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INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2024

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)
June 30, 2024
Fixed Maturities:
Corporate (1)			$	52,490					$	4					$	209					$	6,265					$	46,430
U.S. Treasury, government and agency			5,773						—						—						1,362						4,411
States and political subdivisions			519						—						2						84						437
Foreign governments			707						—						1						128						580
Residential mortgage-backed (2)			3,519						—						10						150						3,379
Asset-backed (3)			12,869						—						64						76						12,857
Commercial mortgage-backed			3,864						—						2						439						3,427
Redeemable preferred stock			56						—						3						1						58
Total at June 30, 2024			$	79,797					$	4					$	291					$	8,505					$	71,579
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

______________

(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 June 30, 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 pre-pay 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)
June 30, 2024
Contractual maturities:
Due in one year or less			$	2,187					$	2,158
Due in years two through five			15,150						14,599
Due in years six through ten			17,658						16,426
Due after ten years			24,490						18,675
Subtotal			59,485						51,858
Residential mortgage-backed			3,519						3,379
Asset-backed			12,869						12,857
Commercial mortgage-backed			3,864						3,427
Redeemable preferred stock			56						58
Total at June 30, 2024			$	79,793					$	71,579

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

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
			(in millions)
Proceeds from sales			$	1,331					$	2,230					$	1,775					$	3,055
Gross gains on sales			$	5					$	5					$	5					$	7
Gross losses on sales			$	(3)					$	(43)					$	(27)					$	(69)
Net (increase) decrease in Allowance for Credit and Intent to Sell losses			$	(3)					$	(7)					$	(5)					$	(63)

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

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
			(in millions)
Balance, beginning of period			$	48					$	89					$	48					$	36
Previously recognized impairments on securities that matured, paid, prepaid or sold			(4)						(54)						(8)						(57)
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 recognized			3						6						6						9
Additional credit losses this period on securities previously impaired			3						3						4						4
Balance, end of period			$	50					$	44					$	50					$	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 six months ended June 30, 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.

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

			Three Months Ended June 30, 2024
			Net Unrealized Gains (Losses) on Investments						Policyholders’ Liabilities						Deferred Income Tax Asset (Liability)						AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
			(in millions)
Balance, beginning of year			$	(7,660)					$	63					$	358					$	(7,239)
Net investment gains (losses) arising during the period			(555)						—						—						(555)
Reclassification adjustment:
Included in net income (loss)			—						—						—						—
Excluded from net income (loss)			—						—						—						—
Other			—						—						(4)						(4)
Impact of net unrealized investment gains (losses)			—						4						117						121
Net unrealized investment gains (losses) excluding credit losses			(8,215)						67						471						(7,677)
Net unrealized investment gains (losses) with credit losses			1						—						—						1
Balance, end of year			$	(8,214)					$	67					$	471					$	(7,676)
			Three Months Ended June 30, 2023
Balance, beginning of year			$	(7,978)					$	33					$	441					$	(7,504)
Net investment gains (losses) arising during the period			(710)						—						—						(710)
Reclassification adjustment:
Included in net income (loss)			46						—						—						46
Excluded from net income (loss)			—						—						—						—
Other			—						—						(139)						(139)
Impact of net unrealized investment gains (losses)			—						3						139						142
Net unrealized investment gains (losses) excluding credit losses			(8,642)						36						441						(8,165)
Net unrealized investment gains (losses) with credit losses			1						—						—						1
Balance, end of year			$	(8,641)					$	36					$	441					$	(8,164)

			Six Months Ended June 30, 2024
			Net Unrealized Gains (Losses) on Investments												Policyholders’ 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			(1,238)												—						—						(1,238)
Reclassification adjustment:
Included in net income (loss)			26												—						—						26
Other			—												—						(7)						(7)
Impact of net unrealized investment gains (losses)			—												17						251						268
Net unrealized investment gains (losses) excluding credit losses			(8,211)												67						470						(7,674)

Net unrealized investment gains (losses) with credit losses			(3)												—						1						(2)
Balance, end of period			$	(8,214)											$	67					$	471					$	(7,676)
			Six Months Ended June 30, 2023
Balance, beginning of period			$	(9,606)											$	41					$	440					$	(9,125)
Net investment gains (losses) arising during the period			845												—						—						845
Reclassification adjustment:
Included in net income (loss)			126												—						—						126
Other			—												—						203						203
Impact of net unrealized investment gains (losses)			—												(5)						(203)						(208)
Net unrealized investment gains (losses) excluding credit losses			(8,635)												36						440						(8,159)
Net unrealized investment gains (losses) with credit losses			(6)												—						1						(5)
Balance, end of period			$	(8,641)											$	36					$	441					$	(8,164)

_____________

(1)Certain balances were revised from previously filed financial statements.

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 4,541 issues as of June 30, 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 Months												12 Months or Longer												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
			(in millions)
June 30, 2024
Fixed Maturities:
Corporate			$	5,860					$	143					$	31,508					$	6,118					$	37,368					$	6,261
U.S. Treasury, government and agency			15						—						4,333						1,362						4,348						1,362
States and political subdivisions			65						—						276						84						341						84
Foreign governments			64						2						482						126						546						128
Residential mortgage-backed			1,136						8						1,051						142						2,187						150
Asset-backed			1,763						5						1,228						71						2,991						76
Commercial mortgage-backed			241						9						2,861						430						3,102						439
Total at June 30, 2024			$	9,144					$	167					$	41,739					$	8,333					$	50,883					$	8,500

			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

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:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
			(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period			$	288					$	133					$	272					$	123
Current-period provision for expected credit losses			9						7						25						17
Write-offs charged against the allowance			(75)						—						(75)						—
Recoveries of amounts previously written off			—						—						—						—
Net change in allowance			(66)						7						(50)						17
Balance, end of period			$	222					$	140					$	222					$	140
Agricultural mortgages:
Balance, beginning of period			$	6					$	6					$	6					$	6
Current-period provision for expected credit losses			3						(1)						3						(1)
Write-offs charged against the allowance			—						—						—						—
Recoveries of amounts previously written off			—						—						—						—
Net change in allowance			3						(1)						3						(1)
Balance, end of period			$	9					$	5					$	9					$	5
Residential mortgages:
Balance, beginning of period			$	3					$	—					$	1					$	—
Current-period provision for expected credit losses			—						—						2						—
Write-offs charged against the allowance			—						—						—						—
Recoveries of amounts previously written off			—						—						—						—
Net change in allowance			—						—						2						—
Balance, end of period			$	3					$	—					$	3					$	—
Total allowance for credit losses			$	234					$	145					$	234					$	145

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)

			June 30, 2024
			Amortized Cost Basis by Origination Year
			2024						2023						2022						2021						2020						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%			$	—					$	309					$	140					$	130					$	35					$	1,591					$	—					$	—					$	2,205
50% - 70%			318						927						1,326						664						716						2,305						495						206						6,957
70% - 90%			—						242						1,276						1,145						515						1,695						77						36						4,986
90% plus			—						—						467						158						91						833						—						—						1,549
Total commercial			$	318					$	1,478					$	3,209					$	2,097					$	1,357					$	6,424					$	572					$	242					$	15,697
Agricultural:
0% - 50%			$	23					$	101					$	159					$	188					$	248					$	903					$	—					$	—					$	1,622
50% - 70%			97						60						140						149						172						306						—						—						924
70% - 90%			—						—						—						—						—						16						—						—						16
90% plus			—						—						—						—						—						—						—						—						—
Total agricultural			$	120					$	161					$	299					$	337					$	420					$	1,225					$	—					$	—					$	2,562
Total commercial and agricultural mortgage loans:
0% - 50%			$	23					$	410					$	299					$	318					$	283					$	2,494					$	—					$	—					$	3,827
50% - 70%			415						987						1,466						813						888						2,611						495						206						7,881
70% - 90%			—						242						1,276						1,145						515						1,711						77						36						5,002
90% plus			—						—						467						158						91						833						—						—						1,549
Total commercial and agricultural mortgage loans			$	438					$	1,639					$	3,508					$	2,434					$	1,777					$	7,649					$	572					$	242					$	18,259

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

			June 30, 2024
			Amortized Cost Basis by Origination Year
			2024						2023						2022						2021						2020						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					$	1,222					$	1,131					$	3,544					$	—					$	—					$	6,765

			June 30, 2024
			Amortized Cost Basis by Origination Year
			2024						2023						2022						2021						2020						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term Loans Amortized Cost Basis						Total
			(in millions)
1.8x to 2.0x			—						—						—						208						166						549						231						206						1,360
1.5x to 1.8x			40						141						808						143						—						992						113						—						2,237
1.2x to 1.5x			205						684						1,168						429						60						838						—						—						3,384
1.0x to 1.2x			73						470						369						61						—						443						228						36						1,680
Less than 1.0x			—						8						171						34						—						58						—						—						271
Total commercial			$	318					$	1,478					$	3,209					$	2,097					$	1,357					$	6,424					$	572					$	242					$	15,697
Agricultural:
Greater than 2.0x			$	8					$	7					$	42					$	34					$	59					$	182					$	—					$	—					$	332
1.8x to 2.0x			11						17						24						55						29						80						—						—						216
1.5x to 1.8x			47						12						49						28						110						206						—						—						452
1.2x to 1.5x			20						46						105						140						158						428						—						—						897
1.0x to 1.2x			23						47						55						69						56						297						—						—						547
Less than 1.0x			11						32						24						11						8						32						—						—						118
Total agricultural			$	120					$	161					$	299					$	337					$	420					$	1,225					$	—					$	—					$	2,562
Total commercial and agricultural mortgage loans:
Greater than 2.0x			$	8					$	182					$	735					$	1,256					$	1,190					$	3,726					$	—					$	—					$	7,097
1.8x to 2.0x			11						17						24						263						195						629						231						206						1,576
1.5x to 1.8x			87						153						857						171						110						1,198						113						—						2,689
1.2x to 1.5x			225						730						1,273						569						218						1,266						—						—						4,281
1.0x to 1.2x			96						517						424						130						56						740						228						36						2,227
Less than 1.0x			11						40						195						45						8						90						—						—						389
Total commercial and agricultural mortgage loans			$	438					$	1,639					$	3,508					$	2,434					$	1,777					$	7,649					$	572					$	242					$	18,259

______________

(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
			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
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
			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

			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)
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
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.

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

			June 30, 2024
			Amortized Cost Basis by Origination Year
			2024						2023						2022						2021						2020						Prior						Total
			(in millions)
Performance indicators:
Performing			$	72					$	380					$	184					$	135					$	4					$	2					$	777
Nonperforming			—						—						—						—						—						—						—
Total			$	72					$	380					$	184					$	135					$	4					$	2					$	777

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

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)
June 30, 2024:
Mortgage loans:
Commercial			$	—					$	—					$	—					$	—					$	15,664					$	15,664					$	33					$	15,697					$	—					$	—
Agricultural			16						6						27						49						2,477						2,526						36						2,562						—						—
Residential			—						—						—						—						777						777						—						777						—						—
Total			$	16					$	6					$	27					$	49					$	18,918					$	18,967					$	69					$	19,036					$	—					$	—
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

_______________

(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

			Three Months Ended June 30,									Six Months Ended June 30,
			2024						2023			2024						2023
			(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period			$	(6)					$	5		$	9					$	2
Net investment gains (losses) recognized on securities sold during the period			3						(3)			2						(3)
Unrealized and realized gains (losses) on equity securities			$	(3)					$	2		$	11					$	(1)

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

Net Investment Income (Loss) from Trading Securities

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
			(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period			$	6					$	11					$	42					$	46
Net investment gains (losses) recognized on securities sold during the period			—						(1)						1						(2)
Unrealized and realized gains (losses) on trading securities			6						10						43						44
Interest and dividend income from trading securities			21						7						32						12
Net investment income (loss) from trading securities			$	27					$	17					$	75					$	56

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 June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
			(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period			$	(2)					$	15					$	(5)					$	19
Net investment gains (losses) recognized on securities sold during the period			2						(12)						3						(14)
Unrealized and realized gains (losses) from fixed maturities			—						3						(2)						5
Interest and dividend income from fixed maturities			23						(3)						28						4
Net investment income (loss) from fixed maturities			$	23					$	—					$	26					$	9

Schedule of Net Investment Income

The following tables provides the components of net investment income by investment type:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
			(in millions)
Fixed maturities			$	842					$	751					$	1,663					$	1,466
Mortgage loans on real estate			239						198						473						375
Other equity investments			(8)						25						52						30
Policy loans			56						52						110						103
Trading securities			27						17						75						56
Other investment income			20						22						45						41
Fixed maturities, at fair value using the fair value option			23						—						26						9
Gross investment income (loss)			1,199						1,065						2,444						2,080
Investment expenses			(33)						(29)						(59)						(54)
Net investment income (loss)			$	1,166					$	1,036					$	2,385					$	2,026

Schedule of Investment Gains (Losses), Net

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

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
			(in millions)
Fixed maturities			$	(1)					$	(47)					$	(27)					$	(127)
Mortgage loans on real estate			(14)						(7)						(32)						(17)
Other			(1)						(2)						4						1
Investment gains (losses), net			$	(16)					$	(56)					$	(55)					$	(143)

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