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Investments (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Consolidated Investments | The Company’s consolidated investments as of March 31, 2025 and December 31, 2024 are summarized as follows:
| March 31, 2025
| Amortized Cost |  | Allowance for Expected Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |
Available-for-sale securities | (In millions) |  |
Asset-backed securities | $ | 16,435 |  |  | $ | (15) |  |  | $ | 174 |  |  | $ | (326) |  |  | $ | 16,268 |  |  |
Commercial mortgage-backed securities | 5,312 |  |  | (50) |  |  | 51 |  |  | (171) |  |  | 5,142 |  |  |
Corporates | 25,223 |  |  | (19) |  |  | 156 |  |  | (2,612) |  |  | 22,748 |  |  |
Hybrids | 537 |  |  | — |  |  | 3 |  |  | (28) |  |  | 512 |  |  |
Municipals | 1,636 |  |  | — |  |  | 5 |  |  | (231) |  |  | 1,410 |  |  |
Residential mortgage-backed securities | 2,787 |  |  | (1) |  |  | 41 |  |  | (79) |  |  | 2,748 |  |  |
U.S. Government | 671 |  |  | — |  |  | 5 |  |  | (4) |  |  | 672 |  |  |
Foreign Governments | 372 |  |  | — |  |  | 1 |  |  | (49) |  |  | 324 |  |  |
Total available-for-sale securities | $ | 52,973 |  |  | $ | (85) |  |  | $ | 436 |  |  | $ | (3,500) |  |  | $ | 49,824 |  |  |
| December 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 | $ | 15,784 |  |  | $ | (13) |  |  | $ | 202 |  |  | $ | (317) |  |  | $ | 15,656 |  |  |
Commercial mortgage-backed/asset-backed securities | 5,379 |  |  | (49) |  |  | 53 |  |  | (201) |  |  | 5,182 |  |  |
Corporates | 24,425 |  |  | (5) |  |  | 108 |  |  | (2,832) |  |  | 21,696 |  |  |
Hybrids | 604 |  |  | — |  |  | 6 |  |  | (29) |  |  | 581 |  |  |
Municipals | 1,638 |  |  | — |  |  | 3 |  |  | (255) |  |  | 1,386 |  |  |
Residential mortgage-backed securities | 2,869 |  |  | — |  |  | 32 |  |  | (105) |  |  | 2,796 |  |  |
U.S. Government | 645 |  |  | — |  |  | 2 |  |  | (10) |  |  | 637 |  |  |
Foreign Governments | 337 |  |  | — |  |  | — |  |  | (53) |  |  | 284 |  |  |
Total available-for-sale securities | $ | 51,681 |  |  | $ | (67) |  |  | $ | 406 |  |  | $ | (3,802) |  |  | $ | 48,218 |  |  |
Schedule of 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, 2025 |  | December 31, 2024
| (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 | $ | 1,003 |  |  | $ | 999 |  |  | $ | 961 |  |  | $ | 955 |
Due after one year through five years | 5,118 |  |  | 5,086 |  |  | 4,616 |  |  | 4,544 |
Due after five years through ten years | 5,519 |  |  | 5,404 |  |  | 5,311 |  |  | 5,126 |
Due after ten years | 16,799 |  |  | 14,177 |  |  | 16,761 |  |  | 13,959 |
Subtotal | 28,439 |  |  | 25,666 |  |  | 27,649 |  |  | 24,584 |
Other securities, which provide for periodic payments: |  |  |  |  |  |  |
Asset-backed securities | 16,435 |  |  | 16,268 |  |  | 15,784 |  |  | 15,656 |
Commercial mortgage-backed securities | 5,312 |  |  | 5,142 |  |  | 5,379 |  |  | 5,182 |
Residential mortgage-backed securities | 2,787 |  |  | 2,748 |  |  | 2,869 |  |  | 2,796 |
Subtotal | 24,534 |  |  | 24,158 |  |  | 24,032 |  |  | 23,634 |
Total fixed maturity available-for-sale securities | $ | 52,973 |  |  | $ | 49,824 |  |  | $ | 51,681 |  |  | $ | 48,218 |
Schedule of 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, 2025 and December 31, 2024 were as follows:
| March 31, 2025
| 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 | $ | 5,365 |  |  | $ | (48) |  |  | $ | 2,622 |  |  | $ | (263) |  |  | $ | 7,987 |  |  | $ | (311) |
Commercial mortgage-backed securities | 707 |  |  | (13) |  |  | 1,341 |  |  | (141) |  |  | 2,048 |  |  | (154) |
Corporates | 5,692 |  |  | (141) |  |  | 9,867 |  |  | (2,471) |  |  | 15,559 |  |  | (2,612) |
Hybrids | 100 |  |  | (5) |  |  | 306 |  |  | (23) |  |  | 406 |  |  | (28) |
Municipals | 179 |  |  | (9) |  |  | 1,025 |  |  | (222) |  |  | 1,204 |  |  | (231) |
Residential mortgage-backed securities | 495 |  |  | (4) |  |  | 440 |  |  | (69) |  |  | 935 |  |  | (73) |
U.S. Government | 80 |  |  | — |  |  | 104 |  |  | (4) |  |  | 184 |  |  | (4) |
Foreign Government | 90 |  |  | (3) |  |  | 182 |  |  | (47) |  |  | 272 |  |  | (50) |
Total available-for-sale securities | $ | 12,708 |  |  | $ | (223) |  |  | $ | 15,887 |  |  | $ | (3,240) |  |  | $ | 28,595 |  |  | $ | (3,463) |
Total number of available-for-sale securities in an unrealized loss position less than twelve months |  |  |  |  |  |  |  |  |  |  | 1,961 |
Total number of available-for-sale securities in an unrealized loss position twelve months or longer |  |  |  |  |  |  |  |  |  |  | 2,227
Total number of available-for-sale securities in an unrealized loss position |  |  |  |  |  |  |  |  |  |  | 4,188 |
| December 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 | $ | 1,164 |  |  | $ | (30) |  |  | $ | 2,637 |  |  | $ | (276) |  |  | $ | 3,801 |  |  | $ | (306) |
Commercial mortgage-backed securities | 727 |  |  | (11) |  |  | 1,513 |  |  | (175) |  |  | 2,240 |  |  | (186) |
Corporates | 6,831 |  |  | (208) |  |  | 9,866 |  |  | (2,624) |  |  | 16,697 |  |  | (2,832) |
Hybrids | 105 |  |  | (4) |  |  | 380 |  |  | (25) |  |  | 485 |  |  | (29) |
Municipals | 261 |  |  | (12) |  |  | 1,006 |  |  | (243) |  |  | 1,267 |  |  | (255) |
Residential mortgage-backed securities | 899 |  |  | (16) |  |  | 460 |  |  | (89) |  |  | 1,359 |  |  | (105) |
U.S. Government | 313 |  |  | (4) |  |  | 122 |  |  | (5) |  |  | 435 |  |  | (9) |
Foreign Government | 120 |  |  | (5) |  |  | 157 |  |  | (48) |  |  | 277 |  |  | (53) |
Total available-for-sale securities | $ | 10,420 |  |  | $ | (290) |  |  | $ | 16,141 |  |  | $ | (3,485) |  |  | $ | 26,561 |  |  | $ | (3,775) |
Total number of available-for-sale securities in an unrealized loss position less than twelve months |  |  |  |  |  |  |  |  |  |  | 2,005
Total number of available-for-sale securities in an unrealized loss position twelve months or longer |  |  |  |  |  |  |  |  |  |  | 2,305
Total number of available-for-sale securities in an unrealized loss position |  |  |  |  |  |  |  |  |  |  | 4,310 |
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, 2025 |  | December 31, 2024
| Gross Carrying Value |  | % of Total |  | Gross Carrying Value |  | % of Total
Property Type: | (In millions) |  |  |  | (In millions) |  |
Hotel | $ | 17 |  |  | 1 | % |  | $ | 17 |  |  | 1 | %
Industrial | 657 |  |  | 23 |  |  | 657 |  |  | 24 |
Mixed Use | 11 |  |  | — |  |  | 11 |  |  | — |
Multifamily | 1,024 |  |  | 37 |  |  | 1,006 |  |  | 37 |
Office | 349 |  |  | 12 |  |  | 349 |  |  | 13 |
Retail | 75 |  |  | 3 |  |  | 98 |  |  | 4 |
Student Housing | 83 |  |  | 3 |  |  | 83 |  |  | 3 |
Other | 589 |  |  | 21 |  |  | 501 |  |  | 18 |
Total CMLs, gross of valuation allowance | $ | 2,805 |  |  | 100 | % |  | $ | 2,722 |  |  | 100 | %
Allowance for expected credit loss | (17) |  |  |  |  | (17) |  |  |
Total CMLs, net of valuation allowance | $ | 2,788 |  |  |  |  | $ | 2,705 |  |  |
U.S. Region: |  |  |  |  |  |  |
East North Central | $ | 99 |  |  | 4 | % |  | $ | 98 |  |  | 4 | %
East South Central | 75 |  |  | 3 |  |  | 75 |  |  | 3 |
Middle Atlantic | 348 |  |  | 12 |  |  | 354 |  |  | 13 |
Mountain | 409 |  |  | 15 |  |  | 409 |  |  | 15 |
New England | 164 |  |  | 6 |  |  | 164 |  |  | 6 |
Pacific | 726 |  |  | 26 |  |  | 706 |  |  | 26 |
South Atlantic | 742 |  |  | 26 |  |  | 683 |  |  | 25 |
West North Central | 62 |  |  | 2 |  |  | 62 |  |  | 2 |
West South Central | 180 |  |  | 6 |  |  | 171 |  |  | 6 |
Total CMLs, gross of valuation allowance | $ | 2,805 |  |  | 100 | % |  | $ | 2,722 |  |  | 100 | %
Allowance for expected credit loss | (17) |  |  |  |  | (17) |  |  |
Total CMLs, net of valuation allowance | $ | 2,788 |  |  |  |  | $ | 2,705 |  |  |
Schedule of Loans Segregated by Risk Rating Exposure | CMLs segregated by aging of the loans (by year of origination) as of March 31, 2025 and December 31, 2024, were as follows, gross of valuation allowances:
| March 31, 2025
| Amortized Cost by Origination Year
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
CMLs | (In millions)
Current (less than 30 days past due) | $ | 99 |  |  | $ | 283 |  |  | $ | 228 |  |  | $ | 290 |  |  | $ | 1,253 |  |  | $ | 642 |  |  | $ | 2,795 |
30-89 days past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
90 days or more past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | 10 |
Total CMLs | $ | 99 |  |  | $ | 283 |  |  | $ | 228 |  |  | $ | 290 |  |  | $ | 1253 |  |  | $ | 652 |  |  | $ | 2,805 |
| December 31, 2024
| Amortized Cost by Origination Year
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
CMLs | (In millions)
Current (less than 30 days past due) | $ | 273 |  |  | $ | 227 |  |  | $ | 290 |  |  | $ | 1,253 |  |  | $ | 469 |  |  | $ | 201 |  |  | $ | 2,713 |
30-89 days past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
90 days or more past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | 9 |
Total CMLs | $ | 273 |  |  | $ | 227 |  |  | $ | 290 |  |  | $ | 1,253 |  |  | $ | 469 |  |  | $ | 210 |  |  | $ | 2,722 |
RMLs segregated by aging of the loans (by year of origination) as of March 31, 2025 and December 31, 2024, were as follows, gross of valuation allowances:
| March 31, 2025
| Amortized Cost by Origination Year
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
RMLs | (In millions)
Current (less than 30 days past due) | $ | 311 |  |  | $ | 719 |  |  | $ | 372 |  |  | $ | 886 |  |  | $ | 793 |  |  | $ | 460 |  |  | $ | 3,541 |
30-89 days past due | — |  |  | 4 |  |  | 2 |  |  | 6 |  |  | 2 |  |  | 7 |  |  | 21 |
90 days or more past due | — |  |  | 1 |  |  | 2 |  |  | 11 |  |  | 26 |  |  | 32 |  |  | 72 |
Total RMLs | $ | 311 |  |  | $ | 724 |  |  | $ | 376 |  |  | $ | 903 |  |  | $ | 821 |  |  | $ | 499 |  |  | $ | 3,634 |
| December 31, 2024
| Amortized Cost by Origination Year
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
RMLs | (In millions)
Current (less than 30 days past due) | $ | 610 |  |  | $ | 368 |  |  | $ | 911 |  |  | $ | 805 |  |  | $ | 162 |  |  | $ | 312 |  |  | $ | 3,168 |
30-89 days past due | 1 |  |  | 6 |  |  | 4 |  |  | 6 |  |  | 1 |  |  | 3 |  |  | 21 |
90 days or more past due | 3 |  |  | 2 |  |  | 13 |  |  | 29 |  |  | 13 |  |  | 25 |  |  | 85 |
Total RMLs | $ | 614 |  |  | $ | 376 |  |  | $ | 928 |  |  | $ | 840 |  |  | $ | 176 |  |  | $ | 340 |  |  | $ | 3,274 |
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 LTV ratios, gross of valuation allowances at March 31, 2025 and December 31, 2024:
| Debt-Service Coverage Ratios |  | Total Amount |  | % of Total |  | Estimated Fair Value |  | % of Total
| >1.25 |  | 1.00 - 1.25 |  | <1.00 |  |  |  |  |  |
March 31, 2025 | (In millions)
LTV Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 50.00% | $ | 437 |  |  | $ | 40 |  |  | $ | — |  |  |  |  | $ | 477 |  |  | 17 | % |  | $ | 467 |  |  | 18 | %
50.00% to 59.99% | 853 |  |  | 141 |  |  | 12 |  |  |  |  | 1,006 |  |  | 36 |  |  | 909 |  |  | 36 |
60.00% to 74.99% | 1,251 |  |  | 54 |  |  | — |  |  |  |  | 1,305 |  |  | 46 |  |  | 1,141 |  |  | 45 |
75.00% to 84.99% | 4 |  |  | 4 |  |  | 9 |  |  |  |  | 17 |  |  | 1 |  |  | 17 |  |  | 1 |
CMLs | $ | 2,545 |  |  | $ | 239 |  |  | $ | 21 |  |  |  |  | $ | 2,805 |  |  | 100 | % |  | $ | 2,534 |  |  | 100 | %
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 50.00% | $ | 490 |  |  | $ | 34 |  |  | $ | — |  |  |  |  | $ | 524 |  |  | 19 | % |  | $ | 501 |  |  | 21 | %
50.00% to 59.99% | 803 |  |  | 112 |  |  | 12 |  |  |  |  | 927 |  |  | 34 |  |  | 826 |  |  | 34 |
60.00% to 74.99% | 1,238 |  |  | 16 |  |  | — |  |  |  |  | 1,254 |  |  | 46 |  |  | 1,060 |  |  | 44 |
75.00% to 84.99% | 4 |  |  | 4 |  |  | 9 |  |  |  |  | 17 |  |  | 1 |  |  | 17 |  |  | 1 |
CMLs | $ | 2,535 |  |  | $ | 166 |  |  | $ | 21 |  |  |  |  | $ | 2,722 |  |  | 100 | % |  | $ | 2,404 |  |  | 100 | %
| March 31, 2025
| Amortized Cost by Origination Year
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
CMLs | (In millions)
LTV Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 50.00% | $ | 24 |  |  | $ | 73 |  |  | $ | 100 |  |  | $ | 19 |  |  | $ | 74 |  |  | $ | 187 |  |  | $ | 477 |
50.00% to 59.99% | — |  |  | 115 |  |  | 53 |  |  | 149 |  |  | 346 |  |  | 343 |  |  | 1,006 |
60.00% to 74.99% | 75 |  |  | 91 |  |  | 71 |  |  | 113 |  |  | 833 |  |  | 122 |  |  | 1,305 |
75.00% to 84.99% | — |  |  | 4 |  |  | 4 |  |  | 9 |  |  | — |  |  | — |  |  | 17 |
Total CMLs | $ | 99 |  |  | $ | 283 |  |  | $ | 228 |  |  | $ | 290 |  |  | $ | 1253 |  |  | $ | 652 |  |  | $ | 2,805 |
CMLs |  |  |  |  |  |  |  |  |  |  |  |  |
DSCR |  |  |  |  |  |  |  |  |  |  |  |  |
Greater than 1.25x | $ | 89 |  |  | $ | 112 |  |  | $ | 190 |  |  | $ | 278 |  |  | $ | 1,241 |  |  | $ | 635 |  |  | $ | 2,545 |
1.00x - 1.25x | 10 |  |  | 171 |  |  | 38 |  |  | 3 |  |  | — |  |  | 17 |  |  | 239 |
Less than 1.00x | — |  |  | — |  |  | — |  |  | 9 |  |  | 12 |  |  | — |  |  | 21 |
Total CMLs | $ | 99 |  |  | $ | 283 |  |  | $ | 228 |  |  | $ | 290 |  |  | $ | 1253 |  |  | $ | 652 |  |  | $ | 2,805 |
| December 31, 2024
| Amortized Cost by Origination Year
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
CMLs | (In millions)
LTV Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 50.00% | $ | 66 |  |  | $ | 99 |  |  | $ | 19 |  |  | $ | 74 |  |  | $ | 189 |  |  | $ | 77 |  |  | $ | 524 |
50.00% to 59.99% | 112 |  |  | 53 |  |  | 149 |  |  | 321 |  |  | 159 |  |  | 133 |  |  | 927 |
60.00% to 74.99% | 91 |  |  | 71 |  |  | 113 |  |  | 858 |  |  | 121 |  |  | — |  |  | 1,254 |
75.00% to 84.99% | 4 |  |  | 4 |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | 17 |
Total CMLs | $ | 273 |  |  | $ | 227 |  |  | $ | 290 |  |  | $ | 1,253 |  |  | $ | 469 |  |  | $ | 210 |  |  | $ | 2,722 |
CMLs |  |  |  |  |  |  |  |  |  |  |  |  |
DSCR |  |  |  |  |  |  |  |  |  |  |  |  |
Greater than 1.25x | $ | 140 |  |  | $ | 215 |  |  | $ | 278 |  |  | $ | 1,241 |  |  | $ | 469 |  |  | $ | 192 |  |  | $ | 2,535 |
1.00x - 1.25x | 133 |  |  | 12 |  |  | 3 |  |  | — |  |  | — |  |  | 18 |  |  | 166 |
Less than 1.00x | — |  |  | — |  |  | 9 |  |  | 12 |  |  | — |  |  | — |  |  | 21 |
Total CMLs | $ | 273 |  |  | $ | 227 |  |  | $ | 290 |  |  | $ | 1,253 |  |  | $ | 469 |  |  | $ | 210 |  |  | $ | 2,722 |
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, 2025
| Amortized Cost |  | % of Total
U.S. States: | (In millions) |  |
Florida | $ | 176 |  |  | 5 | %
All other states (a) | 3,458 |  |  | 95 |
Total RMLs, gross of valuation allowance | 3,634 |  |  | 100 | %
Allowance for expected credit loss | (56) |  |  |
Total RMLs, net of valuation allowance | $ | 3,578 |  |  |
(a) The individual concentration of each state is less than 5% as of March 31, 2025.
| December 31, 2024
| Amortized Cost |  | % of Total
U.S. States: | (In millions) |  |
Florida | $ | 164 |  |  | 5 | %
All other states (a) | 3,110 |  |  | 95 |
Total RMLs, gross of valuation allowance | 3,274 |  |  | 100 | %
Allowance for expected credit loss | (53) |  |  |
Total RMLs, net of valuation allowance | $ | 3,221 |  |  |
(a) The individual concentration of each state is less than 5% as of December 31, 2024.
Schedule of Loans with Credit Quality Indicators, Performing or Nonperforming | The credit quality of RMLs as of March 31, 2025 and December 31, 2024, was as follows:
| March 31, 2025 |  | December 31, 2024
| Amortized Cost |  | % of Total |  | Amortized Cost |  | % of Total
Performance indicators: | (In millions) |  |  |  | (In millions) |  |
Performing | $ | 3,562 |  |  | 98 | % |  | $ | 3,188 |  |  | 97 | %
Non-performing | 72 |  |  | 2 |  |  | 86 |  |  | 3 |
Total RMLs, gross of valuation allowance | 3,634 |  |  | 100 | % |  | 3,274 |  |  | 100 | %
Allowance for expected loan loss | (56) |  |  |  |  | (53) |  |  |
Total RMLs, net of valuation allowance | $ | 3,578 |  |  |  |  | $ | 3,221 |  |  |
Schedule of Nonaccrual Loans by Amortized Cost | Non-accrual loans by amortized cost as of March 31, 2025 and December 31, 2024, were as follows:
| March 31, 2025 |  | December 31, 2024
Amortized cost of loans on non-accrual | (In millions)
Residential mortgage: | $ | 72 |  |  | $ | 85 |
Commercial mortgage: | 10 |  |  | 9 |
Total non-accrual mortgages | $ | 82 |  |  | $ | 94 |
Schedule of Allowance for Expected Credit Losses on Loans | The allowances for our mortgage loan portfolio are summarized as follows:
|  |  | Three months ended March 31, 2025 |  |
|  |  |  |  |  |  | (In millions) |  |
|  |  |  |  |  |  | Residential Mortgage |  | Commercial Mortgage |  | Total |  |  |  |  |  |
Beginning Balance |  |  |  |  |  |  | $ | (53) |  |  | $ | (17) |  |  | $ | (70) |  |  |  |  |  |  |
Provision expense for loan losses |  |  |  |  |  |  | (3) |  |  | — |  |  | (3) |  |  |  |  |  |  |
Ending Balance |  |  |  |  |  |  | $ | (56) |  |  | $ | (17) |  |  | $ | (73) |  |  |  |  |  |  |
|  |  |  |  | Three months ended March 31, 2024
|  |  |  |  |  |  |  |  | (In millions)
|  |  |  |  |  |  |  |  |  |  |  |  | Residential Mortgage |  | Commercial Mortgage |  | Total
Beginning Balance |  |  |  |  |  |  |  |  |  |  |  |  | $ | (54) |  |  | $ | (12) |  |  | $ | (66) |
Provision expense for loan losses |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | (1) |  |  | (1) |
Ending Balance |  |  |  |  |  |  |  |  |  |  |  |  | $ | (54) |  |  | $ | (13) |  |  | $ | (67) |
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 Earnings were as follows:
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (In millions) |  |
Fixed maturity securities, available-for-sale | $ | 569 |  |  | $ | 534 |  |  |  |  |
Equity securities | 8 |  |  | 10 |  |  |  |  |
Preferred securities | 6 |  |  | 8 |  |  |  |  |
Mortgage loans | 82 |  |  | 66 |  |  |  |  |
Invested cash and short-term investments | 53 |  |  | 47 |  |  |  |  |
Limited partnerships | 55 |  |  | 54 |  |  |  |  |
Tax deferred property exchange income | 29 |  |  | 32 |  |  |  |  |
Other investments | 22 |  |  | 29 |  |  |  |  |
Gross investment income | 824 |  |  | 780 |  |  |  |  |
Investment expense | (64) |  |  | (70) |  |  |  |  |
Interest and investment income | $ | 760 |  |  | $ | 710 |  |  |  |  |
Schedule of Recognized Gains and Losses, net | Details underlying Recognized gains and losses, net reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (In millions) |  |
Net realized (losses) gains on fixed maturity available-for-sale securities | $ | (2) |  |  | $ | (19) |  |  |  |  |
Net realized/unrealized gains (losses) on equity securities (1) | (38) |  |  | 54 |  |  |  |  |
Net realized/unrealized gains (losses) on preferred securities (2) | (2) |  |  | 16 |  |  |  |  |
Net realized/unrealized gains (losses) on other invested assets | (1) |  |  | 60 |  |  |  |  |
Change in allowance for expected credit losses | (22) |  |  | — |  |  |  |  |
Derivatives and embedded derivatives: |  |  |  |  |  |  |
Realized gains (losses) on certain derivative instruments | (25) |  |  | 21 |  |  |  |  |
Unrealized gains (losses) on certain derivative instruments | (159) |  |  | 156 |  |  |  |  |
Change in fair value of reinsurance related embedded derivatives (3) | (41) |  |  | (18) |  |  |  |  |
Change in fair value of other derivatives and embedded derivatives | 3 |  |  | 5 |  |  |  |  |
Net realized/unrealized (losses) gains on derivatives and embedded derivatives | (222) |  |  | 164 |  |  |  |  |
Recognized gains and losses, net | $ | (287) |  |  | $ | 275 |  |  |  |  |
(1) Includes net valuation (losses) gains of $(43) million and $22 million for the three months ended March 31, 2025 and 2024, respectively. (2) Includes net valuation (losses) gains of $(1) million and $15 million for the three months ended March 31, 2025 and 2024, respectively. (3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties.
Schedule of 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, |  |
| 2025 |  | 2024 |  |  |  |
| (In millions)
Proceeds | $ | 2,084 |  |  | $ | 583 |  |  |  |  |
Gross gains | 12 |  |  | 6 |  |  |  |  |
Gross losses | (14) |  |  | (25) |  |  |  |  |
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, 2025 and December 31, 2024:
| March 31, 2025 |  | December 31, 2024
| (In millions) |  | (In millions)
| Carrying Value |  | Maximum Loss Exposure |  | Carrying Value |  | Maximum Loss Exposure
Investment in unconsolidated affiliates | $ | 4,276 |  |  | $ | 5,451 |  |  | $ | 3,565 |  |  | $ | 4,703 |
Fixed maturity securities | 23,774 |  |  | 24,747 |  |  | 23,242 |  |  | 24,242 |
Total unconsolidated VIE investments | $ | 28,050 |  |  | $ | 30,198 |  |  | $ | 26,807 |  |  | $ | 28,945 |

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