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INVESTMENTS
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 was $643 million and $626 million, respectively. There was no accrued interest written off for AFS fixed maturities for the three months ended March 31, 2024 and 2023.
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)
March 31, 2024
Fixed Maturities:
Corporate (1)$49,975 $4 $252 $5,865 $44,358 
U.S. Treasury, government and agency
5,759 — — 1,264 4,495 
States and political subdivisions586 — 6 79 513 
Foreign governments
711 — 2 122 591 
Residential mortgage-backed (2)2,678 — 10 148 2,540 
Asset-backed (3)11,852 — 60 85 11,827 
Commercial mortgage-backed3,653 — 4 434 3,223 
Redeemable preferred stock56 — 3 — 59 
Total at March 31, 2024$75,270 $4 $337 $7,997 $67,606 
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-backed3,595 — 2 515 3,082 
Redeemable preferred stock 56 — 3 — 59 
Total at December 31, 2023$74,033 $4 $409 $7,408 $67,030 
______________
(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 March 31, 2024 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)
March 31, 2024
Contractual maturities:
Due in one year or less$1,898 $1,877 
Due in years two through five14,627 14,108 
Due in years six through ten16,210 15,013 
Due after ten years24,292 18,959 
Subtotal57,027 49,957 
Residential mortgage-backed2,678 2,540 
Asset-backed11,852 11,827 
Commercial mortgage-backed3,653 3,223 
Redeemable preferred stock 56 59 
Total at March 31, 2024$75,266 $67,606 

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

 
Three Months Ended March 31,
 
20242023
 
(in millions)
Proceeds from sales$444 $825 
Gross gains on sales$— $2 
Gross losses on sales$(24)$(26)
Net (increase) decrease in Allowance for Credit and Intent to Sell losses $(2)$(56)

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 March 31,
20242023
(in millions)
Balance, beginning of period$48 $36 
Previously recognized impairments on securities that matured, paid, prepaid or sold(4)(3)
Recognized impairments on securities impaired to fair value this period (1) (2)— 52 
Credit losses recognized this period on securities for which credit losses were not previously recognized3 3 
Additional credit losses this period on securities previously impaired1 1 
Balance, end of period$48 $89 
______________
(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.
(2)Amounts reflected for the three months ended March 31, 2023 represent AFS fixed maturities in an unrealized loss position, which the Company intended to sell in anticipation of Equitable Financial’s ordinary dividend to Holdings.
The tables below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI:
Net Unrealized Gains (Losses) on AFS Fixed Maturities
Three Months Ended March 31, 2024
Net Unrealized Gains (Losses) on InvestmentsPolicyholders’ Liabilities
Deferred Income Tax Asset (Liability) (1)
AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (1)
(in millions)
Balance, beginning of period$(6,999)$50 $226 $(6,723)
Net investment gains (losses) arising during the period(683)— — (683)
Reclassification adjustment:
Included in net income (loss)26 — — 26 
Other— — (3)(3)
Impact of net unrealized investment gains (losses)— 13 134 147 
Net unrealized investment gains (losses) excluding credit losses(7,656)63 357 (7,236)
Net unrealized investment gains (losses) with credit losses(4)— 1 (3)
Balance, end of period$(7,660)$63 $358 $(7,239)
Three Months Ended March 31, 2023
Balance, beginning of period$(9,606)$41 $440 $(9,125)
Net investment gains (losses) arising during the period1,555 — — 1,555 
Reclassification adjustment:
Included in net income (loss)80 — — 80 
Other— — 342 342 
Impact of net unrealized investment gains (losses)— (8)(342)(350)
Net unrealized investment gains (losses) excluding credit losses(7,971)33 440 (7,498)
Net unrealized investment gains (losses) with credit losses(7)— 1 (6)
Balance, end of period$(7,978)$33 $441 $(7,504)
_____________
(1)Certain balances were revised from previously filed financial statements.

The following tables disclose the fair values and gross unrealized losses of the 4,380 issues as of March 31, 2024 and the 4,402 issues as of December 31, 2023 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 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in millions)
March 31, 2024
Fixed Maturities:
Corporate$4,228 $158 $31,870 $5,702 $36,098 $5,860 
U.S. Treasury, government and agency101 2 4,320 1,262 4,421 1,264 
States and political subdivisions10 — 304 79 314 79 
Foreign governments56 2 487 120 543 122 
Residential mortgage-backed612 7 1,008 141 1,620 148 
Asset-backed2,087 5 1,737 80 3,824 85 
Commercial mortgage-backed48 8 2,889 426 2,937 434 
Total at March 31, 2024$7,142 $182 $42,615 $7,810 $49,757 $7,992 
December 31, 2023:
Fixed Maturities:
Corporate$2,228 $126 $33,135 $5,231 $35,363 $5,357 
U.S. Treasury, government and agency111 2 4,447 1,104 4,558 1,106 
States and political subdivisions10 — 300 74 310 74 
Foreign governments15 2 517 109 532 111 
Residential mortgage-backed210 2 1,044 131 1,254 133 
Asset-backed528 1 5,522 108 6,050 109 
Commercial mortgage-backed92 11 2,856 504 2,948 515 
Total at December 31, 2023$3,194 $144 $47,821 $7,261 $51,015 $7,405 

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 0.7% of total corporate securities. The largest exposures to a single issuer of corporate securities held as of March 31, 2024 and December 31, 2023 were $317 million and $360 million, respectively, representing 8.4% and 8.2% 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 March 31, 2024 and December 31, 2023, respectively, approximately $3.0 billion and $2.6 billion, or 4.0% and 3.5%, of the $75.3 billion and $74.0 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 $127 million and $101 million as of March 31, 2024 and December 31, 2023, respectively.
As of March 31, 2024 and December 31, 2023, respectively, the $7.8 billion and $7.3 billion 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 the allowance for credit losses for these securities was not warranted at either March 31, 2024 or December 31, 2023. As of March 31, 2024 and December 31, 2023, the Company did not intend to sell the securities nor was it more likely than not 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 March 31, 2024, the Company determined that the unrealized loss was primarily due to increases in interest rates and credit spreads.
Securities Lending
Beginning in 2023, the Company has entered into securities lending agreements with an agent bank whereby blocks of securities are loaned to third parties, primarily major brokerage firms. As of March 31, 2024 and December 31, 2023, the estimated fair value of loaned securities was $144 million and $113 million. The agreements require a minimum of 102% of the fair value of the loaned securities to be held as cash collateral, calculated daily. To further minimize the credit risks related to these programs, the financial condition of counterparties is monitored on a regular basis. As of March 31, 2024 and December 31, 2023, cash collateral received in the amount of $147 million and $116 million, was invested by the agent bank. A securities lending payable for the overnight and continuous loans is included in other liabilities in the amount of cash collateral received. Securities lending transactions are used to generate income. Income and expenses associated with these transactions are reported as net investment income and were not material for March 31, 2024 and December 31, 2023.
Mortgage Loans on Real Estate
In September 2023, the Company began investing in residential mortgage loans. Accrued interest receivable on commercial, agricultural and residential mortgage loans as of March 31, 2024 and December 31, 2023 was $85 million and $82 million, respectively. There was no accrued interest written off for commercial, agricultural and residential mortgage loans for the three months ended March 31, 2024 and 2023.
As of March 31, 2024 and December 31, 2023, the Company had one commercial mortgage loan for which foreclosure was probable. That loan has an amortized cost of $108 million and an associated allowance of $54 million.
Allowance for Credit Losses on Mortgage Loans
The change in the allowance for credit losses for commercial, agricultural and residential mortgage loans were as follows:
Three Months Ended March 31,
20242023
(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period$272 $123 
Current-period provision for expected credit losses16 10 
Write-offs charged against the allowance— — 
Recoveries of amounts previously written off— — 
Net change in allowance16 10 
Balance, end of period$288 $133 
Agricultural mortgages:
Balance, beginning of period$6 $6 
Current-period provision for expected credit losses— — 
Write-offs charged against the allowance— — 
Recoveries of amounts previously written off— — 
Net change in allowance— — 
Balance, end of period$6 $6 
Three Months Ended March 31,
20242023
(in millions)
Residential mortgages:
Balance, beginning of period$1 $— 
Current-period provision for expected credit losses2 — 
Write-offs charged against the allowance— — 
Recoveries of amounts previously written off— — 
Net change in allowance2 — 
Balance, end of period$3 $— 
Total allowance for credit losses$297 $139 

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 and economic assumptions.
Credit Quality Information
The Company’s commercial and agricultural mortgage loans segregated by risk rating exposure were as follows:
Loan to Value (“LTV”) Ratios (1) (3)
March 31, 2024
Amortized Cost Basis by Origination Year
20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%$— $308 $155 $129 $35 $1,532 $— $— $2,159 
50% - 70%195 920 1,871 670 749 2,522 517 96 7,540 
70% - 90%— 240 1,197 1,144 576 1,657 62 36 4,912 
90% plus— — — 158 — 949 — — 1,107 
Total commercial$195 $1,468 $3,223 $2,101 $1,360 $6,660 $579 $132 $15,718 
Agricultural:
0% - 50%$14 $102 $160 $190 $242 $910 $— $— $1,618 
50% - 70%40 60 144 150 180 334 — — 908 
70% - 90%— — — — — 16 — — 16 
90% plus— — — — — — — — — 
Total agricultural$54 $162 $304 $340 $422 $1,260 $— $— $2,542 
March 31, 2024
Amortized Cost Basis by Origination Year
20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Total commercial and agricultural mortgage loans:
0% - 50%$14 $410 $315 $319 $277 $2,442 $— $— $3,777 
50% - 70%235 980 2,015 820 929 2,856 517 96 8,448 
70% - 90%— 240 1,197 1,144 576 1,673 62 36 4,928 
90% plus— — — 158 — 949 — — 1,107 
Total commercial and agricultural mortgage loans
$249 $1,630 $3,527 $2,441 $1,782 $7,920 $579 $132 $18,260 


Debt Service Coverage (“DSC”) Ratios (2) (3)
March 31, 2024
Amortized Cost Basis by Origination Year
20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x$— $175 $693 $1,190 $1,133 $3,573 $— $— $6,764 
1.8x to 2.0x40 75 — 208 167 637 318 96 1,541 
1.5x to 1.8x— 164 911 143 — 1,016 100 — 2,334 
1.2x to 1.5x82 612 981 427 — 912 79 — 3,093 
1.0x to 1.2x73 434 281 67 — 464 82 36 1,437 
Less than 1.0x— 8 357 66 60 58 — — 549 
Total commercial$195 $1,468 $3,223 $2,101 $1,360 $6,660 $579 $132 $15,718 
Agricultural:
Greater than 2.0x$8 $7 $50 $34 $59 $196 $— $— $354 
1.8x to 2.0x5 18 16 56 29 83 — — 207 
1.5x to 1.8x2 12 49 31 110 209 — — 413 
1.2x to 1.5x35 46 110 148 159 433 — — 931 
1.0x to 1.2x3 47 55 67 57 307 — — 536 
Less than 1.0x1 32 24 4 8 32 — — 101 
Total agricultural$54 $162 $304 $340 $422 $1,260 $— $— $2,542 
March 31, 2024
Amortized Cost Basis by Origination Year
20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Total commercial and agricultural mortgage loans:
Greater than 2.0x$8 $182 $743 $1,224 $1,192 $3,769 $— $— $7,118 
1.8x to 2.0x45 93 16 264 196 720 318 96 1,748 
1.5x to 1.8x2 176 960 174 110 1,225 100 — 2,747 
1.2x to 1.5x117 658 1,091 575 159 1,345 79 — 4,024 
1.0x to 1.2x76 481 336 134 57 771 82 36 1,973 
Less than 1.0x1 40 381 70 68 90 — — 650 
Total commercial and agricultural mortgage loans
$249 $1,630 $3,527 $2,441 $1,782 $7,920 $579 $132 $18,260 
______________
(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, 2023
Amortized Cost Basis by Origination Year
20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(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
20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(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 

DSC Ratios (2) (3)
December 31, 2023
Amortized Cost Basis by Origination Year
20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(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 1.8x80 1,060 234 — 162 924 — — 2,460 
1.2x to 1.5x690 687 457 — 11 838 41 — 2,724 
1.0x to 1.2x528 668 38 — 43 317 76 35 1,705 
Less than 1.0x8 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 2.0x18 16 56 33 23 61 — — 207 
1.5x to 1.8x12 50 31 109 17 193 — — 412 
1.2x to 1.5x46 111 148 170 98 365 — — 938 
1.0x to 1.2x47 57 68 57 26 284 — — 539 
Less than 1.0x32 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
20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(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 2.0x18 16 238 200 194 723 383 96 1,868 
1.5x to 1.8x92 1,110 265 109 179 1,117 — — 2,872 
1.2x to 1.5x736 798 605 170 109 1,203 41 — 3,662 
1.0x to 1.2x575 725 106 57 69 601 76 35 2,244 
Less than 1.0x40 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.
The amortized cost of residential mortgage loans by credit quality indicator and origination year was as follows:
March 31, 2024
Amortized Cost Basis by Origination Year
20242023202220212020PriorTotal
(in millions)
Performance indicators:
Performing
$— $373 $139 $90 $3 $2 $607 
Nonperforming
— — — — — — — 
Total
$— $373 $139 $90 $3 $2 $607 

December 31, 2023
Amortized Cost Basis by Origination Year
20232022202120202019PriorTotal
(in millions)
Performance indicators:
Performing
$98 $121 $74 $2 $1 $2 $298 
Nonperforming
— — — — — — — 
Total
$98 $121 $74 $2 $1 $2 $298 
Past-Due and Nonaccrual Mortgage Loan Status
The aging analysis of past-due mortgage loans were as follows:
Age Analysis of Past Due Mortgage Loans (1)
Accruing LoansNon-accruing LoansTotal LoansNon-accruing Loans with No AllowanceInterest Income on Non-accruing Loans
Past DueCurrentTotal
30-59 Days60-89 Days90 Days or MoreTotal
(in millions)
March 31, 2024:
Mortgage loans:
Commercial$— $— $— $— $15,484 $15,484 $234 $15,718 $— $— 
Agricultural1 5 54 60 2,463 2,523 19 2,542 — — 
Residential
— — — — 607 607 — 607 — — 
Total$1 $5 $54 $60 $18,554 $18,614 $253 $18,867 $— $— 
December 31, 2023:
Mortgage loans:
Commercial$32 $— $— $32 $15,341 $15,373 $234 $15,607 $— $7 
Agricultural7 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 
_______________
(1)Amounts presented at amortized cost basis.
As of March 31, 2024 and December 31, 2023, the amortized cost of problem mortgage loans that had been classified as non-accrual loans were $127 million and $127 million, respectively.
Troubled Debt Restructuring
During the year ended December 31, 2023, the Company granted modification of interest rates on four commercial mortgage loans, but not to market terms and required management of excess cash. The loans have an amortized cost of $235 million and $234 million for the period ended March 31, 2024 and December 31, 2023, respectively, which represents 1.5% of total commercial mortgage loans. Two of the four loans also have term extensions of 17 months to 4 years. The impact to Investment income or gains (losses) as a result of these modifications in 2023 was not material to the consolidated financial statements. For the accounting policy pertaining to our TDRs see Note 2 of the Notes to these Consolidated Financial Statements.

There were no TDRs for the three months ended March 31, 2024.
Equity Securities
The breakdown of unrealized and realized gains and (losses) on equity securities was as follows:
Unrealized and Realized Gains (Losses) from Equity Securities
Three Months Ended March 31,
20242023
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$15 $(3)
Net investment gains (losses) recognized on securities sold during the period(1)— 
Unrealized and realized gains (losses) on equity securities $14 $(3)
Trading Securities
As of March 31, 2024 and December 31, 2023, respectively, the fair value of the Company’s trading securities was $1.3 billion and $1.1 billion. As of March 31, 2024 and December 31, 2023, respectively, trading securities included the General Account’s investment in Separate Accounts had carrying values of $53 million and $49 million.
The breakdown of net investment income (loss) from trading securities was as follows:
Net Investment Income (Loss) from Trading Securities
Three Months Ended March 31,
20242023
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$36 $35 
Net investment gains (losses) recognized on securities sold during the period1 (1)
Unrealized and realized gains (losses) on trading securities37 34 
Interest and dividend income from trading securities11 5 
Net investment income (loss) from trading securities$48 $39 
Fixed maturities, at fair value using the fair value option
The breakdown of net investment income (loss) from fixed maturities, at fair value using the fair value option were as follows:
Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option
Three Months Ended March 31,
20242023
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$(3)$4 
Net investment gains (losses) recognized on securities sold during the period1 (2)
Unrealized and realized gains (losses) from fixed maturities(2)2 
Interest and dividend income from fixed maturities5 7 
Net investment income (loss) from fixed maturities$3 $9 
Net Investment Income
The following tables provides the components of net investment income by investment type:
Three Months Ended March 31,
20242023
(in millions)
Fixed maturities$821 $715 
Mortgage loans on real estate234 177 
Other equity investments60 6 
Policy loans54 52 
Trading securities48 39 
Other investment income25 18 
Fixed maturities, at fair value using the fair value option3 9 
Gross investment income (loss)1,245 1,016 
Investment expenses(26)(26)
Net investment income (loss)$1,219 $990 
Investment Gains (Losses), Net
Investment gains (losses), net, including changes in the valuation allowances and credit losses were as follows:
Three Months Ended March 31,
20242023
(in millions)
Fixed maturities$(26)$(80)
Mortgage loans on real estate(18)(10)
Other5 3 
Investment gains (losses), net$(39)$(87)

For the three months ended March 31, 2024 and 2023, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders’ account balances totaled $0 million and $0 million .