XML 44 R32.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Consolidated Investments | The Company’s consolidated investments at March 31, 2024 and December 31, 2023 are summarized as follows:
| March 31, 2024
| Amortized Cost |  | Allowance for Expected Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |
Available-for-sale securities | (In millions) |  |
Asset-backed securities | $ | 15,254 |  |  | $ | (11) |  |  | $ | 280 |  |  | $ | (408) |  |  | $ | 15,115 |  |  |
Commercial mortgage-backed securities | 5,040 |  |  | (21) |  |  | 38 |  |  | (239) |  |  | 4,818 |  |  |
Corporates | 21,430 |  |  | (7) |  |  | 133 |  |  | (2,585) |  |  | 18,971 |  |  |
Hybrids | 667 |  |  | — |  |  | 4 |  |  | (38) |  |  | 633 |  |  |
Municipals | 1,773 |  |  | — |  |  | 11 |  |  | (237) |  |  | 1,547 |  |  |
Residential mortgage-backed securities | 2,550 |  |  | (1) |  |  | 31 |  |  | (116) |  |  | 2,464 |  |  |
U.S. Government | 706 |  |  | — |  |  | 3 |  |  | (11) |  |  | 698 |  |  |
Foreign Governments | 369 |  |  | — |  |  | — |  |  | (49) |  |  | 320 |  |  |
Total available-for-sale securities | $ | 47,789 |  |  | $ | (40) |  |  | $ | 500 |  |  | $ | (3,683) |  |  | $ | 44,566 |  |  |
| December 31, 2023
| Amortized Cost |  | Allowance for Expected Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |
Available-for-sale securities | (In millions) |  |
Asset-backed securities | $ | 14,631 |  |  | $ | (11) |  |  | $ | 191 |  |  | $ | (469) |  |  | $ | 14,342 |  |  |
Commercial mortgage-backed/asset-backed securities | 4,797 |  |  | (22) |  |  | 23 |  |  | (323) |  |  | 4,475 |  |  |
Corporates | 20,133 |  |  | (6) |  |  | 186 |  |  | (2,417) |  |  | 17,896 |  |  |
Hybrids | 668 |  |  | — |  |  | 3 |  |  | (53) |  |  | 618 |  |  |
Municipals | 1,826 |  |  | — |  |  | 14 |  |  | (229) |  |  | 1,611 |  |  |
Residential mortgage-backed securities | 2,507 |  |  | (3) |  |  | 29 |  |  | (104) |  |  | 2,429 |  |  |
U.S. Government | 679 |  |  | — |  |  | 8 |  |  | (9) |  |  | 678 |  |  |
Foreign Governments | 365 |  |  | — |  |  | 3 |  |  | (44) |  |  | 324 |  |  |
Total available-for-sale securities | $ | 45,606 |  |  | $ | (42) |  |  | $ | 457 |  |  | $ | (3,648) |  |  | $ | 42,373 |  |  |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of fixed maturity securities by contractual maturities, as applicable, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
| March 31, 2024 |  | December 31, 2023
| (In millions) |  | (In millions)
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Corporates, Non-structured Hybrids, Municipal and Government securities: |  |  |  |  |  |  |
Due in one year or less | $ | 709 |  |  | $ | 691 |  |  | $ | 703 |  |  | $ | 687 |
Due after one year through five years | 4,765 |  |  | 4,643 |  |  | 4,320 |  |  | 4,209 |
Due after five years through ten years | 3,940 |  |  | 3,770 |  |  | 3,195 |  |  | 3,048 |
Due after ten years | 15,531 |  |  | 13,065 |  |  | 15,453 |  |  | 13,183 |
Subtotal | 24,945 |  |  | 22,169 |  |  | 23,671 |  |  | 21,127 |
Other securities, which provide for periodic payments: |  |  |  |  |  |  |
Asset-backed securities | 15,254 |  |  | 15,115 |  |  | 14,631 |  |  | 14,342 |
Commercial mortgage-backed securities | 5,040 |  |  | 4,818 |  |  | 4,797 |  |  | 4,475 |
Residential mortgage-backed securities | 2,550 |  |  | 2,464 |  |  | 2,507 |  |  | 2,429 |
Subtotal | 22,844 |  |  | 22,397 |  |  | 21,935 |  |  | 21,246 |
Total fixed maturity available-for-sale securities | $ | 47,789 |  |  | $ | 44,566 |  |  | $ | 45,606 |  |  | $ | 42,373 |
Fair Value and Gross Unrealized Losses of Available-for-sale Securities | The fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of March 31, 2024 and December 31, 2023 were as follows:
| March 31, 2024
| Less than 12 months |  | 12 months or longer |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Available-for-sale securities | (In millions)
Asset-backed securities | $ | 1,558 |  |  | $ | (41) |  |  | $ | 4,568 |  |  | $ | (358) |  |  | $ | 6,126 |  |  | $ | (399) |
Commercial mortgage-backed securities | 470 |  |  | (8) |  |  | 2,048 |  |  | (203) |  |  | 2,518 |  |  | (211) |
Corporates | 3,645 |  |  | (136) |  |  | 11,062 |  |  | (2,449) |  |  | 14,707 |  |  | (2,585) |
Hybrids | 71 |  |  | (2) |  |  | 464 |  |  | (36) |  |  | 535 |  |  | (38) |
Municipals | 340 |  |  | (51) |  |  | 935 |  |  | (186) |  |  | 1,275 |  |  | (237) |
Residential mortgage-backed securities | 507 |  |  | (9) |  |  | 687 |  |  | (99) |  |  | 1,194 |  |  | (108) |
U.S. Government | 337 |  |  | (2) |  |  | 147 |  |  | (9) |  |  | 484 |  |  | (11) |
Foreign Government | 42 |  |  | (2) |  |  | 187 |  |  | (46) |  |  | 229 |  |  | (48) |
Total available-for-sale securities | $ | 6,970 |  |  | $ | (251) |  |  | $ | 20,098 |  |  | $ | (3,386) |  |  | $ | 27,068 |  |  | $ | (3,637) |
Total number of available-for-sale securities in an unrealized loss position less than twelve months |  |  |  |  |  |  |  |  |  |  | 1,371 |
Total number of available-for-sale securities in an unrealized loss position twelve months or longer |  |  |  |  |  |  |  |  |  |  | 2,775
Total number of available-for-sale securities in an unrealized loss position |  |  |  |  |  |  |  |  |  |  | 4,146 |
| December 31, 2023
| Less than 12 months |  | 12 months or longer |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Available-for-sale securities | (In millions)
Asset-backed securities | $ | 1,707 |  |  | $ | (56) |  |  | $ | 5,835 |  |  | $ | (404) |  |  | $ | 7,542 |  |  | $ | (460) |
Commercial mortgage-backed securities | 819 |  |  | (53) |  |  | 1,922 |  |  | (235) |  |  | 2,741 |  |  | (288) |
Corporates | 2,387 |  |  | (134) |  |  | 10,739 |  |  | (2,283) |  |  | 13,126 |  |  | (2,417) |
Hybrids | 60 |  |  | (2) |  |  | 483 |  |  | (51) |  |  | 543 |  |  | (53) |
Municipals | 399 |  |  | (49) |  |  | 920 |  |  | (179) |  |  | 1,319 |  |  | (228) |
Residential mortgage-backed securities | 336 |  |  | (5) |  |  | 662 |  |  | (89) |  |  | 998 |  |  | (94) |
U.S. Government | 84 |  |  | — |  |  | 159 |  |  | (9) |  |  | 243 |  |  | (9) |
Foreign Government | 49 |  |  | (3) |  |  | 188 |  |  | (41) |  |  | 237 |  |  | (44) |
Total available-for-sale securities | $ | 5,841 |  |  | $ | (302) |  |  | $ | 20,908 |  |  | $ | (3,291) |  |  | $ | 26,749 |  |  | $ | (3,593) |
Total number of available-for-sale securities in an unrealized loss position less than twelve months |  |  |  |  |  |  |  |  |  |  | 1,035
Total number of available-for-sale securities in an unrealized loss position twelve months or longer |  |  |  |  |  |  |  |  |  |  | 2,846
Total number of available-for-sale securities in an unrealized loss position |  |  |  |  |  |  |  |  |  |  | 3,881 |
Schedule of Distribution of CMLs, Gross Valuation by Property Type and Geographic Region | The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables:
| March 31, 2024 |  | December 31, 2023
| Gross Carrying Value |  | % of Total |  | Gross Carrying Value |  | % of Total
Property Type: | (In millions) |  |  |  | (In millions) |  |
Hotel | $ | 18 |  |  | 1 | % |  | $ | 18 |  |  | 1 | %
Industrial | 617 |  |  | 24 | % |  | 616 |  |  | 24 | %
Mixed Use | 11 |  |  | — | % |  | 11 |  |  | — | %
Multifamily | 1,012 |  |  | 39 | % |  | 1,012 |  |  | 40 | %
Office | 315 |  |  | 13 | % |  | 316 |  |  | 13 | %
Retail | 101 |  |  | 4 | % |  | 102 |  |  | 4 | %
Student Housing | 83 |  |  | 3 | % |  | 83 |  |  | 3 | %
Other | 406 |  |  | 16 | % |  | 392 |  |  | 15 | %
Total commercial mortgage loans, gross of valuation allowance | $ | 2,563 |  |  | 100 | % |  | $ | 2,550 |  |  | 100 | %
Allowance for expected credit loss | (13) |  |  |  |  | (12) |  |  |
Total commercial mortgage loans, net of valuation allowance | $ | 2,550 |  |  |  |  | $ | 2,538 |  |  |
U.S. Region: |  |  |  |  |  |  |
East North Central | $ | 104 |  |  | 4 | % |  | $ | 151 |  |  | 6 | %
East South Central | 75 |  |  | 3 | % |  | 75 |  |  | 3 | %
Middle Atlantic | 354 |  |  | 14 | % |  | 354 |  |  | 14 | %
Mountain | 386 |  |  | 15 | % |  | 352 |  |  | 14 | %
New England | 92 |  |  | 3 | % |  | 168 |  |  | 6 | %
Pacific | 765 |  |  | 30 | % |  | 766 |  |  | 30 | %
South Atlantic | 618 |  |  | 24 | % |  | 563 |  |  | 22 | %
West North Central | 21 |  |  | 1 | % |  | 4 |  |  | — | %
West South Central | 148 |  |  | 6 | % |  | 117 |  |  | 5 | %
Total commercial mortgage loans, gross of valuation allowance | $ | 2,563 |  |  | 100 | % |  | $ | 2,550 |  |  | 100 | %
Allowance for expected credit loss | (13) |  |  |  |  | (12) |  |  |
Total commercial mortgage loans, net of valuation allowance | $ | 2,550 |  |  |  |  | $ | 2,538 |  |  |
Loans Segregated by Risk Rating Exposure | CMLs segregated by aging of the loans and charge offs (by year of origination) as of March 31, 2024 and December 31, 2023, were as follows, gross of valuation allowances:
| March 31, 2024
| Amortized Cost by Origination Year
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
Commercial mortgages | (In millions)
Current (less than 30 days past due) | $ | 35 |  |  | $ | 214 |  |  | $ | 288 |  |  | $ | 1,256 |  |  | $ | 513 |  |  | $ | 257 |  |  | $ | 2,563 |
30-89 days past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
90 days or more past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total CMLs | $ | 35 |  |  | $ | 214 |  |  | $ | 288 |  |  | $ | 1,256 |  |  | $ | 513 |  |  | $ | 257 |  |  | $ | 2,563 |
......................................................................................................... |  |  |  |  |  |  |  |  |  |  |  |  |
Charge offs..................................................................................... | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| December 31, 2023
| Amortized Cost by Origination Year
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total
Commercial mortgages | (In millions)
Current (less than 30 days past due) | $ | 213 |  |  | $ | 288 |  |  | $ | 1,256 |  |  | $ | 512 |  |  | $ | — |  |  | $ | 259 |  |  | $ | 2,528 |
30-89 days past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
90 days or more past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total CMLs (a) | $ | 213 |  |  | $ | 288 |  |  | $ | 1,256 |  |  | $ | 512 |  |  | $ | — |  |  | $ | 259 |  |  | $ | 2,528 |
......................................................................................................... |  |  |  |  |  |  |  |  |  |  |  |  |
Charge offs..................................................................................... | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 3 |
(a) Excludes loans under development with an amortized cost and estimated fair value of $22 million. RMLs segregated by aging of the loans (by year of origination) as of March 31, 2024 and December 31, 2023, were as follows, gross of valuation allowances:
| March 31, 2024
| Amortized Cost by Origination Year
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
Residential mortgages | (In millions)
Current (less than 30 days past due) | $ | 56 |  |  | $ | 402 |  |  | $ | 984 |  |  | $ | 874 |  |  | $ | 185 |  |  | $ | 361 |  |  | $ | 2,862 |
30-89 days past due | — |  |  | 1 |  |  | 2 |  |  | 3 |  |  | 6 |  |  | 4 |  |  | 16 |
90 days or more past due | — |  |  | 1 |  |  | 11 |  |  | 18 |  |  | 12 |  |  | 24 |  |  | 66 |
Total residential mortgages | $ | 56 |  |  | $ | 404 |  |  | $ | 997 |  |  | $ | 895 |  |  | $ | 203 |  |  | $ | 389 |  |  | $ | 2,944 |
| December 31, 2023
| Amortized Cost by Origination Year
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total
Residential mortgages | (In millions)
Current (less than 30 days past due) | $ | 373 |  |  | $ | 985 |  |  | $ | 854 |  |  | $ | 192 |  |  | $ | 183 |  |  | $ | 192 |  |  | $ | 2,779 |
30-89 days past due | — |  |  | 4 |  |  | 7 |  |  | 3 |  |  | — |  |  | 2 |  |  | 16 |
90 days or more past due | — |  |  | 6 |  |  | 16 |  |  | 13 |  |  | 21 |  |  | 1 |  |  | 57 |
Total residential mortgages | $ | 373 |  |  | $ | 995 |  |  | $ | 877 |  |  | $ | 208 |  |  | $ | 204 |  |  | $ | 195 |  |  | $ | 2,852 |
Schedule of Investment in Mortgage Loans by Loan to Value and Debt Service Coverage Ratios | The following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated loan-to-value ratios, gross of valuation allowances at March 31, 2024 and December 31, 2023:
| Debt-Service Coverage Ratios |  | Total Amount |  | % of Total |  | Estimated Fair Value |  | % of Total
| >1.25 |  | 1.00 - 1.25 |  | <1.00 |  |  |  |  |  |
March 31, 2024 | (In millions)
LTV Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 50.00% | $ | 479 |  |  | $ | — |  |  | $ | 14 |  |  |  |  | $ | 493 |  |  | 19 | % |  | $ | 477 |  |  | 21 | %
50.00% to 59.99% | 864 |  |  | — |  |  | — |  |  |  |  | 864 |  |  | 34 | % |  | 754 |  |  | 34 | %
60.00% to 74.99% | 1,134 |  |  | 57 |  |  | — |  |  |  |  | 1,191 |  |  | 46 | % |  | 983 |  |  | 44 | %
75.00% to 84.99% | — |  |  | 6 |  |  | 9 |  |  |  |  | 15 |  |  | 1 | % |  | 15 |  |  | 1 | %
CMLs | $ | 2,477 |  |  | $ | 63 |  |  | $ | 23 |  |  |  |  | $ | 2,563 |  |  | 100 | % |  | $ | 2,229 |  |  | 100 | %
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 50.00% | $ | 519 |  |  | $ | 4 |  |  | $ | 10 |  |  |  |  | $ | 533 |  |  | 21 | % |  | $ | 510 |  |  | 23 | %
50.00% to 59.99% | 764 |  |  | — |  |  | — |  |  |  |  | 764 |  |  | 30 | % |  | 679 |  |  | 30 | %
60.00% to 74.99% | 1,160 |  |  | 56 |  |  | — |  |  |  |  | 1,216 |  |  | 48 | % |  | 1,028 |  |  | 46 | %
75.00% to 84.99% | — |  |  | 6 |  |  | 9 |  |  |  |  | 15 |  |  | 1 | % |  | 14 |  |  | 1 | %
CMLs (a) | $ | 2,443 |  |  | $ | 66 |  |  | $ | 19 |  |  |  |  | $ | 2,528 |  |  | 100 | % |  | $ | 2,231 |  |  | 100 | %
(a) Excludes loans under development with an amortized cost and estimated fair value of $22 million.
| March 31, 2024
| Amortized Cost by Origination Year
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
Commercial mortgages | (In millions)
LTV |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 50.00% | $ | 35 |  |  | $ | 86 |  |  | $ | 17 |  |  | $ | 77 |  |  | $ | 156 |  |  | $ | 122 |  |  | $ | 493 |
50.00% to 59.99% | — |  |  | 53 |  |  | 149 |  |  | 292 |  |  | 235 |  |  | 135 |  |  | 864 |
60.00% to 74.99% | — |  |  | 69 |  |  | 113 |  |  | 887 |  |  | 122 |  |  | — |  |  | 1,191 |
75.00% to 84.99% | — |  |  | 6 |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Total CMLs | $ | 35 |  |  | $ | 214 |  |  | $ | 288 |  |  | $ | 1,256 |  |  | $ | 513 |  |  | $ | 257 |  |  | $ | 2,563 |
Commercial mortgages |  |  |  |  |  |  |  |  |  |  |  |  |
DSCR |  |  |  |  |  |  |  |  |  |  |  |  |
Greater than 1.25x | $ | 35 |  |  | $ | 154 |  |  | $ | 276 |  |  | $ | 1,256 |  |  | $ | 513 |  |  | $ | 243 |  |  | $ | 2,477 |
1.00x - 1.25x | — |  |  | 60 |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 63 |
Less than 1.00x | — |  |  | — |  |  | 9 |  |  | — |  |  | — |  |  | 14 |  |  | 23 |
Total CMLs | $ | 35 |  |  | $ | 214 |  |  | $ | 288 |  |  | $ | 1,256 |  |  | $ | 513 |  |  | $ | 257 |  |  | $ | 2,563 |
| December 31, 2023
| Amortized Cost by Origination Year
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2018 |  | Prior |  | Total
Commercial mortgages | (In millions)
LTV |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 50.00% | $ | 85 |  |  | $ | 17 |  |  | $ | 77 |  |  | $ | 232 |  |  | $ | — |  |  | $ | 122 |  |  | $ | 533 |
50.00% to 59.99% | 53 |  |  | 149 |  |  | 267 |  |  | 158 |  |  | — |  |  | 137 |  |  | 764 |
60.00% to 74.99% | 69 |  |  | 113 |  |  | 912 |  |  | 122 |  |  | — |  |  | — |  |  | 1,216 |
75.00% to 84.99% | 6 |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |
Total CMLs (a) | $ | 213 |  |  | $ | 288 |  |  | $ | 1,256 |  |  | $ | 512 |  |  | $ | — |  |  | $ | 259 |  |  | $ | 2,528 |
Commercial mortgages |  |  |  |  |  |  |  |  |  |  |  |  |
DSCR |  |  |  |  |  |  |  |  |  |  |  |  |
Greater than 1.25x | $ | 154 |  |  | $ | 276 |  |  | $ | 1,256 |  |  | $ | 512 |  |  | $ | — |  |  | $ | 245 |  |  | $ | 2,443 |
1.00x - 1.25x | 59 |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 66 |
Less than 1.00x | — |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | 19 |
Total CMLs (a) | $ | 213 |  |  | $ | 288 |  |  | $ | 1,256 |  |  | $ | 512 |  |  | $ | — |  |  | $ | 259 |  |  | $ | 2,528 |
(a) Excludes loans under development with an amortized cost and estimated fair value of $22 million.
Schedule of Residential Mortgage Loans by State | The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances:
| March 31, 2024
| Amortized Cost |  | % of Total
U.S. State: | (In millions) |  |
Florida | $ | 164 |  |  | 5 | %
California | 142 |  |  | 5 | %
All other states (a) | 2,638 |  |  | 90 | %
Total RMLs, gross of valuation allowance | $ | 2,944 |  |  | 100 | %
Allowance for expected credit loss | (54) |  |  |
Total RMLs, net of valuation allowance | $ | 2,890 |  |  |
(a) The individual concentration of each state is equal to or less than 5% as of March 31, 2024.
| December 31, 2023
| Amortized Cost |  | % of Total
U.S. State: | (In millions) |  |
Florida | $ | 163 |  |  | 6 | %
New York | 129 |  |  | 5 | %
Texas | 129 |  |  | 5 | %
All other states (a) | 2,431 |  |  | 84 | %
Total RMLs, gross of valuation allowance | $ | 2,852 |  |  | 100 | %
Allowance for expected credit loss | (54) |  |  |
Total RMLs, net of valuation allowance | $ | 2,798 |  |  |
(a) The individual concentration of each state is equal to or less than 5% as of December 31, 2023.
Schedule of Loans with Credit Quality Indicators, Performing or Nonperforming | The credit quality of RMLs as of March 31, 2024 and December 31, 2023, was as follows:
| March 31, 2024 |  | December 31, 2023
| Amortized Cost |  | % of Total |  | Amortized Cost |  | % of Total
Performance indicators: | (In millions) |  |  |  | (In millions) |  |
Performing | $ | 2,878 |  |  | 98 | % |  | $ | 2,795 |  |  | 98 | %
Non-performing | 66 |  |  | 2 | % |  | 57 |  |  | 2 | %
Total RMLs, gross of valuation allowance | $ | 2,944 |  |  | 100 | % |  | $ | 2,852 |  |  | 100 | %
Allowance for expected loan loss | (54) |  |  | — | % |  | (54) |  |  | — | %
Total RMLs, net of valuation allowance | $ | 2,890 |  |  | 100 | % |  | $ | 2,798 |  |  | 100 | %
Nonaccrual Loans by Amortized Cost | Non-accrual loans by amortized cost as of March 31, 2024 and December 31, 2023, were as follows:
| March 31, 2024 |  | December 31, 2023
Amortized cost of loans on non-accrual | (In millions)
Residential mortgage: | $ | 66 |  |  | $ | 57 |
Commercial mortgage: | — |  |  | — |
Total non-accrual mortgages | $ | 66 |  |  | $ | 57 |
Allowance for Expected Credit Losses on Loans | The allowances for our mortgage loan portfolio are summarized as follows:
|  |  | Three months ended March 31, 2024 |  |
|  |  |  |  |  |  | (In millions) |  |
|  |  |  |  |  |  | Residential Mortgage |  | Commercial Mortgage |  | Total |  |  |  |  |  |
Beginning Balance |  |  |  |  |  |  | $ | 54 |  |  | $ | 12 |  |  | $ | 66 |  |  |  |  |  |  |
Provision for loan losses |  |  |  |  |  |  | — |  |  | 1 |  |  | 1 |  |  |  |  |  |  |
Ending Balance |  |  |  |  |  |  | $ | 54 |  |  | $ | 13 |  |  | $ | 67 |  |  |  |  |  |  |
|  |  | Three months ended March 31, 2023 |  |
|  |  |  |  |  |  | (In millions) |  |
|  |  |  |  |  |  | Residential Mortgage |  | Commercial Mortgage |  | Total |  |  |  |  |  |
Beginning Balance |  |  |  |  |  |  | $ | 32 |  |  | $ | 10 |  |  | $ | 42 |  |  |  |  |  |  |
Provision for loan losses |  |  |  |  |  |  | 16 |  |  | 2 |  |  | 18 |  |  |  |  |  |  |
Ending Balance |  |  |  |  |  |  | $ | 48 |  |  | $ | 12 |  |  | $ | 60 |  |  |  |  |  |  |
Schedule of Sources of Net Investment Income Reported | The major sources of Interest and investment income reported on the accompanying unaudited Condensed Consolidated Statements of Operations were as follows:
| Three months ended |  |
| March 31, 2024 |  | March 31, 2023 |  |  |  |
| (In millions) |  |
Fixed maturity securities, available-for-sale | $ | 534 |  |  | $ | 447 |  |  |  |  |
Equity securities | 10 |  |  | 8 |  |  |  |  |
Preferred securities | 8 |  |  | 13 |  |  |  |  |
Mortgage loans | 66 |  |  | 51 |  |  |  |  |
Invested cash and short-term investments | 47 |  |  | 33 |  |  |  |  |
Limited partnerships | 54 |  |  | 57 |  |  |  |  |
Tax deferred property exchange income | 32 |  |  | 45 |  |  |  |  |
Other investments | 29 |  |  | 19 |  |  |  |  |
Gross investment income | 780 |  |  | 673 |  |  |  |  |
Investment expense | (70) |  |  | (62) |  |  |  |  |
Interest and investment income | $ | 710 |  |  | $ | 611 |  |  |  |  |
Recognized Gains and Losses, net | Details underlying Recognized gains and losses, net reported on the accompanying unaudited Condensed Consolidated Statements of Operations were as follows:
| Three months ended |  |
| March 31, 2024 |  | March 31, 2023 |  |  |  |
| (In millions) |  |
Net realized (losses) on fixed maturity available-for-sale securities | $ | (19) |  |  | $ | (50) |  |  |  |  |
Net realized/unrealized gains on equity securities (1) | 54 |  |  | 33 |  |  |  |  |
Net realized/unrealized gains (losses) on preferred securities (2) | 16 |  |  | (10) |  |  |  |  |
Net realized/unrealized gains (losses) on other invested assets | 60 |  |  | (5) |  |  |  |  |
Change in allowance for expected credit losses | — |  |  | (4) |  |  |  |  |
Derivatives and embedded derivatives: |  |  |  |  |  |  |
Realized gains (losses) on certain derivative instruments | 21 |  |  | (89) |  |  |  |  |
Unrealized gains on certain derivative instruments | 156 |  |  | 147 |  |  |  |  |
Change in fair value of reinsurance related embedded derivatives (3) | (18) |  |  | (19) |  |  |  |  |
Change in fair value of other derivatives and embedded derivatives | 5 |  |  | 2 |  |  |  |  |
Realized gains on derivatives and embedded derivatives | 164 |  |  | 41 |  |  |  |  |
Recognized gains and losses, net | $ | 275 |  |  | $ | 5 |  |  |  |  |
(1) Includes net valuation gains of $22 million and $46 million for the three months ended March 31, 2024 and 2023, respectively. (2) Includes net valuation gains of $15 million and $35 million for the three months ended March 31, 2024 and 2023, respectively. (3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties.
Proceeds from Sale of Fixed Maturity Available-for-sale Securities | The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows:
| Three months ended |  |
| March 31, 2024 |  | March 31, 2023 |  |  |  |
| (In millions)
Proceeds | $ | 583 |  |  | $ | 489 |  |  |  |  |
Gross gains | 6 |  |  | 1 |  |  |  |  |
Gross losses | (25) |  |  | (51) |  |  |  |  |
Schedule of Carrying Value and Maximum Loss Exposure, Unconsolidated VIEs | The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs as of March 31, 2024 and December 31, 2023:
| March 31, 2024 |  | December 31, 2023
| (In millions) |  | (In millions)
| Carrying Value |  | Maximum Loss Exposure |  | Carrying Value |  | Maximum Loss Exposure
Investment in unconsolidated affiliates | $ | 3,367 |  |  | $ | 5,733 |  |  | $ | 3,071 |  |  | $ | 4,806 |
Fixed maturity securities | 21,991 |  |  | 23,442 |  |  | 20,837 |  |  | 22,346 |
Total unconsolidated VIE investments | $ | 25,358 |  |  | $ | 29,175 |  |  | $ | 23,908 |  |  | $ | 27,152 |
Schedules of Investment Concentrations | Our underlying investment concentrations that exceed 10% of shareholders equity are as follows:
| March 31, 2024 |  |
| (In millions) |  |
Blackstone Wave Asset Holdco (1) | $ | 733 |  |  |
(1) Represents a special purpose vehicle that holds investments in numerous limited partnership investments whose underlying investments are further diversified by holding interest in multiple individual investments and industries. |  |

X
- Definition Schedule of Carrying Value and Maximum Loss Exposure, Unconsolidated VIEs + References No definition available. + Details
Name: | fnf_ScheduleOfCarryingValueAndMaximumLossExposureUnconsolidatedVIEsTableTextBlock
Namespace Prefix: | fnf_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Loans with Credit Quality Indicators, Performing or Nonperforming + References No definition available. + Details
Name: | fnf_ScheduleOfLoansWithCreditQualityIndicatorsPerformingOrNonperformingTableTextBlock
Namespace Prefix: | fnf_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Residential Mortgage Loans by Geographic Location + References No definition available. + Details
Name: | fnf_ScheduleOfResidentialMortgageLoansByGeographicLocationTableTextBlock
Namespace Prefix: | fnf_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Sources of Net Investment Income Reported + References No definition available. + Details
Name: | fnf_ScheduleOfSourcesOfNetInvestmentIncomeReportedTableTextBlock
Namespace Prefix: | fnf_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investments in loans separated by loan to value (LTV) and debt service coverage ratios (DSCR). + References No definition available. + Details
Name: | fnf_ScheduleofInvestmentinMortgageLoansbyLoantoValueandDebtServiceCoverageRatiosTableTextBlock
Namespace Prefix: | fnf_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B + Details
Name: | us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + 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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-29 + Details
Name: | us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financing receivable on nonaccrual status. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-16 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-7 + Details
Name: | us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-21 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-20 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-18 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-20 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-16 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-21 + Details
Name: | us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). + References No definition available. + Details
Name: | us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration