losses) recognized in net investment income: |  |  |  |  |  |  |  |
Net realized gains (losses) from sales and disposals (primarily FVO securities and Unit-linked investments) |  | $ | 102 |  |  | $ | 66 |  |  | $ | 145 |  |  | $ | 134 |
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments) |  | 452 |  |  | 139 |  |  | 163 |  |  | 719 |
Net realized and unrealized gains (losses) recognized in net investment income |  | $ | 554 |  |  | $ | 205 |  |  | $ | 308 |  |  | $ | 853 |
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 net investment income |  | $ | 532 |  |  | $ | 151 |  |  | $ | 248 |  |  | $ | 663 |
Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures) |  | $ | 238 |  |  | $ | 276 |  |  | $ | 505 |  |  | $ | 486 |
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 June 30, |  | Six Months Ended June 30, |  |
Asset Type |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
|  | (In millions) |  |
Fixed maturity securities AFS |  | $ | (124) |  |  | $ | (246) |  |  | $ | (368) |  |  | $ | (331) |  |  |
Equity securities |  | 45 |  |  | (19) |  |  | 33 |  |  | 9 |  |  |
Mortgage loans |  | (269) |  |  | (9) |  |  | (461) |  |  | (95) |  |  |
Real estate and REJV (excluding changes in estimated fair value) |  | 3 |  |  | 12 |  |  | 3 |  |  | 47 |  |  |
OLPI (excluding changes in estimated fair value) (1) |  | 21 |  |  | (9) |  |  | 20 |  |  | (59) |  |  |
Other gains (losses) |  | (33) |  |  | 23 |  |  | (38) |  |  | 29 |  |  |
Subtotal |  | (357) |  |  | (248) |  |  | (811) |  |  | (400) |  |  |
Change in estimated fair value of OLPI and REJV |  | (3) |  |  | 3 |  |  | — |  |  | 6 |  |  |
Non-investment portfolio gains (losses) |  | 87 |  |  | (176) |  |  | 151 |  |  | (402) |  |  |
Subtotal |  | 84 |  |  | (173) |  |  | 151 |  |  | (396) |  |  |
Net investment gains (losses) |  | $ | (273) |  |  | $ | (421) |  |  | $ | (660) |  |  | $ | (796) |  |  |
Transaction Type |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments sold or disposed (1) |  | $ | (145) |  |  | $ | (195) |  |  | $ | (446) |  |  | $ | (330) |  |  |
Impairment (losses) |  | (2) |  |  | — |  |  | (7) |  |  | — |  |  |
Recognized gains (losses): |  |  |  |  |  |  |  |  |  |
Change in ACL recognized in earnings |  | (272) |  |  | (35) |  |  | (431) |  |  | (81) |  |  |
Unrealized net gains (losses) recognized in earnings |  | 59 |  |  | (15) |  |  | 73 |  |  | 17 |  |  |
Total recognized gains (losses) |  | (213) |  |  | (50) |  |  | (358) |  |  | (64) |  |  |
Non-investment portfolio gains (losses) |  | 87 |  |  | (176) |  |  | 151 |  |  | (402) |  |  |
Net investment gains (losses) |  | $ | (273) |  |  | $ | (421) |  |  | $ | (660) |  |  | $ | (796) |  |  |
Net Investment Gains (Losses) Information |  |  |  |  |  |  |  |  |  |
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses) |  | $ | 46 |  |  | $ | (15) |  |  | $ | 38 |  |  | $ | 17 |  |  |
Other gains (losses) include: |  |  |  |  |  |  |  |  |  |
Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship |  | $ | 10 |  |  | $ | — |  |  | $ | 9 |  |  | $ | — |  |  |
Foreign currency gains (losses) |  | $ | 70 |  |  | $ | (120) |  |  | $ | 145 |  |  | $ | (165) |  |  |
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments |  |  |  |  |  |  |  |  |  |
Recognized in net investment gains (losses) |  | $ | (145) |  |  | $ | (195) |  |  | $ | (446) |  |  | $ | (330) |  |  |
Recognized in net investment income |  | 102 |  |  | 66 |  |  | 145 |  |  | 134 |  |  |
Net realized investment gains (losses) from sales and disposals of investments |  | $ | (43) |  |  | $ | (129) |  |  | $ | (301) |  |  | $ | (196) |  |  |
__________________ (1)Includes a net loss of $3 million for the three months ended June 30, 2024 for private equity investments sold. For the three months ended June 30, 2024, the Company sold a $57 million portfolio of investments to a fund for proceeds of $54 million in cash and receivables secured by the value of the fund. Includes a net loss of $2 million and $46 million for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, the Company sold $43 million and $798 million, respectively, in portfolios of investments to a fund for proceeds of $41 million and $752 million, respectively, in cash and receivables secured by the value of the fund. The Company has entered into an agreement to serve as the investment manager of the fund for which it receives a management fee.
Schedule of Realized Gain (Loss) | The composition of net investment gains (losses) for these securities was as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Fixed Maturity Securities AFS |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (In millions)
Proceeds |  | $ | 6,143 |  |  | $ | 8,106 |  |  | $ | 13,384 |  |  | $ | 14,458 |
Gross investment gains |  | $ | 63 |  |  | $ | 121 |  |  | $ | 149 |  |  | $ | 277 |
Gross investment (losses) |  | (171) |  |  | (358) |  |  | (522) |  |  | (670) |
Realized gains (losses) on sales and disposals |  | (108) |  |  | (237) |  |  | (373) |  |  | (393) |
Net credit loss (provision) release (change in ACL recognized in earnings) |  | (14) |  |  | (9) |  |  | 10 |  |  | 62 |
Impairment (losses) |  | (2) |  |  | — |  |  | (5) |  |  | — |
Net credit loss (provision) release and impairment (losses) |  | (16) |  |  | (9) |  |  | 5 |  |  | 62 |
Net investment gains (losses) |  | $ | (124) |  |  | $ | (246) |  |  | $ | (368) |  |  | $ | (331) |
Equity Securities |  |  |  |  |  |  |  |
Realized gains (losses) on sales and disposals |  | $ | (18) |  |  | $ | — |  |  | $ | (40) |  |  | $ | (2) |
Unrealized net gains (losses) recognized in earnings |  | 63 |  |  | (19) |  |  | 73 |  |  | 11 |
Net investment gains (losses) |  | $ | 45 |  |  | $ | (19) |  |  | $ | 33 |  |  | $ | 9 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-20 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 23 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-23 + Details
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 + Details
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- Definition Tabular disclosure of securities financing transactions including resale and repurchase agreements, securities borrowed and lending transactions, securities received as collateral and obligations to return securities received as collateral. + References Reference 1: 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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