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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Fixed Maturities by Classification

The following tables provide information relating to the Company’s fixed maturities classified as AFS.

AFS Fixed Maturities by Classification

			Amortized Cost						Allowance for Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(in millions)
December 31, 2022
Fixed Maturities:
Corporate (1)			$	50,712					$	24					$	89					$	7,206					$	43,571
U.S. Treasury, government and agency			7,054						—						1						1,218						5,837
States and political subdivisions			609						—						7						89						527
Foreign governments			985						—						2						151						836
Residential mortgage-backed (2)			908						—						1						87						822
Asset-backed (3)			8,859						—						4						373						8,490
Commercial mortgage-backed			3,823						—						—						588						3,235
Redeemable preferred stock			41						—						2						—						43
Total at December 31, 2022			$	72,991					$	24					$	106					$	9,712					$	63,361
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-backed			2,427						—						19						25						2,421
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.

Schedule of Contractual Maturities of Available-for-Sale Fixed Maturities

The contractual maturities of AFS fixed maturities as of December 31, 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)
December 31, 2022
Contractual maturities:
Due in one year or less			$	1,858					$	1,834
Due in years two through five			15,031						14,222
Due in years six through ten			16,281						14,433
Due after ten years			26,166						20,282
Subtotal			59,336						50,771
Residential mortgage-backed			908						822
Asset-backed			8,859						8,490
Commercial mortgage-backed			3,823						3,235
Redeemable preferred stock			41						43
Total at December 31, 2022			$	72,967					$	63,361

Schedule of Proceeds and Gains (Losses) on Sales for Available-for-Sale Fixed Maturities

The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities:

Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities

									Year Ended December 31,
															2022						2021						2020
															(in millions)
Proceeds from sales															$	11,932					$	27,363					$	12,903
Gross gains on sales															$	45					$	1,152					$	862
Gross losses on sales															$	(663)					$	(195)					$	(41)
Net (increase) decrease in Allowance for Credit and Intent to Sell losses (1)															$	(247)					$	(16)					$	(13)

______________

(1)Amounts as of year ended December 31, 2022 reflect an impairment on AFS Securities of $245 million related to the Global Atlantic Transaction. See Note 13 of the Notes to these Consolidated Financial Statements for additional details on the Global Atlantic Transaction.

Debt Securities, Available-for-Sale, Allowance for Credit Loss

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

									Year Ended December 31,
															2022						2021						2020
															(in millions)
Balance, beginning of period															$	44					$	32					$	21
Previously recognized impairments on securities that matured, paid, prepaid or sold															(263)						(4)						(2)
Recognized impairments on securities impaired to fair value this period (1) (2)															246						—						—
Credit losses recognized this period on securities for which credit losses were not previously recognized															—						9						6
Additional credit losses this period on securities previously impaired															9						7						7
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 December 31,															$	36					$	44					$	32

______________

(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 for year ended December 31, 2022 reflect an impairment on AFS Securities of $245 million related to the Global Atlantic Transaction. See Note 13 of the Notes to these Consolidated Financial Statements for additional details on the Global Atlantic Transaction.

Schedule of Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities

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 Investments						DAC						Policyholders’ Liabilities						Deferred Income Tax Asset (Liability)						AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
			(in millions)
Balance, January 1, 2022			$	4,809											$	(169)					$	(974)					$	3,666
Net investment gains (losses) arising during the period			(15,275)						—						—						—						(15,275)
Reclassification adjustment:
Included in net income (loss)			867						—						—						—						867
Other (1)			—						—						—						(1,569)						(1,569)
Impact of net unrealized investment gains (losses)			—												210						2,982						3,192
Net unrealized investment gains (losses) excluding credit losses			(9,599)						—						41						439						(9,119)
Net unrealized investment gains (losses) with credit losses			(7)												—						1						(6)
Balance, December 31, 2022			$	(9,606)					$	—					$	41					$	440					$	(9,125)
Balance, January 1, 2021			$	8,811					$	(1,548)					$	(1,065)					$	(1,302)					$	4,896
Transition adjustment (3)			—						1,548						(77)						—						1,471
Net investment gains (losses) arising during the period			(3,122)						—						—						—						(3,122)
Reclassification adjustment:
Included in net income (loss)			(846)						—						—						—						(846)
Other (2)			(33)						—						—						—						(33)
Impact of net unrealized investment gains (losses)			—						—						973						328						1,301

			Net Unrealized Gains (Losses) on Investments						DAC						Policyholders’ Liabilities						Deferred Income Tax Asset (Liability)						AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
			(in millions)
Net unrealized investment gains (losses) excluding credit losses			4,810						—						(169)						(974)						3,667
Net unrealized investment gains (losses) with credit losses			(1)						—						—						—						(1)
Balance, December 31, 2021			$	4,809					$	—					$	(169)					$	(974)					$	3,666
Balance, January 1, 2020			$	3,453					$	(894)					$	(189)					$	(497)					$	1,873
Net investment gains (losses) arising during the period			6,192						—						—						—						6,192
Reclassification adjustment:			—						—						—						—						—
Included in net income (loss)			(828)						—						—						—						(828)
Impact of net unrealized investment gains (losses)			—						(655)						(877)						(806)						(2,338)
Net unrealized investment gains (losses) excluding credit losses			8,817						(1,549)						(1,066)						(1,303)						4,899
Net unrealized investment gains (losses) with credit losses			(6)						1						1						1						(3)
Balance, December 31, 2020			$	8,811					$	(1,548)					$	(1,065)					$	(1,302)					$	4,896

_____________

(1)    Reflects a Deferred Tax Asset valuation allowance of $1.6 billion recorded during the fourth quarter of 2022. See Note 18 of the Notes to these Consolidated Financial Statements for additional details.

(2)    Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments.

(3)    Reflects transition adjustment of DAC and Policyholder Liabilities under the adoption of ASU 2018-12 effective January 1, 2021.

Schedule of Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities

The following tables disclose the fair values and gross unrealized losses of the 5,209 issues as of December 31, 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)
December 31, 2022
Fixed Maturities:
Corporate			$	24,580					$	2,668					$	16,534					$	4,536					$	41,114					$	7,204
U.S. Treasury, government and agency			5,564						1,200						204						18						5,768						1,218
States and political subdivisions			130						25						173						64						303						89
Foreign governments			349						42						417						109						766						151
Residential mortgage-backed			671						49						83						38						754						87
Asset-backed			6,298						230						1,765						143						8,063						373
Commercial mortgage-backed			1,577						201						1,640						387						3,217						588
Total at December 31, 2022			$	39,169					$	4,415					$	20,816					$	5,295					$	59,985					$	9,710

			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)
December 31, 2021:
Fixed Maturities:
Corporate			$	10,571					$	163					$	1,633					$	75					$	12,204					$	238
U.S. Treasury, government and agency			993						11						105						4						1,098						15
States and political subdivisions			120						2						11						—						131						2
Foreign governments			349						6						92						8						441						14
Residential mortgage-backed			—						—						—						—						—						—
Asset-backed			3,865						20						38						—						3,903						20
Commercial mortgage-backed			1,527						21						96						4						1,623						25
Total at December 31, 2021			$	17,425					$	223					$	1,975					$	91					$	19,400					$	314

Schedule of Financing Receivable, Allowance for Credit Loss

The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the years ended December 31, 2022 and 2021 were as follows:

									Year Ended December 31,
															2022						2021						2020
															(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period															$	57					$	77					$	33
Current-period provision for expected credit losses															66						(20)						44
Write-offs charged against the allowance															—						—						—
Recoveries of amounts previously written off															—						—						—
Net change in allowance															66						(20)						44
Balance, end of period															$	123					$	57					$	77
Agricultural mortgages:
Balance, beginning of period															$	5					$	4					$	3
Current-period provision for expected credit losses															1						1						1
Write-offs charged against the allowance															—						—						—
Recoveries of amounts previously written off															—						—						—
Net change in allowance															1						1						1
Balance, end of period															$	6					$	5					$	4
Total allowance for credit losses															$	129					$	62					$	81

Schedule of Financing Receivable Credit Quality Indicators

The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of December 31, 2022 and 2021.

Loan to Value (“LTV”) Ratios (1)

			December 31, 2022
			Amortized Cost Basis by Origination Year
			2022						2021						2020						2019						2018						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term Loans Amortized Cost Basis						Total
			(in millions)
Mortgage loans:
Commercial:
0% - 50%			$	624					$	130					$	—					$	—					$	119					$	1,259					$	—					$	—					$	2,132
50% - 70%			2,285						1,569						906						313						623						2,254						328						—						8,278
70% - 90%			363						415						463						329						424						1,314						—						34						3,342
90% plus			—						—						—						—						35						233						—						—						268
Total commercial			$	3,272					$	2,114					$	1,369					$	642					$	1,201					$	5,060					$	328					$	34					$	14,020
Agricultural:

			December 31, 2022
			Amortized Cost Basis by Origination Year
			2022						2021						2020						2019						2018						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term Loans Amortized Cost Basis						Total
			(in millions)
0% - 50%			$	163					$	182					$	228					$	129					$	132					$	725					$	—					$	—					$	1,559
50% - 70%			190						185						222						68						83						267						—						—						1,015
70% - 90%			—						—						—						—						—						16						—						—						16
90% plus			—						—						—						—						—						—						—						—						—
Total agricultural			$	353					$	367					$	450					$	197					$	215					$	1,008					$	—					$	—					$	2,590
Total mortgage loans:
0% - 50%			$	787					$	312					$	228					$	129					$	251					$	1,984					$	—					$	—					$	3,691
50% - 70%			2,475						1,754						1,128						381						706						2,521						328						—						9,293
70% - 90%			363						415						463						329						424						1,330						—						34						3,358
90% plus			—						—						—						—						35						233						—						—						268
Total mortgage loans			$	3,625					$	2,481					$	1,819					$	839					$	1,416					$	6,068					$	328					$	34					$	16,610

Debt Service Coverage Ratios (“DSC”) (2)

			December 31, 2022
			Amortized Cost Basis by Origination Year
			2022						2021						2020						2019						2018						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term Loans Amortized Cost Basis						Total
			(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x			$	771					$	1,159					$	1,113					$	102					$	571					$	1,923					$	—					$	—					$	5,639
1.8x to 2.0x			158						215						164						197						186						482						279						—						1,681
1.5x to 1.8x			337						390						32						153						176						1,175						4						—						2,267
1.2x to 1.5x			1,041						259						—						92						73						917						—						—						2,382
1.0x to 1.2x			507						43						60						98						160						492						45						34						1,439
Less than 1.0x			458						48						—						—						35						71						—						—						612
Total commercial			$	3,272					$	2,114					$	1,369					$	642					$	1,201					$	5,060					$	328					$	34					$	14,020
Agricultural:
Greater than 2.0x			$	51					$	40					$	62					$	21					$	12					$	193					$	—					$	—					$	379
1.8x to 2.0x			16						58						35						24						14						51						—						—						198
1.5x to 1.8x			69						42						111						18						19						196						—						—						455
1.2x to 1.5x			107						147						177						98						99						298						—						—						926
1.0x to 1.2x			91						80						61						30						60						257						—						—						579
Less than 1.0x			19						—						4						6						11						13						—						—						53
Total agricultural			$	353					$	367					$	450					$	197					$	215					$	1,008					$	—					$	—					$	2,590

			December 31, 2022
			Amortized Cost Basis by Origination Year
			2022						2021						2020						2019						2018						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term Loans Amortized Cost Basis						Total
			(in millions)
Total mortgage loans:
Greater than 2.0x			$	822					$	1,199					$	1,175					$	123					$	583					$	2,116					$	—					$	—					$	6,018
1.8x to 2.0x			174						273						199						221						200						533						279						—						1,879
1.5x to 1.8x			406						432						143						171						195						1,371						4						—						2,722
1.2x to 1.5x			1,148						406						177						190						172						1,215						—						—						3,308
1.0x to 1.2x			598						123						121						128						220						749						45						34						2,018
Less than 1.0x			477						48						4						6						46						84						—						—						665
Total mortgage loans			$	3,625					$	2,481					$	1,819					$	839					$	1,416					$	6,068					$	328					$	34					$	16,610

______________

(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
			2021						2020						2019						2018						2017						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term Loans Amortized Cost Basis						Total
			(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

			December 31, 2021
			Amortized Cost Basis by Origination Year
			2021						2020						2019						2018						2017						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term Loans Amortized Cost Basis						Total
			(in millions)
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
			2021						2020						2019						2018						2017						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term Loans Amortized Cost Basis						Total
			(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x			$	1,143					$	1,243					$	210					$	772					$	485					$	2,235					$	—					$	—					$	6,088
1.8x to 2.0x			185						135						182						46						161						372						68						—						1,149
1.5x to 1.8x			275						49						284						211						166						919						48						—						1,952
1.2x to 1.5x			264						95						75						101						253						701						—						—						1,489
1.0x to 1.2x			267						—						—						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

			December 31, 2021
			Amortized Cost Basis by Origination Year
			2021						2020						2019						2018						2017						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term Loans Amortized Cost Basis						Total
			(in millions)
Agricultural:
Greater than 2.0x			$	49					$	64					$	25					$	22					$	24					$	210					$	—					$	—					$	394
1.8x to 2.0x			52						37						25						14						14						70						—						—						212
1.5x to 1.8x			43						113						28						22						41						193						—						—						440
1.2x to 1.5x			161						179						112						116						72						355						—						—						995
1.0x to 1.2x			75						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 2.0x			237						172						207						60						175						442						68						—						1,361
1.5x to 1.8x			318						162						312						233						207						1,112						48						—						2,392
1.2x to 1.5x			425						274						187						217						325						1,056						—						—						2,484
1.0x to 1.2x			342						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.

Schedule of Age Analysis Of Past Due Mortgage Loans

The following table provides information relating to the aging analysis of past-due mortgage loans as of December 31, 2022 and 2021, respectively.

Age Analysis of Past Due Mortgage Loans (1)

			Accruing Loans																																				Non-accruing Loans						Total Loans						Non-accruing Loans with No Allowance						Interest Income on Non-accruing Loans
			Past Due																								Current						Total
			30-59 Days						60-89 Days						90 Days or More						Total
			(in millions)
December 31, 2022:
Mortgage loans:
Commercial			$	56					$	—					$	—					$	56					$	13,964					$	14,020					$	—					$	14,020					$	—					$	—
Agricultural			3						5						13						21						2,553						2,574						16						2,590						—						—
Total			$	59					$	5					$	13					$	77					$	16,517					$	16,594					$	16					$	16,610					$	—					$	—

			Accruing Loans																																				Non-accruing Loans						Total Loans						Non-accruing Loans with No Allowance						Interest Income on Non-accruing Loans
			Past Due																								Current						Total
			30-59 Days						60-89 Days						90 Days or More						Total
			(in millions)
December 31, 2021:
Mortgage loans:
Commercial			$	—					$	—					$	—					$	—					$	11,451					$	11,451					$	—					$	11,451					$	—					$	—
Agricultural			1						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.

Schedule of Unrealized and Realized Gains (Losses) from Equity Securities and Net Investment Income (Loss) from Trading Securities and Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option

The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the years ended December 31, 2022 and 2021.

Unrealized and Realized Gains (Losses) from Equity Securities

						Year Ended December 31,
												2022						2021
												(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period												$	(114)					$	(19)
Net investment gains (losses) recognized on securities sold during the period												(36)						45
Unrealized and realized gains (losses) on equity securities												$	(150)					$	26

The table below shows a breakdown of net investment income (loss) from trading securities during the years ended December 31, 2022, 2021 and 2020.

Net Investment Income (Loss) from Trading Securities

									Year Ended December 31,
															2022						2021						2020
															(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period															$	(198)					$	(274)					$	128
Net investment gains (losses) recognized on securities sold during the period															—						248						42
Unrealized and realized gains (losses) on trading securities															(198)						(26)						170
Interest and dividend income from trading securities															29						99						217
Net investment income (loss) from trading securities															$	(169)					$	73					$	387

The table below shows a breakdown of net investment income (loss) from fixed maturities, at fair value using the fair value option during the years ended December 31, 2022 and 2021.

Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option

									Year Ended December 31,
															2022						2021
															(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period															$	(14)					$	12
Net investment gains (losses) recognized on securities sold during the period															2						4
Unrealized and realized gains (losses) from fixed maturities															(12)						16
Interest and dividend income from fixed maturities															7						19
Net investment income (loss) from fixed maturities															$	(5)					$	35

Schedule of Net Investment Income (Loss)

The following table breaks out net investment income (loss) by asset category:

			Year Ended December 31,
			2022						2021						2020
			(in millions)
Fixed maturities			$	2,625					$	2,440					$	2,341
Mortgage loans on real estate			587						546						516
Other equity investments			134						609						67
Policy loans			215						203						204
Trading securities			(169)						73						387
Other investment income			33						17						33
Fixed maturities, at fair value using the fair value option			(5)						35						1
Gross investment income (loss)			3,420						3,923						3,549
Investment expenses			(105)						(77)						(72)
Net investment income (loss)			$	3,315					$	3,846					$	3,477

Schedule of Investment Gains (Losses), Net

Investment gains (losses), net, including changes in the valuation allowances and credit losses are as follows:

			Year Ended December 31,
			2022						2021						2020
			(in millions)
Fixed maturities			$	(868)					$	847					$	828
Mortgage loans on real estate			(66)						19						(45)
Other equity investments (1)			—						—						30
Other			(11)						2						(69)
Investment gains (losses), net			$	(945)					$	868					$	744

_____________

(1)    Investment gains (losses), net of Other equity investments includes Real Estate Held for production during the years ended December 31, 2021 and December 31, 2020.

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