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Commitments and Contingent Liabilities (Tables)
 12 Months Ended
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, 2023December 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 %
Retail5,384 9.1 6,103 10.8 
Apartments/Multi-Family16,555 28.0 15,381 27.3 
Industrial15,263 25.8 13,079 23.2 
Hospitality2,086 3.5 2,027 3.6 
Other4,069 6.9 3,791 6.7 
Total commercial mortgage loans51,759 87.5 49,477 87.8 
Agricultural property loans7,426 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 loans425 463 
Residential property loans30 43 
Other collateralized loans125 108 
Total other loans580 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,
 20232022
 (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,
 20232022
 (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,
 20232022
 (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,
 20232022
 (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,
 20232022
 (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,
 20232022
 (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,
 20232022
 (in millions)
Other assets:
Premium tax offset for future undiscounted assessments$35 $37 
Premium tax offset currently available for paid assessments2 2 
Total$37 $39 
Other liabilities:
Insolvency assessments$29 $29