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Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments [Abstract]

Fixed Maturities, Available-for-sale, Debt Securities

The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:

			December 31, 2023
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
			(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	24,874					$	1,091					$	4,169					$	0					$	21,796
Obligations of U.S. states and their political subdivisions			8,650						267						459						0						8,458
Foreign government bonds			71,556						3,895						5,208						53						70,190
U.S. public corporate securities			105,593						2,357						9,711						67						98,172
U.S. private corporate securities(1)			42,801						807						2,574						14						41,020
Foreign public corporate securities			20,473						487						1,298						19						19,643
Foreign private corporate securities			35,128						613						3,446						5						32,290
Asset-backed securities(2)			12,514						202						119						2						12,595
Commercial mortgage-backed securities			10,571						34						713						0						9,892
Residential mortgage-backed securities(3)			2,438						24						197						0						2,265
Total fixed maturities, available-for-sale(1)(4)			$	334,598					$	9,777					$	27,894					$	160					$	316,321

__________

(1)Excludes notes with amortized cost of $12,370 million (fair value, $12,370 million) which have been offset with the associated debt under a netting agreement.

(2)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types.

(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

(4)In the third quarter of 2023, the Company changed its intent to hold a portion of its held-to-maturity portfolio, which was redeemed as part of a recently announced reinsurance transaction. As a result, the entire held-to-maturity portfolio was reclassified to available-for-sale and recorded at fair value.

			December 31, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
			(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	29,372					$	1,110					$	4,413					$	0					$	26,069
Obligations of U.S. states and their political subdivisions			10,179						238						728						0						9,689
Foreign government bonds			74,103						4,503						5,379						1						73,226
U.S. public corporate securities			99,854						1,311						13,563						16						87,586
U.S. private corporate securities(1)			39,867						507						3,438						57						36,879
Foreign public corporate securities			22,235						416						1,945						19						20,687
Foreign private corporate securities			32,755						150						5,201						44						27,660
Asset-backed securities(2)			12,972						166						286						1						12,851
Commercial mortgage-backed securities			11,497						19						861						0						10,655
Residential mortgage-backed securities(3)			2,613						29						225						0						2,417
Total fixed maturities, available-for-sale(1)			$	335,447					$	8,449					$	36,039					$	138					$	307,719

__________

(1)Excludes notes with amortized cost of $8,040 million (fair value, $8,040 million) which have been offset with the associated debt under a netting agreement.

(2)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types.

(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

(4)Excludes notes with amortized cost of $4,250 million (fair value, $4,250 million) which have been offset with the associated debt under a netting agreement.

Fixed Maturities, Held-to-maturity Securities

			December 31, 2023
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses						Amortized Cost, Net of Allowance
			(in millions)
Fixed maturities, held-to-maturity:
Foreign government bonds			$	0					$	0					$	0					$	0					$	0					$	0
Foreign public corporate securities			0						0						0						0						0						0
Residential mortgage-backed securities			0						0						0						0						0						0
Total fixed maturities, held-to-maturity(4)			$	0					$	0					$	0					$	0					$	0					$	0

__________

(1)Excludes notes with amortized cost of $12,370 million (fair value, $12,370 million) which have been offset with the associated debt under a netting agreement.

(2)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types.

(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

(4)In the third quarter of 2023, the Company changed its intent to hold a portion of its held-to-maturity portfolio, which was redeemed as part of a recently announced reinsurance transaction. As a result, the entire held-to-maturity portfolio was reclassified to available-for-sale and recorded at fair value.

			December 31, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses						Amortized Cost, Net of Allowance
			(in millions)
Fixed maturities, held-to-maturity:
Foreign government bonds			$	725					$	128					$	0					$	853					$	0					$	725
Foreign public corporate securities			430						24						0						454						2						428
Residential mortgage-backed securities(3)			143						5						0						148						0						143
Total fixed maturities, held-to-maturity(4)			$	1,298					$	157					$	0					$	1,455					$	2					$	1,296

__________

(1)Excludes notes with amortized cost of $8,040 million (fair value, $8,040 million) which have been offset with the associated debt under a netting agreement.

(2)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types.

(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

(4)Excludes notes with amortized cost of $4,250 million (fair value, $4,250 million) which have been offset with the associated debt under a netting agreement.

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:

						December 31, 2023
						Less Than Twelve Months												Twelve Months or More												Total
						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
						(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies						$	2,718					$	95					$	12,642					$	4,074					$	15,360					$	4,169
Obligations of U.S. states and their political subdivisions						862						14						3,816						445						4,678						459
Foreign government bonds						9,098						542						19,589						4,664						28,687						5,206
U.S. public corporate securities						4,881						103						61,204						9,604						66,085						9,707
U.S. private corporate securities						3,026						69						27,062						2,504						30,088						2,573
Foreign public corporate securities						1,766						37						10,812						1,246						12,578						1,283
Foreign private corporate securities						1,578						120						22,145						3,324						23,723						3,444
Asset-backed securities						846						30						5,886						89						6,732						119
Commercial mortgage-backed securities						287						3						8,251						710						8,538						713
Residential mortgage-backed securities						92						2						1,599						195						1,691						197
Total fixed maturities, available-for-sale						$	25,154					$	1,015					$	173,006					$	26,855					$	198,160					$	27,870

						December 31, 2022
						Less Than Twelve Months												Twelve Months or More												Total
						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
						(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies						$	18,009					$	3,143					$	2,563					$	1,270					$	20,572					$	4,413
Obligations of U.S. states and their political subdivisions						5,510						526						558						202						6,068						728
Foreign government bonds						16,932						2,384						9,877						2,971						26,809						5,355
U.S. public corporate securities						58,816						7,790						15,780						5,726						74,596						13,516
U.S. private corporate securities						24,610						2,065						6,705						1,373						31,315						3,438
Foreign public corporate securities						10,168						932						4,098						993						14,266						1,925
Foreign private corporate securities						16,909						2,521						8,196						2,678						25,105						5,199
Asset-backed securities						5,385						130						5,059						156						10,444						286
Commercial mortgage-backed securities						9,289						655						1,080						206						10,369						861
Residential mortgage-backed securities						1,322						130						402						93						1,724						223
Total fixed maturities, available-for-sale						$	166,950					$	20,276					$	54,318					$	15,668					$	221,268					$	35,944

Fixed Maturities Classified by Contractual Maturity Date

The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:

						December 31, 2023
						Available-for-Sale
						Amortized Cost						Fair Value
						(in millions)
Fixed maturities:
Due in one year or less						$	8,999					$	9,130
Due after one year through five years						50,907						50,417
Due after five years through ten years(1)						63,462						63,184
Due after ten years(1)						185,707						168,838
Asset-backed securities						12,514						12,595
Commercial mortgage-backed securities						10,571						9,892
Residential mortgage-backed securities						2,438						2,265
Total						$	334,598					$	316,321

__________

(1)Excludes notes with amortized cost of $12,370 million (fair value, $12,370 million) which have been offset with the associated debt under a netting agreement.

Sources of Fixed Maturity Proceeds and Related Investment Gains (Losses) as well as Losses on Impairments

The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:

						Years Ended December 31,
						2023						2022						2021
						(in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)						$	27,161					$	33,010					$	36,333
Proceeds from maturities/prepayments						17,010						17,957						27,976
Gross investment gains from sales and maturities						973						1,240						2,565
Gross investment losses from sales and maturities						(2,183)						(2,589)						(648)
Write-downs recognized in earnings(2)						(81)						(116)						(1)
(Addition to) release of allowance for credit losses						(22)						(24)						19
Fixed maturities, held-to-maturity:
Proceeds from maturities/prepayments(3)						$	21					$	37					$	239
(Addition to) release of allowance for credit losses						2						2						4

__________

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(74) million, $(144) million and $450 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(2)Amounts represent securities actively marketed for sale and write-downs on credit adverse securities.

(3)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $1 million, less than $1 million and less than $(1) million for the years ended December 31, 2023, 2022 and 2021, respectively.

Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company for which a Portion of the OTTI Loss was Recognized in OCI

The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated:

			Year Ended December 31, 2023
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Bonds						U.S. and Foreign Corporate Securities						Asset-Backed Securities						Commercial Mortgage-Backed Securities						Residential Mortgage-Backed Securities						Total
			(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period			$	0					$	1					$	136					$	1					$	0					$	0					$	138
Additions to allowance for credit losses not previously recorded			0						62						99						0						0						0						161
Reductions for securities sold during the period			0						0						(162)						0						0						0						(162)
Reductions for securities with intent to sell			0						0						0						0						0						0						0
Additions (reductions) on securities with previous allowance			0						(10)						49						1						0						0						40
Write-offs charged against the allowance			0						0						(17)						0						0						0						(17)
Balance, end of period			$	0					$	53					$	105					$	2					$	0					$	0					$	160

			Year Ended December 31, 2022
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Bonds						U.S. and Foreign Corporate Securities						Asset-Backed Securities						Commercial Mortgage-Backed Securities						Residential Mortgage-Backed Securities						Total
			(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period			$	0					$	7					$	107					$	0					$	0					$	0					$	114
Additions to allowance for credit losses not previously recorded			0						11						109						4						0						0						124
Reductions for securities sold during the period			0						(6)						(80)						0						0						0						(86)
Reductions for securities with intent to sell			0						(13)						(68)						0						0						0						(81)
Additions (reductions) on securities with previous allowance			0						2						68						(3)						0						0						67
Balance, end of period			$	0					$	1					$	136					$	1					$	0					$	0					$	138

			Year Ended December 31, 2021
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Bonds						U.S. and Foreign Corporate Securities						Asset-Backed Securities						Commercial Mortgage-Backed Securities						Residential Mortgage-Backed Securities						Total
			(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period			$	0					$	0					$	123					$	0					$	10					$	0					$	133
Additions to allowance for credit losses not previously recorded			0						7						89						0						0						0						96
Reductions for securities sold during the period			0						0						(48)						0						(9)						0						(57)
Additions (reductions) on securities with previous allowance			0						0						(56)						0						(1)						0						(57)
Reclassified to “Assets held-for sale”			0						0						(1)						0						0						0						(1)
Balance, end of period			$	0					$	7					$	107					$	0					$	0					$	0					$	114

			Year Ended December 31, 2023
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Bonds						U.S. and Foreign Corporate Securities						Asset-Backed Securities						Commercial Mortgage-Backed Securities						Residential Mortgage-Backed Securities						Total
			(in millions)
Fixed maturities, held-to-maturity:
Balance, beginning of period			$	0					$	0					$	2					$	0					$	0					$	0					$	2
Current period provision for expected losses(1)			0						0						(2)						0						0						0						(2)
Change in foreign exchange			0						0						0						0						0						0						0
Balance, end of period			$	0					$	0					$	0					$	0					$	0					$	0					$	0

__________ 

(1)In the third quarter of 2023, the Company changed its intent to hold a portion of its held-to-maturity portfolio, which was redeemed as part of a recently announced reinsurance transaction. As a result, the entire held-to-maturity portfolio was reclassified to available-for-sale and recorded at fair value.

			Year Ended December 31, 2022
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Bonds						U.S. and Foreign Corporate Securities						Asset-Backed Securities						Commercial Mortgage-Backed Securities						Residential Mortgage-Backed Securities						Total
			(in millions)
Fixed maturities, held-to-maturity:
Balance, beginning of period			$	0					$	0					$	5					$	0					$	0					$	0					$	5
Current period provision for expected losses.			0						0						(2)						0						0						0						(2)
Change in foreign exchange			0						0						(1)						0						0						0						(1)
Balance, end of period			$	0					$	0					$	2					$	0					$	0					$	0					$	2

			Year Ended December 31, 2021
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Bonds						U.S. and Foreign Corporate Securities						Asset-Backed Securities						Commercial Mortgage-Backed Securities						Residential Mortgage-Backed Securities						Total
			(in millions)
Fixed maturities, held-to-maturity:
Balance, beginning of period			$	0					$	0					$	9					$	0					$	0					$	0					$	9
Current period provision for expected losses.			0						0						(3)						0						0						0						(3)
Change in foreign exchange			0						0						(1)						0						0						0						(1)
Balance, end of period			$	0					$	0					$	5					$	0					$	0					$	0					$	5

Assets Supporting Experience-Rated Contractholder Liabilities

The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities” as of the dates indicated:

						December 31, 2023												December 31, 2022
						Amortized Cost or Cost						Fair Value						Amortized Cost or Cost						Fair Value
						(in millions)
Fixed maturities:
Corporate securities						$	81					$	79					$	91					$	88
Foreign government bonds						606						604						705						668
Obligations of U.S. government authorities and agencies and obligations of U.S. states						202						206						188						189
Total fixed maturities(1)						889						889						984						945
Equity securities						1,607						2,279						1,628						1,899
Total assets supporting experience-rated contractholder liabilities(2)						$	2,496					$	3,168					$	2,612					$	2,844

__________

(1)As a percentage of amortized cost, 99% and 98% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of December 31, 2023 and 2022, respectively.

(2)The portfolio consisted of all public securities as of both December 31, 2023 and 2022.

Securities Concentrations of Credit Risk

As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:

						December 31, 2023												December 31, 2022
						Amortized Cost						Fair Value						Amortized Cost						Fair Value
						(in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale						$	62,591					$	61,484					$	65,198					$	64,959
Fixed maturities, held-to-maturity						0						0						706						831
Fixed maturities, trading						19						19						20						19
Assets supporting experience-rated contractholder liabilities						522						514						613						587
Total						$	63,132					$	62,017					$	66,537					$	66,396
						December 31, 2023												December 31, 2022
						Amortized Cost						Fair Value						Amortized Cost						Fair Value
						(in millions)
Investments in Brazil government and government agency securities:
Fixed maturities, available-for-sale						$	3,028					$	2,992					$	2,264					$	2,010
Short-term investments						0						0						60						61
Cash equivalents						427						427						210						210
Total						$	3,455					$	3,419					$	2,534					$	2,281

Commercial Mortgage and Other 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..

Allowance for Credit Losses

The following table sets forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated: 

						Commercial Mortgage Loans						Agricultural Property Loans						Residential Property Loans						Other Collateralized Loans						Uncollateralized Loans						Total
						(in millions)
Balance at December 31, 2020						$	218					$	9					$	0					$	3					$	5					$	235
Addition to (release of) allowance for expected losses						(92)						(5)						0						0						(1)						(98)
Reclassified to “Assets held-for-sale”						(15)						0						0						0						0						(15)
Other						0						0						0						(3)						0						(3)
Balance at December 31, 2021						111						4						0						0						4						119
Addition to (release of) allowance for expected losses						72						9						0						0						(1)						80
Other						5						0						0						0						(1)						4
Balance at December 31, 2022						188						13						0						0						2						203
Addition to (release of) allowance for expected losses						282						3						0						0						(1)						284
Write-offs charged against allowance						(29)						0						0						0						0						(29)
Other						2						0						0						0						0						2
Balance at December 31, 2023						$	443					$	16					$	0					$	0					$	1					$	460

Financing Receivable Credit Quality Indicators

The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the date indicated:

			December 31, 2023
			Amortized Cost by Origination Year
			2023						2022						2021						2020						2019						Prior						Revolving Loans						Total
			(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%			$	1,822					$	911					$	2,264					$	1,437					$	3,205					$	16,569					$	0					$	26,208
60%-69.99%			2,765						1,440						2,541						1,107						2,146						4,530						0						14,529
70%-79.99%			1,001						1,004						1,278						401						1,013						2,277						0						6,974
80% or greater			145						357						203						330						209						2,804						0						4,048
Total			$	5,733					$	3,712					$	6,286					$	3,275					$	6,573					$	26,180					$	0					$	51,759
Debt Service Coverage Ratio:
Greater or Equal to 1.2x			$	5,237					$	3,194					$	6,122					$	3,182					$	5,988					$	23,196					$	0					$	46,919
1.0 - 1.2x			346						366						82						38						265						1,713						0						2,810
Less than 1.0x			150						152						82						55						320						1,271						0						2,030
Total			$	5,733					$	3,712					$	6,286					$	3,275					$	6,573					$	26,180					$	0					$	51,759
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%			$	360					$	880					$	2,027					$	774					$	455					$	1,481					$	74					$	6,051
60%-69.99%			586						668						25						50						20						4						0						1,353
70%-79.99%			7						0						0						0						0						0						0						7
80% or greater			0						0						0						0						15						0						0						15
Total			$	953					$	1,548					$	2,052					$	824					$	490					$	1,485					$	74					$	7,426
Debt Service Coverage Ratio:
Greater or Equal to 1.2x			$	948					$	1,535					$	2,040					$	750					$	489					$	1,290					$	74					$	7,126
1.0 - 1.2x			0						5						4						58						0						151						0						218
Less than 1.0x			5						8						8						16						1						44						0						82
Total			$	953					$	1,548					$	2,052					$	824					$	490					$	1,485					$	74					$	7,426

			December 31, 2022
			Amortized Cost by Origination Year
			2022						2021						2020						2019						2018						Prior						Revolving Loans						Total
			(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%			$	971					$	1,747					$	1,282					$	2,831					$	4,697					$	15,111					$	0					$	26,639
60%-69.99%			1,997						3,502						1,553						2,804						1,732						3,780						0						15,368
70%-79.99%			865						1,127						519						1,025						645						1,445						0						5,626
80% or greater			2						26						7						119						24						1,666						0						1,844
Total			$	3,835					$	6,402					$	3,361					$	6,779					$	7,098					$	22,002					$	0					$	49,477
Debt Service Coverage Ratio:
Greater or Equal to 1.2x			$	3,249					$	6,135					$	3,013					$	5,749					$	6,505					$	18,318					$	0					$	42,969
1.0 - 1.2x			586						252						164						454						383						2,183						0						4,022
Less than 1.0x			0						15						184						576						210						1,501						0						2,486
Total			$	3,835					$	6,402					$	3,361					$	6,779					$	7,098					$	22,002					$	0					$	49,477
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%			$	931					$	1,994					$	853					$	461					$	326					$	1,348					$	74					$	5,987
60%-69.99%			675						85						8						47						8						0						0						823
70%-79.99%			0						0						0						0						0						0						0						0
80% or greater			0						0						0						0						13						34						0						47
Total			$	1,606					$	2,079					$	861					$	508					$	347					$	1,382					$	74					$	6,857
Debt Service Coverage Ratio:
Greater or Equal to 1.2x			$	1,593					$	2,035					$	781					$	507					$	323					$	1,272					$	74					$	6,585
1.0 - 1.2x			5						44						80						0						6						68						0						203
Less than 1.0x			8						0						0						1						18						42						0						69
Total			$	1,606					$	2,079					$	861					$	508					$	347					$	1,382					$	74					$	6,857

Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:

						December 31, 2023
						Current						30-59 Days Past Due						60-89 Days Past Due						90 Days or More Past Due(1)(2)						Total Past Due						Total Loans						Non-Accrual Status(3)
						(in millions)
Commercial mortgage loans						$	51,665					$	34					$	0					$	60					$	94					$	51,759					$	94
Agricultural property loans						7,392						15						15						4						34						7,426						38
Residential property loans						30						0						0						0						0						30						0
Other collateralized loans						125						0						0						0						0						125						0
Uncollateralized loans						425						0						0						0						0						425						25
Total						$	59,637					$	49					$	15					$	64					$	128					$	59,765					$	157

__________

(1)As of December 31, 2023, there were no loans in this category accruing interest.

(2)Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees.

(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.

						December 31, 2022
						Current						30-59 Days Past Due						60-89 Days Past Due						90 Days or More Past Due(1)						Total Past Due						Total Loans						Non-Accrual Status(2)
						(in millions)
Commercial mortgage loans						$	49,465					$	0					$	3					$	9					$	12					$	49,477					$	11
Agricultural property loans						6,844						0						11						2						13						6,857						17
Residential property loans						43						0						0						0						0						43						0
Other collateralized loans						108						0						0						0						0						108						0
Uncollateralized loans						463						0						0						0						0						463						0
Total						$	56,923					$	0					$	14					$	11					$	25					$	56,948					$	28

__________

(1)As of December 31, 2022, there were no loans in this category accruing interest.

(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.

Other Invested Assets

The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

						December 31,
						2023						2022
						(in millions)
LPs/LLCs:
Equity method:
Private equity						$	8,929					$	7,215
Hedge funds						3,164						3,220
Real estate-related						2,578						2,793
Subtotal equity method						14,671						13,228
Fair value:
Private equity						1,247						1,476
Hedge funds						2,078						1,908
Real estate-related						800						305
Subtotal fair value						4,125						3,689
Total LPs/LLCs						18,796						16,917
Real estate held through direct ownership(1)						1,794						1,617
Derivative instruments						1,100						1,457
Other(2)						1,165						1,108
Total other invested assets						$	22,855					$	21,099

__________ 

(1)As of December 31, 2023 and 2022, real estate held through direct ownership had mortgage debt of $158 million and $208 million, respectively.

(2)Primarily includes strategic investments made by investment management operations, equity investments accounted for under the measurement alternative, member activity stock held in the Federal Home Loan Bank of New York and leveraged leases. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 18.

Equity Method Investments

The following tables set forth summarized combined financial information for significant LP/LLC interests accounted for under the equity method, including the Company’s investments in operating joint ventures that are described in more detail in Note 9. Changes between periods in the tables below reflect changes in the activities within the operating joint ventures and LPs/LLCs, as well as changes in the Company’s level of investment in such entities:

						December 31,
						2023						2022
						(in millions)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)						$	681,739					$	707,192
Total liabilities(2)						$	61,785					$	83,634
Partners’ capital						619,954						623,558
Total liabilities and partners’ capital						$	681,739					$	707,192
Total liabilities and partners’ capital included above						$	14,895					$	13,683
Equity in LP/LLC interests not included above						968						726
Carrying value						$	15,863					$	14,409

__________

(1)Amount represents gross assets of each fund where the Company has a significant investment. These assets consist primarily of investments in real estate, investments in securities and other miscellaneous assets.

(2)Amount represents gross liabilities of each fund where the Company has a significant investment. These liabilities consist primarily of third party borrowed funds, securities repurchase agreements and other miscellaneous liabilities.

						Years Ended December 31,
						2023						2022						2021
						(in millions)
STATEMENTS OF OPERATIONS
Total revenue(1)						$	43,325					$	28,299					$	128,429
Total expenses(2)						(14,551)						(3,608)						(21,235)
Net earnings (losses)						$	28,774					$	24,691					$	107,194
Equity in net earnings (losses) included above						$	620					$	641					$	2,085
Equity in net earnings (losses) of LP/LLC interests not included above						22						16						161
Total equity in net earnings (losses)						$	642					$	657					$	2,246

__________

(1)Amount represents gross revenue of each fund where the Company has a significant investment. This revenue consists of income from investments in real estate, investments in securities and other income.

(2)Amount represents gross expenses of each fund where the Company has a significant investment. These expenses consist primarily of interest expense, investment management fees, salary expenses and other expenses.

The following table sets forth information related to the Company’s investments in operating joint ventures as of and for the years ended December 31:

						2023(1)						2022						2021(2)
						(in millions)
Investment in operating joint ventures						$	1,192					$	1,211					$	1,306
Dividends received from operating joint ventures						$	66					$	81					$	116
After-tax equity in earnings of operating joint ventures						$	49					$	(62)					$	98

__________

(1)In September of 2023, the Company acquired a 20% equity interest as a limited partner in Prismic. See Note 1 for additional information.

(2)In March of 2021, the Company sold its 35% ownership stake in Pramerica SGR, an asset management joint venture within PGIM. See Note 1 for additional information.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

			December 31,
			2023						2022
			(in millions)
Fixed maturities			$	2,727					$	2,517
Equity securities			6						6
Commercial mortgage and other loans			224						190
Policy loans			259						253
Other invested assets			23						18
Short-term investments and cash equivalents			48						28
Total accrued investment income			$	3,287					$	3,012

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated:

						Years Ended December 31,
						2023						2022						2021
						(in millions)
Fixed maturities, available-for-sale(1)						$	13,305					$	11,773					$	11,999
Fixed maturities, held-to-maturity(1)						148						213						226
Fixed maturities, trading						292						233						193
Assets supporting experience-rated contractholder liabilities						45						167						601
Equity securities						197						160						162
Commercial mortgage and other loans						2,279						2,196						2,552
Policy loans						499						499						533
Other invested assets						1,347						1,240						2,617
Short-term investments and cash equivalents						954						406						63
Gross investment income						19,066						16,887						18,946
Less: investment expenses						(1,201)						(850)						(659)
Net investment income						$	17,865					$	16,037					$	18,287

__________

(1)Includes income on credit-linked notes which are reported on the same financial statement line items as related surplus notes, as conditions are met for right to offset.

Realized Investment Gains (Losses), Net

The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:

						Years Ended December 31,
						2023						2022						2021
						(in millions)
Fixed maturities(1)						$	(1,311)					$	(1,487)					$	1,939
Commercial mortgage and other loans						(255)						(133)						173
Investment real estate						45						83						108
LPs/LLCs						72						(120)						(14)
Derivatives						(2,234)						(2,851)						(113)
Other						68						1						22
Realized investment gains (losses), net						$	(3,615)					$	(4,507)					$	2,115

__________

(1)Excludes fixed maturity securities classified as trading.

Net Unrealized Gains (Losses) on Investment

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:

						December 31,
						2023						2022						2021
						(in millions)
Fixed maturity securities, available-for-sale with an allowance						$	(72)					$	(45)					$	23
Fixed maturity securities, available-for-sale without an allowance(1)						(18,045)						(27,545)						39,467
Derivatives designated as cash flow hedges(2)						869						2,616						1,019
Derivatives designated as fair value hedges(2)						(60)						(54)						(35)
Other investments(3)						57						24						(36)
Net unrealized gains (losses) on investments						$	(17,251)					$	(25,004)					$	40,438

__________

(1)Includes $126 million of net unrealized gains related to the September 30, 2023 transfer of held-to-maturity securities to available-for-sale securities.

(2)For additional information regarding cash flow and fair value hedges, see Note 5.

(3)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in “Other assets.”

Repurchase Agreements and Securities Lending

The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:

			December 31, 2023																								December 31, 2022
			Remaining Contractual Maturities of the Agreements																								Remaining Contractual Maturities of the Agreements
			Overnight & Continuous						Up to 30 Days						30 to 90 Days						Total						Overnight & Continuous						Up to 30 Days						30 to 90 Days						Total
			(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	5,693					$	0					$	0					$	5,693					$	6,179					$	200					$	200					$	6,579
U.S. public corporate securities			0						118						0						118						0						0						0						0
Commercial mortgage-backed securities			245						0						0						245						0						0						0						0
Residential mortgage-backed securities			0						0						0						0						10						0						0						10
Total securities sold under agreements to repurchase			$	5,938					$	118					$	0					$	6,056					$	6,189					$	200					$	200					$	6,589

The following table sets forth the composition of “Cash collateral for loaned securities” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:

			December 31, 2023																		December 31, 2022
			Remaining Contractual Maturities of the Agreements																		Remaining Contractual Maturities of the Agreements
			Overnight & Continuous						Up to 30 Days						Total						Overnight & Continuous						Up to 30 Days						Total
			(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	1					$	0					$	1					$	1					$	0					$	1
Obligations of U.S. states and their political subdivisions			67						0						67						61						0						61
Foreign government bonds			242						0						242						285						14						299
U.S. public corporate securities			4,399						420						4,819						4,109						395						4,504
Foreign public corporate securities			649						76						725						806						69						875
Equity securities			623						0						623						360						0						360
Total cash collateral for loaned securities(1)			$	5,981					$	496					$	6,477					$	5,622					$	478					$	6,100

__________ 

(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

Securities Pledged

The following table sets forth the carrying value of investments pledged to third parties, as of the dates indicated:

						December 31,
						2023						2022
						(in millions)
Fixed maturities(1)						$	21,187					$	21,339
Fixed maturities, trading						50						30
Separate account assets						1,468						2,606
Equity securities						827						719
Other						336						355
Total securities pledged(2)						$	23,868					$	25,049

__________

(1)Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading.

(2)These assets are reported on the Company's Consolidated Statement of Financial Position.

The following table sets forth the carrying amount of the associated liabilities supported by the pledged collateral, as of the dates indicated:

						December 31,
						2023						2022
						(in millions)
Securities sold under agreements to repurchase						$	6,056					$	6,589
Cash collateral for loaned securities						6,477						6,100
Separate account liabilities						1,507						2,703
Long-term debt						27						29
Total liabilities supported by the pledged collateral						$	14,067					$	15,421

The following table provides assets on deposit, assets held in trust, and securities restricted as to sale, as of the dates indicated:

						December 31,
						2023						2022
						(in millions)
Assets on deposit with governmental authorities or trustees						$	8					$	10
Assets held in voluntary trusts(1)						510						476
Assets held in trust related to reinsurance and other agreements(2)						13,214						12,815
Securities restricted as to sale(3)						144						149
Total assets on deposit, assets held in trust and securities restricted as to sale						$	13,876					$	13,450

__________

(1)Represents assets held in voluntary trusts established primarily to fund guaranteed dividends to certain policyholders and to fund certain employee benefits.

(2)Represents assets held in trust related to reinsurance agreements excluding reinsurance agreements between wholly-owned subsidiaries. Assets valued at $25.7 billion and $26.0 billion were held in trust related to reinsurance agreements between wholly-owned subsidiaries as of December 31, 2023 and 2022, respectively.

(3)Includes member and activity stock associated with memberships in the Federal Home Loan Bank of New York.

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