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Commitments and Contingent Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract] |
Mortgage Loans | The following table sets forth the composition of “Commercial mortgage and other loans” as of the dates indicated:
|  | December 31, 2023 |  | December 31, 2022
|  | Amount (in millions) |  | % of Total |  | Amount (in millions) |  | % of Total
Commercial mortgage and agricultural property loans by property type: |  |  |  |  |  |  |  |
Office |  | $ | 8,402 |  |  | 14.2 | % |  | $ | 9,096 |  |  | 16.2 | %
Retail |  | 5,384 |  |  | 9.1 |  |  | 6,103 |  |  | 10.8 |
Apartments/Multi-Family |  | 16,555 |  |  | 28.0 |  |  | 15,381 |  |  | 27.3 |
Industrial |  | 15,263 |  |  | 25.8 |  |  | 13,079 |  |  | 23.2 |
Hospitality |  | 2,086 |  |  | 3.5 |  |  | 2,027 |  |  | 3.6 |
Other |  | 4,069 |  |  | 6.9 |  |  | 3,791 |  |  | 6.7 |
Total commercial mortgage loans |  | 51,759 |  |  | 87.5 |  |  | 49,477 |  |  | 87.8 |
Agricultural property loans |  | 7,426 |  |  | 12.5 |  |  | 6,857 |  |  | 12.2 |
Total commercial mortgage and agricultural property loans |  | 59,185 |  |  | 100.0 | % |  | 56,334 |  |  | 100.0 | %
Allowance for credit losses |  | (459) |  |  |  |  | (201) |  |  |
Total net commercial mortgage and agricultural property loans |  | 58,726 |  |  |  |  | 56,133 |  |  |
Other loans: |  |  |  |  |  |  |  |
Uncollateralized loans |  | 425 |  |  |  |  | 463 |  |  |
Residential property loans |  | 30 |  |  |  |  | 43 |  |  |
Other collateralized loans |  | 125 |  |  |  |  | 108 |  |  |
Total other loans |  | 580 |  |  |  |  | 614 |  |  |
Allowance for credit losses |  | (1) |  |  |  |  | (2) |  |  |
Total net other loans |  | 579 |  |  |  |  | 612 |  |  |
Total net commercial mortgage and other loans(1) |  | $ | 59,305 |  |  |  |  | $ | 56,745 |  |  |
__________ (1)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of December 31, 2023 and 2022, the net carrying value of these loans was $519 million and $137 million, respectively. Commercial Mortgage Loan Commitments
| As of December 31,
| 2023 |  | 2022
| (in millions)
Total outstanding mortgage loan commitments | $ | 1,798 |  |  | $ | 1,995 |
Portion of commitment where prearrangement to sell to investor exists | $ | 366 |  |  | $ | 582 |
Indemnification of Serviced Mortgage Loans
| As of December 31,
| 2023 |  | 2022
| (in millions)
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company | $ | 3,102 |  |  | $ | 2,972 |
First-loss exposure portion of above | $ | 898 |  |  | $ | 862 |
Accrued liability associated with guarantees(1) | $ | 28 |  |  | $ | 33 |
__________ (1)As of December 31, 2023 and 2022, the accrued liability associated with guarantees includes an allowance for credit losses of $14 million and $17 million, respectively. The change in allowance is a reduction of $3 million for the years ended December 31, 2023 and 2022..
Commitments to Purchase Investments (excluding Commercial Mortgage Loans) | Commitments to Purchase Investments (excluding Commercial Mortgage Loans)
| As of December 31,
| 2023 |  | 2022
| (in millions)
Expected to be funded from the general account and other operations outside the separate accounts | $ | 10,675 |  |  | $ | 8,376 |
Expected to be funded from separate accounts | $ | 39 |  |  | $ | 183 |
Indemnification of Securities Lending and Securities Repurchase Transactions | Indemnification of Securities Lending and Securities Repurchase Transactions
| As of December 31,
| 2023 |  | 2022
| (in millions)
Indemnification provided to certain clients for securities lending and securities repurchase transactions(1) | $ | 5,409 |  |  | $ | 5,834 |
Fair value of related collateral associated with above indemnifications(1) | $ | 5,528 |  |  | $ | 5,985 |
Accrued liability associated with guarantee | $ | 0 |  |  | $ | 0 |
__________ (1)There were no securities repurchase transactions as of December 31, 2023 and 2022.
Guarantees | Guarantees of Asset Values
| As of December 31,
| 2023 |  | 2022
| (in millions)
Guaranteed value of third parties’ assets | $ | 78,009 |  |  | $ | 84,338 |
Fair value of collateral supporting these assets | $ | 73,186 |  |  | $ | 77,693 |
Asset (liability) associated with guarantee, carried at fair value | $ | (2) |  |  | $ | 1 |
Other Guarantees
| As of December 31,
| 2023 |  | 2022
| (in millions)
Other guarantees where amount can be determined | $ | 36 |  |  | $ | 57 |
Accrued liability for other guarantees and indemnifications | $ | 32 |  |  | $ | 33 |
Insolvency Assessment | Assets and liabilities held for insolvency assessments were as follows:
| As of December 31,
| 2023 |  | 2022
| (in millions)
Other assets: |  |  |
Premium tax offset for future undiscounted assessments | $ | 35 |  |  | $ | 37 |
Premium tax offset currently available for paid assessments | 2 |  |  | 2 |
Total | $ | 37 |  |  | $ | 39 |
Other liabilities: |  |  |
Insolvency assessments | $ | 29 |  |  | $ | 29 |

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- Definition Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482425/460-10-50-4 + Details
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