
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

(In millions)

Fixed maturity securities	$	517	$	491	$	1,530	$	1,443
Limited partnership investments	67		29		195		111
Short-term investments	21		24		70		54
Equity securities (a)	21		9		56		42
Income from trading portfolio (a)	141		32		210		91
Other	33		30		95		78
Total investment income	800		615		2,156		1,819
Investment expenses	(24)		(23)		(72)		(67)
Net investment income	$	776	$	592	$	2,084	$	1,752
(a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2024 and 2023	$	108	$	(14)	$	123	$	3


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

(In millions)

Fixed maturity securities:
Gross gains	$	11	$	12	$	38	$	55
Gross losses	(33)		(49)		(104)		(141)
Investment losses on fixed maturity securities	(22)		(37)		(66)		(86)
Equity securities (a)	13		2		25		(9)

Short-term investments and other	(1)		(3)		(1)		(10)

Gain on acquisition of a joint venture							46
Investment losses	$	(10)	$	(38)	$	(42)	$	(59)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of September 30, 2024 and 2023	$	13	$	2	$	24	$	2

The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:


September 30, 2024	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
(In millions)

Fixed maturity securities:
Corporate and other bonds	$	25,872	$	826	$	900	$	6	$	25,792
States, municipalities and political subdivisions	7,406		359		617				7,148
Asset-backed:
Residential mortgage-backed	3,684		32		362				3,354
Commercial mortgage-backed	1,816		14		141				1,689
Other asset-backed	3,743		40		186		12		3,585
Total asset-backed	9,243		86		689		12		8,628
U.S. Treasury and obligations of government sponsored enterprises	224		2		4				222
Foreign government	755		8		26				737

Fixed maturities available-for-sale	$	43,500	$	1,281	$	2,236	$	18	$	42,527
Fixed maturities trading	528								528
Total fixed maturity securities	$	44,028	$	1,281	$	2,236	$	18	$	43,055


December 31, 2023


Fixed maturity securities:
Corporate and other bonds	$	25,020	$	597	$	1,345	$	4	$	24,268
States, municipalities and political subdivisions	7,713		382		703				7,392
Asset-backed:
Residential mortgage-backed	3,411		16		425				3,002
Commercial mortgage-backed	1,862		7		230		8		1,631
Other asset-backed	3,515		13		256		4		3,268
Total asset-backed	8,788		36		911		12		7,901
U.S. Treasury and obligations of government sponsored enterprises	152		1		2				151
Foreign government	741		6		34				713

Fixed maturities available-for-sale	$	42,414	$	1,022	$	2,995	$	16	$	40,425
Fixed maturities trading	201								201
Total fixed maturity securities	$	42,615	$	1,022	$	2,995	$	16	$	40,626


	Less than 12 Months				12 Months or Longer				Total
September 30, 2024	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

Fixed maturity securities:
Corporate and other bonds	$	1,664	$	31	$	11,240	$	869	$	12,904	$	900
States, municipalities and political subdivisions	422		7		3,155		610		3,577		617
Asset-backed:
Residential mortgage-backed	130		2		2,162		360		2,292		362
Commercial mortgage-backed	112				1,134		141		1,246		141
Other asset-backed	151		4		1,638		182		1,789		186
Total asset-backed	393		6		4,934		683		5,327		689
U.S. Treasury and obligations of government-sponsored enterprises	45		2		45		2		90		4
Foreign government	99		1		403		25		502		26
Total fixed maturity securities	$	2,623	$	47	$	19,777	$	2,189	$	22,400	$	2,236

December 31, 2023

Fixed maturity securities:
Corporate and other bonds	$	1,943	$	37	$	13,406	$	1,308	$	15,349	$	1,345
States, municipalities and political subdivisions	598		18		3,104		685		3,702		703
Asset-backed:
Residential mortgage-backed	233		4		2,212		421		2,445		425
Commercial mortgage-backed	200		5		1,184		225		1,384		230
Other asset-backed	392		8		1,869		248		2,261		256
Total asset-backed	825		17		5,265		894		6,090		911
U.S. Treasury and obligations of government-sponsored enterprises	65		1		23		1		88		2
Foreign government	52		1		450		33		502		34
Total fixed maturity securities	$	3,483	$	74	$	22,248	$	2,921	$	25,731	$	2,995


	September 30, 2024				December 31, 2023
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

U.S. Government, Government agencies and Government-sponsored enterprises	$	2,127	$	265	$	2,273	$	309
AAA	1,277		221		1,524		261
AA	3,641		547		3,817		658
A	5,229		405		5,652		517
BBB	9,243		689		11,523		1,095
Non-investment grade	883		109		942		155
Total	$	22,400	$	2,236	$	25,731	$	2,995

Based on current facts and circumstances, the unrealized losses presented in the September 30, 2024 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are no additional impairment losses to be recorded as of September 30, 2024.

The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $451 million, $435 million and $430 million as of September 30, 2024, December 31, 2023 and September 30, 2023 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.


Three months ended September 30, 2024	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of July 1, 2024	$	—	$	17	$	17
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	4				4
Available-for-sale securities accounted for as PCD assets	2				2

Reductions to the allowance for credit losses:


Write-offs charged against the allowance			9		9

Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period			4		4
Total allowance for credit losses	$	6	$	12	$	18


Three months ended September 30, 2023	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of July 1, 2023	$	13	$	9	$	22
Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded	5				5
Available-for-sale securities accounted for as PCD assets	2				2

Reductions to the allowance for credit losses:

Write-offs charged against the allowance	15				15

Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period			4		4
Total allowance for credit losses	$	5	$	13	$	18


Nine months ended September 30, 2024	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of January 1, 2024	$	4	$	12	$	16
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	4				4
Available-for-sale securities accounted for as PCD assets	2				2

Reductions to the allowance for credit losses:
Securities sold during the period (realized)	3		1		4
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	1				1
Write-offs charged against the allowance			9		9

Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period			10		10
Total allowance for credit losses	$	6	$	12	$	18


Nine months ended September 30, 2023	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of January 1, 2023	$	—	$	1	$	1
Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded	6		7		13
Available-for-sale securities accounted for as PCD assets	22				22

Reductions to the allowance for credit losses:
Securities sold during the period (realized)	6				6
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	3				3
Write-offs charged against the allowance	15				15

Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period	1		5		6
Total allowance for credit losses	$	5	$	13	$	18


	September 30, 2024				December 31, 2023
	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value
(In millions)

Due in one year or less	$	1,585	$	1,565	$	1,121	$	1,091
Due after one year through five years	11,948		11,800		11,563		11,180
Due after five years through ten years	13,282		12,907		13,359		12,573
Due after ten years	16,685		16,255		16,371		15,581
Total	$	43,500	$	42,527	$	42,414	$	40,425


	Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of September 30, 2024	2024		2023		2022		2021		2020		Prior		Total
(In millions)

DSCR ≥1.6x
LTV less than 55%			$	33	$	9	$	2	$	97	$	242	$	383
LTV 55% to 65%							5						5
LTV greater than 65%					30		12						42
DSCR 1.2x - 1.6x
LTV less than 55%			28		5				13		50		96
LTV 55% to 65%	$	43	20		36		36		4		31		170
LTV greater than 65%			13		64				20				97
DSCR ≤1.2x
LTV less than 55%													—
LTV 55% to 65%			32		75						41		148
LTV greater than 65%					28		21				48		97
Total	$	43	$	126	$	247	$	76	$	134	$	412	$	1,038

A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.


	September 30, 2024						December 31, 2023
	Contractual/Notional Amount		Estimated Fair Value				Contractual/Notional Amount		Estimated Fair Value
			Asset		(Liability)				Asset		(Liability)
(In millions)

Without hedge designation:
Equity markets:
Options – purchased	$	338	$	1			$	202	$	1
Futures – short	158				$	(1)	116
Warrants	1		1				84		3
Interest rate swaps	300		6				300		13

Currency forwards							13				$	(1)

As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of September 30, 2024, commitments to purchase or fund were approximately $1.6 billion and to sell were approximately $90 million under the terms of these investments.