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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023
Fixed Maturities:
Corporate (1)			$	49,786					$	4					$	320					$	5,360					$	44,742
U.S. Treasury, government and agency			5,735						—						2						1,106						4,631
States and political subdivisions			614						—						9						74						549
Foreign governments			719						—						3						111						611
Residential mortgage-backed (2)			2,470						—						18						133						2,355
Asset-backed (3)			11,058						—						52						109						11,001
Commercial mortgage-backed			3,595						—						2						515						3,082
Redeemable preferred stock			56						—						3						—						59
Total at December 31, 2023			$	74,033					$	4					$	409					$	7,408					$	67,030
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

______________

(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, 2023 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 pre-payment penalties.

Contractual Maturities of AFS Fixed Maturities

			Amortized Cost (Less Allowance for Credit Losses)						Fair Value
			(in millions)
December 31, 2023
Contractual maturities:
Due in one year or less			$	1,524					$	1,509
Due in years two through five			14,556						14,071
Due in years six through ten			16,627						15,585
Due after ten years			24,143						19,368
Subtotal			56,850						50,533
Residential mortgage-backed			2,470						2,355
Asset-backed			11,058						11,001
Commercial mortgage-backed			3,595						3,082
Redeemable preferred stock			56						59
Total at December 31, 2023			$	74,029					$	67,030

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,
															2023						2022						2021
															(in millions)
Proceeds from sales															$	6,790					$	11,932					$	27,363
Gross gains on sales															$	10					$	45					$	1,152
Gross losses on sales															$	(504)					$	(663)					$	(195)
Net (increase) decrease in Allowance for Credit and Intent to Sell losses															$	(70)					$	(247)					$	(16)

Schedule of 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,
															2023						2022						2021
															(in millions)
Balance, beginning of year															$	36					$	44					$	32
Previously recognized impairments on securities that matured, paid, prepaid or sold															(67)						(263)						(4)
Recognized impairments on securities impaired to fair value this period (1) (2)															52						246						—
Credit losses recognized this period on securities for which credit losses were not previously recognized															15						—						9
Additional credit losses this period on securities previously impaired															12						9						7
Balance, end of year															$	48					$	36					$	44

______________

(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 for the year ended December 31, 2023 represent AFS fixed maturities in an unrealized loss position, which the Company sold in anticipation of Equitable Financial’s ordinary dividend to Holdings. Amounts reflected for the year ended December 31, 2022 represent 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 below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI:

Net Unrealized Gains (Losses) on AFS Fixed Maturities

			Year Ended December 31, 2023
			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, beginning of year			$	(9,606)					$	—					$	41					$	440					$	(9,125)
Net investment gains (losses) arising during the period			2,048						—						—						—						2,048
Reclassification adjustment:
Included in net income (loss)			563						—						—						—						563
Impact of net unrealized investment gains (losses)			—						—						9						(551)						(542)
Net unrealized investment gains (losses) excluding credit losses			(6,995)						—						50						(111)						(7,056)
Net unrealized investment gains (losses) with credit losses			(4)						—						—						1						(3)
Balance, end of year			$	(6,999)					$	—					$	50					$	(110)					$	(7,059)
			Year Ended December 31, 2022
Balance, beginning of year			$	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, end of year			$	(9,606)					$	—					$	41					$	440					$	(9,125)
			Year Ended December 31, 2021
Balance, beginning of year			$	8,811					$	(1,548)					$	(1,065)					$	(1,302)					$	4,896
Transition adjustment (2)			—						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 (3)			(33)						—						—						—						(33)
Impact of net unrealized investment gains (losses)			—						—						973						328						1,301
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, end of year			$	4,809					$	—					$	(169)					$	(974)					$	3,666

______________

(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)    Reflects transition adjustment of DAC and Policyholder Liabilities under the adoption of ASU 2018-12 effective January 1, 2021.Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments.

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

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 4,402 issues as of December 31, 2023 and the 5,209 issues as of December 31, 2022 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, 2023
Fixed Maturities:
Corporate			$	2,228					$	126					$	33,135					$	5,231					$	35,363					$	5,357
U.S. Treasury, government and agency			111						2						4,447						1,104						4,558						1,106
States and political subdivisions			10						—						300						74						310						74
Foreign governments			15						2						517						109						532						111
Residential mortgage-backed			210						2						1,044						131						1,254						133
Asset-backed			528						1						5,522						108						6,050						109
Commercial mortgage-backed			92						11						2,856						504						2,948						515
Total at December 31, 2023			$	3,194					$	144					$	47,821					$	7,261					$	51,015					$	7,405
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

Schedule of Financing Receivable, Allowance for Credit Loss

The change in the allowance for credit losses for commercial, agricultural and residential mortgage loans were as follows:

									Year Ended December 31,
															2023						2022						2021
															(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of year															$	123					$	57					$	77
Current-period provision for expected credit losses															149						66						(20)
Write-offs charged against the allowance															—						—						—
Recoveries of amounts previously written off															—						—						—
Net change in allowance															149						66						(20)
Balance, end of year															$	272					$	123					$	57
Agricultural mortgages:
Balance, beginning of year															$	6					$	5					$	4
Current-period provision for expected credit losses															—						1						1
Write-offs charged against the allowance															—						—						—

									Year Ended December 31,
															2023						2022						2021
															(in millions)
Recoveries of amounts previously written off															—						—						—
Net change in allowance															—						1						1
Balance, end of year															$	6					$	6					$	5
Residential mortgages:
Balance, beginning of year															$	—					$	—					$	—
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 year															$	1					$	—					$	—
Total allowance for credit losses															$	279					$	129					$	62

Schedule of Financing Receivable Credit Quality Indicators

The Company’s commercial and agricultural mortgage loans segregated by risk rating exposure were as follows:

Loan to Value (“LTV”) Ratios (1) (3)

			December 31, 2023
			Amortized Cost Basis by Origination Year
			2023						2022						2021						2020						2019						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term Loans Amortized Cost Basis						Total
			(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%			$	249					$	164					$	129					$	35					$	—					$	1,557					$	—					$	—					$	2,134
50% - 70%			924						1,916						671						750						299						2,319						463						96						7,438
70% - 90%			308						1,197						1,236						523						245						1,384						37						35						4,965
90% plus			—						—						66						54						92						858						—						—						1,070
Total commercial			$	1,481					$	3,277					$	2,102					$	1,362					$	636					$	6,118					$	500					$	131					$	15,607
Agricultural:
0% - 50%			$	102					$	162					$	191					$	235					$	132					$	802					$	—					$	—					$	1,624
50% - 70%			60						146						152						201						58						288						—						—						905
70% - 90%			—						—						—						—						—						16						—						—						16
90% plus			—						—						—						—						—						—						—						—						—
Total agricultural			$	162					$	308					$	343					$	436					$	190					$	1,106					$	—					$	—					$	2,545

			December 31, 2023
			Amortized Cost Basis by Origination Year
			2023						2022						2021						2020						2019						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term Loans Amortized Cost Basis						Total
			(in millions)
Total commercial and agricultural mortgage loans:
0% - 50%			$	351					$	326					$	320					$	270					$	132					$	2,359					$	—					$	—					$	3,758
50% - 70%			984						2,062						823						951						357						2,607						463						96						8,343
70% - 90%			308						1,197						1,236						523						245						1,400						37						35						4,981
90% plus			—						—						66						54						92						858						—						—						1,070
Total commercial and agricultural mortgage loans			$	1,643					$	3,585					$	2,445					$	1,798					$	826					$	7,224					$	500					$	131					$	18,152

Debt Service Coverage (“DSC”) Ratios (2) (3)

			December 31, 2023
			Amortized Cost Basis by Origination Year
			2023						2022						2021						2020						2019						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term Loans Amortized Cost Basis						Total
			(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x			$	175					$	693					$	1,125					$	1,135					$	249					$	3,273					$	—					$	—					$	6,650
1.8x to 2.0x			—						—						182						167						171						662						383						96						1,661
1.5x to 1.8x			80						1,060						234						—						162						924						—						—						2,460
1.2x to 1.5x			690						687						457						—						11						838						41						—						2,724
1.0x to 1.2x			528						668						38						—						43						317						76						35						1,705
Less than 1.0x			8						169						66						60						—						104						—						—						407
Total commercial			$	1,481					$	3,277					$	2,102					$	1,362					$	636					$	6,118					$	500					$	131					$	15,607
Agricultural:
Greater than 2.0x			$	7					$	50					$	36					$	59					$	20					$	179					$	—					$	—					$	351
1.8x to 2.0x			18						16						56						33						23						61						—						—						207
1.5x to 1.8x			12						50						31						109						17						193						—						—						412
1.2x to 1.5x			46						111						148						170						98						365						—						—						938
1.0x to 1.2x			47						57						68						57						26						284						—						—						539
Less than 1.0x			32						24						4						8						6						24						—						—						98
Total agricultural			$	162					$	308					$	343					$	436					$	190					$	1,106					$	—					$	—					$	2,545

			December 31, 2023
			Amortized Cost Basis by Origination Year
			2023						2022						2021						2020						2019						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term Loans Amortized Cost Basis						Total
			(in millions)
Total commercial and agricultural mortgage loans:
Greater than 2.0x			$	182					$	743					$	1,161					$	1,194					$	269					$	3,452					$	—					$	—					$	7,001
1.8x to 2.0x			18						16						238						200						194						723						383						96						1,868
1.5x to 1.8x			92						1,110						265						109						179						1,117						—						—						2,872
1.2x to 1.5x			736						798						605						170						109						1,203						41						—						3,662
1.0x to 1.2x			575						725						106						57						69						601						76						35						2,244
Less than 1.0x			40						193						70						68						6						128						—						—						505
Total commercial and agricultural mortgage loans			$	1,643					$	3,585					$	2,445					$	1,798					$	826					$	7,224					$	500					$	131					$	18,152

______________

(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.

(3)Residential mortgage loans are excluded from the above tables.

LTV Ratios (1) (3)

			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)
Commercial and agricultural 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:
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

			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 commercial and agricultural 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 commercial and agricultural mortgage loans			$	3,625					$	2,481					$	1,819					$	839					$	1,416					$	6,068					$	328					$	34					$	16,610

DSC Ratios (2) (3)

			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)
Commercial and agricultural 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

			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)
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
Total commercial and agricultural 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 commercial and agricultural 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.

(3)Residential mortgage loans are excluded from the above tables.

The amortized cost of residential mortgage loans by credit quality indicator and origination year was as follows:

			December 31, 2023
			Amortized Cost Basis by Origination Year
			2023						2022						2021						2020						2019						Prior						Total
			(in millions)
Performance indicators: (1)
Performing			$	98					$	121					$	74					$	2					$	1					$	2					$	298
Nonperforming			—						—						—						—						—						—						—
Total			$	98					$	121					$	74					$	2					$	1					$	2					$	298

______________

(1)The Company began investing in residential mortgages in 2023. Therefore, 2022 comparative information is not applicable.

Schedule of Age Analysis of Past Due Mortgage Loans

The aging analysis of past-due mortgage loans were as follows:

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, 2023:
Mortgage loans:
Commercial			$	32					$	—					$	—					$	32					$	15,341					$	15,373					$	234					$	15,607					$	—					$	7
Agricultural			7						5						40						52						2,474						2,526						19						2,545						—						—
Residential			—						—						—						—						298						298						—						298						—						—
Total			$	39					$	5					$	40					$	84					$	18,113					$	18,197					$	253					$	18,450					$	—					$	7
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						—						—
Residential			—						—						—						—						—						—						—						—						—						—
Total			$	59					$	5					$	13					$	77					$	16,517					$	16,594					$	16					$	16,610					$	—					$	—

_______________

(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 breakdown of unrealized and realized gains and (losses) on equity securities was as follows:

Unrealized and Realized Gains (Losses) from Equity Securities

						Year Ended December 31,
												2023						2022			2021
												(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period												$	35					$	(114)		$	(19)
Net investment gains (losses) recognized on securities sold during the period												(8)						(36)			45
Unrealized and realized gains (losses) on equity securities												$	27					$	(150)		$	26

The breakdown of net investment income (loss) from trading securities was as follows:

Net Investment Income (Loss) from Trading Securities

									Year Ended December 31,
															2023						2022						2021
															(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period															$	82					$	(198)					$	(274)
Net investment gains (losses) recognized on securities sold during the period															(5)						—						248
Unrealized and realized gains (losses) on trading securities															77						(198)						(26)
Interest and dividend income from trading securities															33						29						99
Net investment income (loss) from trading securities															$	110					$	(169)					$	73

The breakdown of net investment income (loss) from fixed maturities, at fair value using the fair value option were as follows:

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

									Year Ended December 31,
															2023						2022						2021
															(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period															$	23					$	(14)					$	12
Net investment gains (losses) recognized on securities sold during the period															(19)						2						4
Unrealized and realized gains (losses) from fixed maturities															4						(12)						16
Interest and dividend income from fixed maturities															10						7						19
Net investment income (loss) from fixed maturities															$	14					$	(5)					$	35

Schedule of Net Investment Income

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

			Year Ended December 31,
			2023						2022						2021
			(in millions)
Fixed maturities			$	3,107					$	2,625					$	2,440
Mortgage loans on real estate			806						587						546
Other equity investments			77						134						609
Policy loans			216						215						203
Trading securities			110						(169)						73
Other investment income			98						33						17
Fixed maturities, at fair value using the fair value option			14						(5)						35
Gross investment income (loss)			4,428						3,420						3,923
Investment expenses			(108)						(105)						(77)
Net investment income (loss)			$	4,320					$	3,315					$	3,846

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,
			2023						2022						2021
			(in millions)
Fixed maturities			$	(563)					$	(868)					$	847
Mortgage loans on real estate			(151)						(66)						19
Other equity investments			—						—						—
Other			1						(11)						2
Investment gains (losses), net			$	(713)					$	(945)					$	868

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