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INVESTMENTS

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023 was $684 million and $626 million, respectively. There was no accrued interest written off for AFS fixed maturities for the three and nine months ended September 30, 2024 and 2023.

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)
September 30, 2024
Fixed Maturities:
Corporate (1)			$	53,453					$	4					$	705					$	4,630					$	49,524
U.S. Treasury, government and agency			5,795						—						3						1,082						4,716
States and political subdivisions			472						—						5						69						408
Foreign governments			703						—						4						100						607
Residential mortgage-backed (2)			3,934						—						51						97						3,888
Asset-backed (3)			13,290						—						142						45						13,387
Commercial mortgage-backed			3,978						—						14						337						3,655
Redeemable preferred stock			56						—						4						—						60
Total at September 30, 2024			$	81,681					$	4					$	928					$	6,360					$	76,245
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

			Amortized Cost						Allowance for Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(in millions)
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 September 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)
September 30, 2024
Contractual maturities:
Due in one year or less			$	2,458					$	2,436
Due in years two through five			14,437						14,260
Due in years six through ten			18,983						18,566
Due after ten years			24,541						19,993
Subtotal			60,419						55,255
Residential mortgage-backed			3,934						3,888
Asset-backed			13,290						13,387
Commercial mortgage-backed			3,978						3,655
Redeemable preferred stock			56						60
Total at September 30, 2024			$	81,677					$	76,245

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 September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in millions)
Proceeds from sales			$	461					$	2,524					$	2,236					$	5,579
Gross gains on sales			$	2					$	1					$	7					$	8
Gross losses on sales			$	(27)					$	(348)					$	(54)					$	(417)
Net (increase) decrease in Allowance for Credit and Intent to Sell losses			$	(2)					$	(1)					$	(7)					$	(64)

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 September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in millions)
Balance, beginning of period			$	50					$	44					$	48					$	36
Previously recognized impairments on securities that matured, paid, prepaid or sold			3						(1)						(5)						(58)
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			(1)						1						5						10
Additional credit losses this period on securities previously impaired			(2)						—						2						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 nine months ended September 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.

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 September 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			$	(8,214)					$	67					$	471					$	(7,676)
Net investment gains (losses) arising during the period			2,759						—						—						2,759
Reclassification adjustment:
Included in net income (loss)			28						—						—						28
Excluded from net income (loss)			—						—						—						—
Other			—						—						120						120
Impact of net unrealized investment gains (losses)			—						(17)						(582)						(599)
Net unrealized investment gains (losses) excluding credit losses			(5,427)						50						9						(5,368)
Net unrealized investment gains (losses) with credit losses			(5)						—						1						(4)
Balance, end of period			$	(5,432)					$	50					$	10					$	(5,372)
			Three Months Ended September 30, 2023
Balance, beginning of period			$	(8,641)					$	36					$	441					$	(8,164)
Net investment gains (losses) arising during the period			(2,575)						—						—						(2,575)
Reclassification adjustment:
Included in net income (loss)			348						—						—						348
Excluded from net income (loss)			—						—						—						—
Other			—						—						(68)						(68)
Impact of net unrealized investment gains (losses)			—						38						460						498
Net unrealized investment gains (losses) excluding credit losses			(10,868)						74						833						(9,961)

			Three Months Ended September 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)
Net unrealized investment gains (losses) with credit losses			1						—						—						1
Balance, end of period			$	(10,867)					$	74					$	833					$	(9,960)

			Nine Months Ended September 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			1,521												—						—						1,521
Reclassification adjustment:
Included in net income (loss)			54												—						—						54
Other			—												—						113						113
Impact of net unrealized investment gains (losses)			—												—						(331)						(331)
Net unrealized investment gains (losses) excluding credit losses			(5,424)												50						8						(5,366)
Net unrealized investment gains (losses) with credit losses			(8)												—						2						(6)
Balance, end of period			$	(5,432)											$	50					$	10					$	(5,372)
			Nine Months Ended September 30, 2023
Balance, beginning of period			$	(9,606)											$	41					$	440					$	(9,125)
Net investment gains (losses) arising during the period			(1,730)												—						—						(1,730)
Reclassification adjustment:
Included in net income (loss)			474												—						—						474
Other			—												—						135						135
Impact of net unrealized investment gains (losses)			—												33						257						290
Net unrealized investment gains (losses) excluding credit losses			(10,862)												74						832						(9,956)
Net unrealized investment gains (losses) with credit losses			(5)												—						1						(4)
Balance, end of period			$	(10,867)											$	74					$	833					$	(9,960)

_____________

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

The following tables disclose the fair values and gross unrealized losses of the 3,635 issues as of September 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)
September 30, 2024
Fixed Maturities:
Corporate			$	2,007					$	66					$	29,946					$	4,555					$	31,953					$	4,621
U.S. Treasury, government and agency			53						—						4,527						1,082						4,580						1,082
States and political subdivisions			—						—						289						69						289						69
Foreign governments			10						1						503						99						513						100
Residential mortgage-backed			357						1						904						96						1,261						97
Asset-backed			479						1						830						44						1,309						45
Commercial mortgage-backed			134						7						2,931						330						3,065						337
Total at September 30, 2024			$	3,040					$	76					$	39,930					$	6,275					$	42,970					$	6,351
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

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 0.8% of total corporate securities. The largest exposures to a single issuer of corporate securities held as of September 30, 2024 and December 31, 2023 were $400 million and $360 million, respectively, representing 8.0% 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 (as defined below) of 3 (medium investment grade), 4 or 5 (below investment grade) or 6 (in or near default). As of September 30, 2024 and December 31, 2023, respectively, approximately $2.0 billion and $2.6 billion, or 2.4% and 3.5%, of the $81.7 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 $58 million and $101 million as of September 30, 2024 and December 31, 2023, respectively.

As of September 30, 2024 and December 31, 2023, respectively, the $6.3 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 September 30, 2024 or December 31, 2023. As of September 30, 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 September 30, 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 entered into securities lending agreements with an agent bank whereby blocks of securities are loaned to third parties, primarily major brokerage firms. As of September 30, 2024 and December 31, 2023, the estimated fair value of loaned securities was $124 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 September 30, 2024 and December 31, 2023, cash collateral received in the amount of $127 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 September 30, 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 September 30, 2024 and December 31, 2023 was $93 million and $82 million, respectively. There was no accrued interest written off for commercial, agricultural and residential mortgage loans for the nine months ended September 30, 2024 and 2023.

As of September 30, 2024, the Company foreclosed on one commercial mortgage loan that had an amortized cost of $108 million and an associated allowance of $54 million, that it re-acquired as wholly owned real estate with a cost of $56 million. As of September 30, 2024 and December 31, 2023, there were no other mortgage loans for which foreclosure was probable.

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 September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period			$	222					$	140					$	272					$	123
Current-period provision for expected credit losses			22						63						47						80
Write-offs charged against the allowance			—						—						(75)						—
Recoveries of amounts previously written off			—						—						—						—
Net change in allowance			22						63						(28)						80
Balance, end of period			$	244					$	203					$	244					$	203
Agricultural mortgages:
Balance, beginning of period			$	9					$	5					$	6					$	6
Current-period provision for expected credit losses			4						1						7						—
Write-offs charged against the allowance			—						—						—						—
Recoveries of amounts previously written off			—						—						—						—
Net change in allowance			4						1						7						—
Balance, end of period			$	13					$	6					$	13					$	6

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in millions)
Residential mortgages:
Balance, beginning of period			$	3					$	—					$	1					$	—
Current-period provision for expected credit losses			1						—						3						—
Write-offs charged against the allowance			—						—						—						—
Recoveries of amounts previously written off			—						—						—						—
Net change in allowance			1						—						3						—
Balance, end of period			$	4					$	—					$	4					$	—
Total allowance for credit losses			$	261					$	209					$	261					$	209

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)

			September 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%			$	—					$	285					$	135					$	157					$	131					$	1,499					$	—					$	—					$	2,207
50% - 70%			741						989						1,426						632						457						2,144						397						407						7,193
70% - 90%			41						237						1,062						1,148						622						1,209						89						—						4,408
90% plus			—						—						467						158						85						1,287						—						—						1,997
Total commercial			$	782					$	1,511					$	3,090					$	2,095					$	1,295					$	6,139					$	486					$	407					$	15,805
Agricultural:
0% - 50%			$	33					$	102					$	164					$	191					$	251					$	898					$	—					$	—					$	1,639
50% - 70%			136						57						134						143						164						295						—						—						929
70% - 90%			—						—						—						—						—						16						—						—						16
90% plus			—						—						—						—						—						—						—						—						—
Total agricultural			$	169					$	159					$	298					$	334					$	415					$	1,209					$	—					$	—					$	2,584

			September 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)
Total commercial and agricultural mortgage loans:
0% - 50%			$	33					$	387					$	299					$	348					$	382					$	2,397					$	—					$	—					$	3,846
50% - 70%			877						1,046						1,560						775						621						2,439						397						407						8,122
70% - 90%			41						237						1,062						1,148						622						1,225						89						—						4,424
90% plus			—						—						467						158						85						1,287						—						—						1,997
Total commercial and agricultural mortgage loans			$	951					$	1,670					$	3,388					$	2,429					$	1,710					$	7,348					$	486					$	407					$	18,389

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

			September 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			$	23					$	175					$	646					$	1,222					$	917					$	3,440					$	—					$	—					$	6,423
1.8x to 2.0x			103						—						50						208						378						508						170						278						1,695
1.5x to 1.8x			87						141						733						146						—						1,019						31						92						2,249
1.2x to 1.5x			421						648						1,124						429						—						556						—						—						3,178
1.0x to 1.2x			148						538						366						56						—						479						285						37						1,909
Less than 1.0x			—						9						171						34						—						137						—						—						351
Total commercial			$	782					$	1,511					$	3,090					$	2,095					$	1,295					$	6,139					$	486					$	407					$	15,805
Agricultural:
Greater than 2.0x			$	10					$	7					$	42					$	34					$	58					$	179					$	—					$	—					$	330
1.8x to 2.0x			12						17						24						54						29						81						—						—						217
1.5x to 1.8x			50						11						49						27						120						180						—						—						437
1.2x to 1.5x			32						46						95						139						142						425						—						—						879
1.0x to 1.2x			48						46						64						69						58						313						—						—						598
Less than 1.0x			17						32						24						11						8						31						—						—						123
Total agricultural			$	169					$	159					$	298					$	334					$	415					$	1,209					$	—					$	—					$	2,584

			September 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)
Total commercial and agricultural mortgage loans:
Greater than 2.0x			$	33					$	182					$	688					$	1,256					$	975					$	3,619					$	—					$	—					$	6,753
1.8x to 2.0x			115						17						74						262						407						589						170						278						1,912
1.5x to 1.8x			137						152						782						173						120						1,199						31						92						2,686
1.2x to 1.5x			453						694						1,219						568						142						981						—						—						4,057
1.0x to 1.2x			196						584						430						125						58						792						285						37						2,507
Less than 1.0x			17						41						195						45						8						168						—						—						474
Total commercial and agricultural mortgage loans			$	951					$	1,670					$	3,388					$	2,429					$	1,710					$	7,348					$	486					$	407					$	18,389

______________

(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

			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

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.

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

			September 30, 2024
			Amortized Cost Basis by Origination Year
			2024						2023						2022						2021						2020						Prior						Total
			(in millions)
Performance indicators:
Performing			$	328					$	451					$	189					$	135					$	4					$	2					$	1,109
Nonperforming			—						—						—						—						—						—						—
Total			$	328					$	451					$	189					$	135					$	4					$	2					$	1,109

			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

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 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)
September 30, 2024:
Mortgage loans:
Commercial			$	—					$	—					$	—					$	—					$	15,772					$	15,772					$	33					$	15,805					$	—					$	—
Agricultural			12						9						49						70						2,478						2,548						36						2,584						—						—
Residential			—						—						—						—						1,109						1,109						—						1,109						—						—
Total			$	12					$	9					$	49					$	70					$	19,359					$	19,429					$	69					$	19,498					$	—					$	—
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.

As of September 30, 2024 and December 31, 2023, the amortized cost of problem mortgage loans that had been classified as non-accrual loans were $36 million and $127 million, respectively.

Troubled Debt Restructuring

There were no TDRs during the three months ended September 30, 2024. There was one TDR during the nine months ended September 30, 2024. The Company granted a modification splitting the commercial mortgage loan into two notes. One note retaining the original loan terms and the second note with an increased interest rate to market terms and required management of excess cash. The loans have an amortized cost of $65 million. The impact to Investment income or gains (losses) as a result of this modification for the nine months ended September 30, 2024 was not material to the consolidated financial statements.

During 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 $236 million 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.

The above modifications are performing in accordance with their restructured terms.

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 September 30,									Nine Months Ended September 30,
			2024						2023			2024						2023
			(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period			$	30					$	(5)		$	39					$	(3)
Net investment gains (losses) recognized on securities sold during the period			(1)						(6)			1						(9)
Unrealized and realized gains (losses) on equity securities			$	29					$	(11)		$	40					$	(12)

Trading Securities

As of September 30, 2024 and December 31, 2023, respectively, the fair value of the Company’s trading securities was $2.2 billion and $1.1 billion. As of September 30, 2024 and December 31, 2023, respectively, trading securities included the General Account’s investment in Separate Accounts had carrying values of $60 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 September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period			$	70					$	(26)					$	112					$	20
Net investment gains (losses) recognized on securities sold during the period			1						(1)						2						(3)
Unrealized and realized gains (losses) on trading securities			71						(27)						114						17
Interest and dividend income from trading securities			23						8						55						20
Net investment income (loss) from trading securities			$	94					$	(19)					$	169					$	37

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 September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period			$	(10)					$	4					$	(15)					$	23
Net investment gains (losses) recognized on securities sold during the period			—						(5)						3						(19)
Unrealized and realized gains (losses) from fixed maturities			(10)						(1)						(12)						4
Interest and dividend income from fixed maturities			8						3						36						7
Net investment income (loss) from fixed maturities			$	(2)					$	2					$	24					$	11

Net Investment Income

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

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in millions)
Fixed maturities			$	897					$	788					$	2,560					$	2,254
Mortgage loans on real estate			245						224						718						599
Other equity investments			68						33						120						63
Policy loans			57						55						167						158
Trading securities			94						(19)						169						37
Other investment income			(15)						18						30						59
Fixed maturities, at fair value using the fair value option			(2)						2						24						11
Gross investment income (loss)			1,344						1,101						3,788						3,181
Investment expenses			(35)						(30)						(94)						(84)
Net investment income (loss)			$	1,309					$	1,071					$	3,694					$	3,097

Investment Gains (Losses), Net

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

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in millions)
Fixed maturities			$	(27)					$	(348)					$	(54)					$	(475)
Mortgage loans on real estate			(26)						(63)						(58)						(80)
Other			7						—						11						1
Investment gains (losses), net			$	(46)					$	(411)					$	(101)					$	(554)

For the three and nine months ended September 30, 2024 and 2023, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders’ account balances totaled $0 million, $1 million, $0 million and $1 million.

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The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/940-320/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph b
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Subparagraph (d)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6B
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/942-320/tableOfContent

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