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INVESTMENTS
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Fixed Maturities AFS
The components of fair value and amortized cost for fixed maturities classified as AFS on the consolidated balance sheets excludes accrued interest receivable because the Company elected to present accrued interest receivable within other assets. Accrued interest receivable on AFS fixed maturities as of September 30, 2022 and December 31, 2021 was $604 million and $506 million, respectively. There was no accrued interest written off for AFS fixed maturities for the three and nine months ended September 30, 2022 and 2021.
The following tables provide information relating to the Company’s fixed maturities classified as AFS.
AFS Fixed Maturities by Classification
 
Amortized CostAllowance for Credit Losses Gross Unrealized GainsGross Unrealized LossesFair Value
 
 (in millions)
September 30, 2022
Fixed Maturities:
Corporate (1)$52,643 $22 $69 $8,144 $44,546 
U.S. Treasury, government and agency
7,241 — 4 1,215 6,030 
States and political subdivisions668 — 8 92 584 
Foreign governments
1,114 — 2 190 926 
Residential mortgage-backed (2)500 — 1 25 476 
Asset-backed (3)9,289 — 1 545 8,745 
Commercial mortgage-backed3,824 — — 574 3,250 
Redeemable preferred stock41 — 2 — 43 
Total at September 30, 2022$75,320 $22 $87 $10,785 $64,600 
December 31, 2021:
Fixed Maturities:
Corporate (1)
$50,172 $22 $2,601 $240 $52,511 
U.S. Treasury, government and agency
13,056 — 2,344 15 15,385 
States and political subdivisions
586 — 78 2 662 
Foreign governments
1,124 — 42 14 1,152 
Residential mortgage-backed (2)90 — 8 — 98 
Asset-backed (3)5,933 — 21 20 5,934 
Commercial mortgage-backed2,427 — 19 25 2,421 
 
Amortized CostAllowance for Credit Losses Gross Unrealized GainsGross Unrealized LossesFair Value
 
 (in millions)
Redeemable preferred stock 41 — 12 — 53 
Total at December 31, 2021$73,429 $22 $5,125 $316 $78,216 
______________
(1)Corporate fixed maturities include both public and private issues.
(2)Includes publicly traded agency pass-through securities and collateralized obligations.
(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.
The contractual maturities of AFS fixed maturities as of September 30, 2022 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Contractual Maturities of AFS Fixed Maturities
 Amortized Cost (Less Allowance for Credit Losses)Fair Value
 (in millions)
September 30, 2022
Contractual maturities:
Due in one year or less$1,419 $1,397 
Due in years two through five14,893 14,033 
Due in years six through ten18,743 16,531 
Due after ten years26,589 20,125 
Subtotal61,644 52,086 
Residential mortgage-backed500 476 
Asset-backed9,289 8,745 
Commercial mortgage-backed3,824 3,250 
Redeemable preferred stock 41 43 
Total at September 30, 2022$75,298 $64,600 

The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities for the three and nine months ended September 30, 2022 and 2021:
Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities

 
Three Months Ended September 30,Nine Months Ended September 30,
 
2022202120222021
 
(in millions)
Proceeds from sales$905 $3,701 $11,640 $20,776 
Gross gains on sales$— $171 $44 $1,019 
Gross losses on sales$(62)$(8)$(653)$(162)
Net change in Allowance for Credit and Intent to Sell losses$(243)$(2)$(246)$(14)

The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts.
AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in millions)
Balance, beginning of period$32 $42 $44 $32 
Previously recognized impairments on securities that matured, paid, prepaid or sold(2)(1)(17)(4)
Recognized impairments on securities impaired to fair value this period (1) (2)246 — 246 — 
Credit losses recognized this period on securities for which credit losses were not previously recognized(1)— — 8 
Additional credit losses this period on securities previously impaired5 1 7 6 
Increases due to passage of time on previously recorded credit losses— — — — 
Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior)— — — — 
Balance at September 30,$280 $42 $280 $42 
______________
(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.
(2)Amounts reflected as of three and nine months ended September 30, 2022 represent AFS fixed maturities in an unrealized loss position, which the Company intends to sell in anticipation of the EQUI-VEST Transaction. For additional details on the EQUI-VEST Transaction, see Note 16 of the Notes to the Consolidated Financial Statements.

The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI.
Net Unrealized Gains (Losses) on AFS Fixed Maturities

Net Unrealized Gains (Losses) on InvestmentsDACPolicyholders’ LiabilitiesDeferred Income Tax Asset (Liability)AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
(in millions)
Balance, July 1, 2022$(6,965)$1,180 $(333)$1,285 $(4,833)
Net investment gains (losses) arising during the period(4,045)— — — (4,045)
Reclassification adjustment:
Included in net income (loss)311 — — — 311 
Excluded from net income (loss)— — — — — 
Other — — — — — 
Impact of net unrealized investment gains (losses)— 593 3 659 1,255 
Net unrealized investment gains (losses) excluding credit losses(10,699)1,773 (330)1,944 (7,312)
Net unrealized investment gains (losses) with credit losses1 — — — 1 
Balance, September 30, 2022$(10,698)$1,773 $(330)$1,944 $(7,311)
Balance, July 1, 2021$5,361 $(1,165)$(414)$(794)$2,988 
Net investment gains (losses) arising during the period(395)— — — (395)
Reclassification adjustment:
Included in net income (loss)(165)— — — (165)
Other (1)— — — — — 
Impact of net unrealized investment gains (losses)— 377 33 31 441 
Net unrealized investment gains (losses) excluding credit losses4,801 (788)(381)(763)2,869 
Net unrealized investment gains (losses) with credit losses(1)— — — (1)
Balance, Balance, September 30, 2021$4,800 $(788)$(381)$(763)$2,868 
Net Unrealized Gains (Losses) on InvestmentsDACPolicyholders’ LiabilitiesDeferred Income Tax Asset (Liability)AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
(in millions)
Balance, January 1, 2022$4,809 $(782)$(418)$(757)$2,852 
Net investment gains (losses) arising during the period(16,359)— — — (16,359)
Reclassification adjustment:
Included in net income (loss)859 — — — 859 
Other — — — — — 
Impact of net unrealized investment gains (losses)— 2,554 88 2,699 5,341 
Net unrealized investment gains (losses) excluding credit losses(10,691)1,772 (330)1,942 (7,307)
Net unrealized investment gains (losses) with credit losses(7)1 — 2 (4)
Balance, September 30, 2022$(10,698)$1,773 $(330)$1,944 $(7,311)
Balance, January 1, 2021$8,811 $(1,548)$(1,065)$(1,302)$4,896 
Net investment gains (losses) arising during the period(3,231)— — — (3,231)
Reclassification adjustment:
Included in net income (loss)(747)— — — (747)
Other (1)(33)— — — (33)
Impact of net unrealized investment gains (losses)— 761 685 539 1,985 
Net unrealized investment gains (losses) excluding credit losses4,800 (787)(380)(763)2,870 
Net unrealized investment gains (losses) with credit losses— (1)(1)— (2)
Balance, September 30, 2021$4,800 $(788)$(381)$(763)$2,868 
_____________
(1) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments.

The following tables disclose the fair values and gross unrealized losses of the 5,220 issues as of September 30, 2022 and the 2,060 issues as of December 31, 2021 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated.
AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded
Less Than 12 Months
12 Months or Longer
Total
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
(in millions)
September 30, 2022
Fixed Maturities:
Corporate$33,987 $6,565 $6,312 $1,577 $40,299 $8,142 
U.S. Treasury, government and agency5,536 1,196 201 19 5,737 1,215 
States and political subdivisions339 84 14 8 353 92 
Foreign governments605 138 167 52 772 190 
Residential mortgage-backed438 25 1 — 439 25 
Asset-backed8,072 503 440 42 8,512 545 
Commercial mortgage-backed2,435 382 813 192 3,248 574 
Total at September 30, 2022$51,412 $8,893 $7,948 $1,890 $59,360 $10,783 
December 31, 2021:
Fixed Maturities:
Corporate$10,571 $163 $1,633 $75 $12,204 $238 
U.S. Treasury, government and agency993 11 105 4 1,098 15 
States and political subdivisions120 2 11 — 131 2 
Foreign governments349 6 92 8 441 14 
Residential mortgage-backed— — — — — — 
Asset-backed3,865 20 38 — 3,903 20 
Commercial mortgage-backed1,527 21 96 4 1,623 25 
Total at December 31, 2021$17,425 $223 $1,975 $91 $19,400 $314 
The Company’s investments in fixed maturities do not include concentrations of credit risk of any single issuer greater than 10% of the consolidated equity of the Company, other than securities of the U.S. government, U.S. government agencies, and certain securities guaranteed by the U.S. government. The Company maintains a diversified portfolio of corporate securities across industries and issuers and does not have exposure to any single issuer in excess of 0.6% of total corporate securities. The largest exposures to a single issuer of corporate securities held as of September 30, 2022 and December 31, 2021 were $275 million and $322 million, respectively, representing 5.7% and 2.5% of the consolidated equity of the Company.
Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the NAIC designation of 3 (medium investment grade), 4 or 5 (below investment grade) or 6 (in or near default). As of September 30, 2022 and December 31, 2021, respectively, approximately $2.9 billion and $2.9 billion, or 3.9% and 3.9%, of the $75.3 billion and $73.4 billion aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had gross unrealized losses of $242 million and $18 million as of September 30, 2022 and December 31, 2021, respectively.
As of September 30, 2022 and December 31, 2021, respectively, the $1,890 million and $91 million of gross unrealized losses of twelve months or more were primarily concentrated in corporate securities. In accordance with the policy described in Note 2 of the Notes to these Consolidated Financial Statements, the Company concluded that an adjustment to allowance for credit losses for these securities was not warranted at either September 30, 2022 or December 31, 2021. As of September 30, 2022 and December 31, 2021, the Company did not intend to sell the securities nor will it likely be required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis.
Based on the Company’s evaluation both qualitatively and quantitatively of the drivers of the decline in fair value of fixed maturity securities as of September 30, 2022, the Company determined that the unrealized loss was primarily due to increases in interest rates, credit spreads and changes in credit ratings.
Mortgage Loans on Real Estate
Accrued interest receivable on commercial and agricultural mortgage loans as of September 30, 2022 and December 31, 2021 was $63 million and $57 million, respectively. There was no accrued interest written off for commercial and agricultural mortgage loans for the nine months ended September 30, 2022 and 2021.
As of September 30, 2022, the Company had no loans for which foreclosure was probable included within the individually assessed mortgage loans, and accordingly had no associated allowance for credit losses.
Allowance for Credit Losses on Mortgage Loans
The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the nine months ended September 30, 2022 and 2021 were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period $58 $59 $57 $77 
Current-period provision for expected credit losses19 1 20 (17)
Write-offs charged against the allowance— — — — 
Recoveries of amounts previously written off— — — — 
Net change in allowance19 1 20 (17)
Balance, end of period$77 $60 $77 $60 
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in millions)
Agricultural mortgages:
Balance, beginning of period$6 $4 $5 $4 
Current-period provision for expected credit losses— — 1 — 
Write-offs charged against the allowance— — — — 
Recoveries of amounts previously written off— — — — 
Net change in allowance— — 1 — 
Balance, end of period$6 $4 $6 $4 
Total allowance for credit losses$83 $64 $83 $64 

The change in the allowance for credit losses is attributable to:
•increases/decreases in the loan balance due to new originations, maturing mortgages, and loan amortization; and
•changes in credit quality.
Credit Quality Information
The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of September 30, 2022 and December 31, 2021.

Loan to Value (“LTV”) Ratios (1)
September 30, 2022
Amortized Cost Basis by Origination Year
20222021202020192018PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Mortgage loans:
Commercial:
0% - 50%$488 $130 $— $— $119 $1,469 $— $— $2,206 
50% - 70%1,780 1,857 1,255 275 733 2,597 273 — 8,770 
70% - 90%136 124 115 368 315 898 — 33 1,989 
90% plus— — — — 35 174 — — 209 
Total commercial$2,404 $2,111 $1,370 $643 $1,202 $5,138 $273 $33 $13,174 
Agricultural:
0% - 50%$121 $190 $214 $123 $135 $754 $— $— $1,537 
50% - 70%182 179 238 86 82 277 — — 1,044 
70% - 90%1 — — — — 15 — — 16 
90% plus— — — — — — — — — 
Total agricultural$304 $369 $452 $209 $217 $1,046 $— $— $2,597 
Total mortgage loans:
September 30, 2022
Amortized Cost Basis by Origination Year
20222021202020192018PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
0% - 50%$609 $320 $214 $123 $254 $2,223 $— $— $3,743 
50% - 70%1,962 2,036 1,493 361 815 2,874 273 — 9,814 
70% - 90%137 124 115 368 315 913 — 33 2,005 
90% plus— — — — 35 174 — — 209 
Total mortgage loans$2,708 $2,480 $1,822 $852 $1,419 $6,184 $273 $33 $15,771 


Debt Service Coverage Ratios (“DSC”) (2)
September 30, 2022
Amortized Cost Basis by Origination Year
20222021202020192018PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x$605 $1,143 $1,078 $103 $571 $1,863 $— $— $5,363 
1.8x to 2.0x135 187 165 216 186 421 161 — 1,471 
1.5x to 1.8x413 274 32 177 250 1,173 75 — 2,394 
1.2x to 1.5x614 259 60 92 47 1,376 — — 2,448 
1.0x to 1.2x222 248 35 55 148 234 37 33 1,012 
Less than 1.0x415 — — — — 71 — — 486 
Total commercial$2,404 $2,111 $1,370 $643 $1,202 $5,138 $273 $33 $13,174 
Agricultural:
Greater than 2.0x$48 $40 $62 $22 $12 $195 $— $— $379 
1.8x to 2.0x17 58 35 24 14 63 — — 211 
1.5x to 1.8x48 42 112 28 19 202 — — 451 
1.2x to 1.5x89 154 174 99 100 313 — — 929 
1.0x to 1.2x86 74 65 30 66 260 — — 581 
Less than 1.0x16 1 4 6 6 13 — — 46 
Total agricultural$304 $369 $452 $209 $217 $1,046 $— $— $2,597 
Total mortgage loans:
Greater than 2.0x$653 $1,183 $1,140 $125 $583 $2,058 $— $— $5,742 
1.8x to 2.0x152 245 200 240 200 484 161 — 1,682 
1.5x to 1.8x461 316 144 205 269 1,375 75 — 2,845 
1.2x to 1.5x703 413 234 191 147 1,689 — — 3,377 
1.0x to 1.2x308 322 100 85 214 494 37 33 1,593 
Less than 1.0x431 1 4 6 6 84 — — 532 
Total mortgage loans$2,708 $2,480 $1,822 $852 $1,419 $6,184 $273 $33 $15,771 
______________
(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.
(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.
LTV Ratios (1)
December 31, 2021
Amortized Cost Basis by Origination Year
20212020201920182017PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Mortgage loans:
Commercial:
0% - 50%$— $— $— $184 $293 $1,009 $— $— $1,486 
50% - 70%1,944 1,286 339 619 491 2,533 139 — 7,351 
70% - 90%190 236 412 415 276 972 — — 2,501 
90% plus— — — 35 5 73 — — 113 
Total commercial$2,134 $1,522 $751 $1,253 $1,065 $4,587 $139 $— $11,451 
Agricultural:
0% - 50%$180 $212 $128 $129 $119 $738 $— $— $1,506 
50% - 70%200 268 102 126 87 338 — — 1,121 
70% - 90%— — — — — 17 — — 17 
90% plus— — — — — — — — — 
Total agricultural$380 $480 $230 $255 $206 $1,093 $— $— $2,644 
Total mortgage loans:
0% - 50%$180 $212 $128 $313 $412 $1,747 $— $— $2,992 
50% - 70%2,144 1,554 441 745 578 2,871 139 — 8,472 
70% - 90%190 236 412 415 276 989 — — 2,518 
90% plus— — — 35 5 73 — — 113 
Total mortgage loans$2,514 $2,002 $981 $1,508 $1,271 $5,680 $139 $— $14,095 

DSC Ratios (2)
December 31, 2021
Amortized Cost Basis by Origination Year
20212020201920182017PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x$1,143 $1,243 $210 $772 $485 $2,235 $— $— $6,088 
1.8x to 2.0x185 135 182 46 161 372 68 — 1,149 
1.5x to 1.8x275 49 284 211 166 919 48 — 1,952 
1.2x to 1.5x264 95 75 101 253 701 — — 1,489 
1.0x to 1.2x267 — — 88 — 287 23 — 665 
Less than 1.0x— — — 35 — 73 — — 108 
Total commercial$2,134 $1,522 $751 $1,253 $1,065 $4,587 $139 $— $11,451 
Agricultural:
Greater than 2.0x$49 $64 $25 $22 $24 $210 $— $— $394 
1.8x to 2.0x52 37 25 14 14 70 — — 212 
1.5x to 1.8x43 113 28 22 41 193 — — 440 
1.2x to 1.5x161 179 112 116 72 355 — — 995 
1.0x to 1.2x75 83 31 77 54 226 — — 546 
Less than 1.0x— 4 9 4 1 39 — — 57 
Total agricultural$380 $480 $230 $255 $206 $1,093 $— $— $2,644 
Total mortgage loans:
Greater than 2.0x$1,192 $1,307 $235 $794 $509 $2,445 $— $— $6,482 
1.8x to 2.0x237 172 207 60 175 442 68 — 1,361 
1.5x to 1.8x318 162 312 233 207 1,112 48 — 2,392 
1.2x to 1.5x425 274 187 217 325 1,056 — — 2,484 
1.0x to 1.2x342 83 31 165 54 513 23 — 1,211 
Less than 1.0x— 4 9 39 1 112 — — 165 
Total mortgage loans$2,514 $2,002 $981 $1,508 $1,271 $5,680 $139 $— $14,095 
______________
(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.
(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.
Past-Due and Nonaccrual Mortgage Loan Status
The following table provides information relating to the aging analysis of past-due mortgage loans as of September 30, 2022 and December 31, 2021, respectively.
Age Analysis of Past Due Mortgage Loans (1)
Accruing Loans
Non-accruing Loans
Total Loans
Non-accruing Loans with No AllowanceInterest Income on Non-accruing Loans
Past Due
Current
Total
30-59 Days
60-89 Days
90 Days or More
Total
(in millions)
September 30, 2022:
Mortgage loans:
Commercial$— $— $— $— $13,174 $13,174 $— $13,174 $— $— 
Agricultural12 7 19 38 2,543 2,581 16 2,597 — — 
Total$12 $7 $19 $38 $15,717 $15,755 $16 $15,771 $— $— 
December 31, 2021:
Mortgage loans:
Commercial$— $— $— $— $11,451 $11,451 $— $11,451 $— $— 
Agricultural1 1 25 27 2,601 2,628 16 2,644 — — 
Total$1 $1 $25 $27 $14,052 $14,079 $16 $14,095 $— $— 
_______________
(1)Amounts presented at amortized cost basis.
As of September 30, 2022 and December 31, 2021, the carrying values of problem mortgage loans that had been classified as non-accrual loans were $13 million and $14 million, respectively.
Troubled Debt Restructuring
During the three and nine months ended September 30, 2022 and 2021, the Company identified an immaterial amount of TDRs.
Equity Securities
The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the three and nine months ended September 30, 2022 and 2021.
Unrealized and Realized Gains (Losses) from Equity Securities
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$(33)$(48)$(143)$(8)
Net investment gains (losses) recognized on securities sold during the period— 43 (11)47 
Unrealized and realized gains (losses) on equity securities $(33)$(5)$(154)$39 
Trading Securities
As of September 30, 2022 and December 31, 2021, respectively, the fair value of the Company’s trading securities was $631 million and $631 million. As of September 30, 2022 and December 31, 2021, respectively, trading securities included the General Account’s investment in Separate Accounts had carrying values of $34 million and $45 million.
The table below shows a breakdown of net investment income (loss) from trading securities during the three and nine months ended September 30, 2022 and 2021.
Net Investment Income (Loss) from Trading Securities
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$(44)$(57)$(246)$(303)
Net investment gains (losses) recognized on securities sold during the period— 42 6 255 
Unrealized and realized gains (losses) on trading securities(44)(15)(240)(48)
Interest and dividend income from trading securities2 4 20 85 
Net investment income (loss) from trading securities$(42)$(11)$(220)$37 
Fixed maturities, at fair value using the fair value option
The table below shows a breakdown of net investment income (loss) from fixed maturities, at fair value using the fair value option during the three and nine months ended September 30, 2022 and 2021.
Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$(7)$9 $(20)$7 
Net investment gains (losses) recognized on securities sold during the period(1)1 5 3 
Unrealized and realized gains (losses) from fixed maturities(8)10 (15)10 
Interest and dividend income from fixed maturities1 12 — 22 
Net investment income (loss) from fixed maturities$(7)$22 $(15)$32