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SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]  
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES
AS OF DECEMBER 31, 2023
Cost (1)
Fair Value
Carrying
Value
 
(in millions)
Fixed maturities, AFS:
U.S. government, agencies and authorities$5,735 $4,631 $4,631 
State, municipalities and political subdivisions614 549 549 
Foreign governments719 611 611 
Public utilities6,859 6,075 6,075 
All other corporate bonds42,927 38,667 38,667 
Residential mortgage-backed2,470 2,355 2,355 
Asset-backed11,058 11,001 11,001 
Commercial mortgage-backed3,595 3,082 3,082 
Redeemable preferred stocks56 59 59 
Total fixed maturities, AFS74,033 67,030 67,030 
Fixed maturities, at fair value using the fair value option 1,692 1,654 1,654 
Mortgage loans on real estate (2)18,152 16,471 18,171 
Policy loans4,158 4,485 4,158 
Other equity investments3,126 3,384 3,384 
Trading securities1,005 1,057 1,057 
Other invested assets6,719 6,719 6,719 
Total Investments$108,885 $100,800 $102,173 
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(1)Cost for fixed maturities represents original cost, reduced by repayments and write-downs and adjusted for amortization of premiums or accretion of discount; cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(2)Carrying value for mortgage loans on real estate represents original cost adjusted for amortization of premiums or accretion of discount and reduced by credit loss allowance.