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INVESTMENTS
 12 Months Ended
Dec. 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 December 31, 2024 and 2023 was $693 million and $626 million, respectively. There was no accrued interest written off for AFS fixed maturities for the years ended December 31, 2024, 2023 and 2022.
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)
December 31, 2024
Fixed Maturities:
Corporate (1)$55,218 $2 $251 $6,116 $49,351 
 
Amortized CostAllowance for Credit Losses Gross Unrealized GainsGross Unrealized LossesFair Value
 
 (in millions)
U.S. Treasury, government and agency
5,801 — — 1,513 4,288 
States and political subdivisions472 — 2 88 386 
Foreign governments
689 — 1 136 554 
Residential mortgage-backed (2)4,520 — 15 152 4,383 
Asset-backed (3)13,660 — 96 57 13,699 
Commercial mortgage-backed4,301 — 5 385 3,921 
Redeemable preferred stock56 — 3 — 59 
Total at December 31, 2024$84,717 $2 $373 $8,447 $76,641 
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 December 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 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)
December 31, 2024
Contractual maturities:
Due in one year or less$2,625 $2,610 
Due in years two through five14,909 14,513 
Due in years six through ten20,137 19,034 
Due after ten years24,507 18,422 
Subtotal62,178 54,579 
Residential mortgage-backed4,520 4,383 
Asset-backed13,660 13,699 
Commercial mortgage-backed4,301 3,921 
Redeemable preferred stock 56 59 
Total at December 31, 2024$84,715 $76,641 
The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities:
Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities

 
Year Ended December 31,
 
202420232022
 
(in millions)
Proceeds from sales$2,884 $6,790 $11,932 
Gross gains on sales$8 $10 $45 
Gross losses on sales$(57)$(504)$(663)
Net (increase) decrease in Allowance for Credit and Intent to Sell losses $(7)$(70)$(247)
The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts:
AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments
Year Ended December 31,
202420232022
(in millions)
Balance, beginning of period$48 $36 $44 
Previously recognized impairments on securities that matured, paid, prepaid or sold(8)(67)(263)
Recognized impairments on securities impaired to fair value this period (1) (2)— 52 246 
Credit losses recognized this period on securities for which credit losses were not previously recognized5 15 — 
Additional credit losses this period on securities previously impaired2 12 9 
Balance, end of period$47 $48 $36 
______________
(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.
(2)Amounts reflected for the year ended December 31, 2023 represent AFS fixed maturities in an unrealized loss position, which the Company intended to sell in anticipation of Equitable Financial’s ordinary dividend to Holdings. Amounts reflected for the year ended December 31, 2022 represent an impairment on AFS securities of $245 million related to the Global Atlantic Transaction.
The tables below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI:
Net Unrealized Gains (Losses) on AFS Fixed Maturities
Year Ended December 31, 2024
Net Unrealized Gains (Losses) on InvestmentsPolicyholders’ Liabilities
Deferred Income Tax Asset (Liability) (1)
AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (1)
(in millions)
Balance, beginning of period$(6,999)$50 $226 $(6,723)
Net investment gains (losses) arising during the period(1,127)— — (1,127)
Reclassification adjustment:
Included in net income (loss)58 — — 58 
Other— — 17 17 
Impact of net unrealized investment gains (losses)— 21 220 241 
Net unrealized investment gains (losses) excluding credit losses(8,068)71 463 (7,534)
Net unrealized investment gains (losses) with credit losses(6)— 1 (5)
Balance, end of period$(8,074)$71 $464 $(7,539)
Year Ended December 31, 2023
Balance, beginning of period$(9,606)$41 $440 $(9,125)
Net investment gains (losses) arising during the period2,048 — — 2,048 
Reclassification adjustment:
Included in net income (loss)563 — — 563 
Other (2)
— — 336 336 
Impact of net unrealized investment gains (losses)— 9 (551)(542)
Net unrealized investment gains (losses) excluding credit losses(6,995)50 225 (6,720)
Net unrealized investment gains (losses) with credit losses(4)— 1 (3)
Balance, end of period$(6,999)$50 $226 $(6,723)
Year Ended December 31, 2022
Balance, beginning of period$4,809 $(169)$(974)$3,666 
Net investment gains (losses) arising during the period(15,275)— — (15,275)
Reclassification adjustment:
Included in net income (loss)867 — — 867 
Other (2)
— — (1,569)(1,569)
Impact of net unrealized investment gains (losses)— 210 2,982 3,192 
Net unrealized investment gains (losses) excluding credit losses(9,599)41 439 (9,119)
Net unrealized investment gains (losses) with credit losses(7)— 1 (6)
Balance, end of period$(9,606)$41 $440 $(9,125)
_____________
(1)Certain balances were revised from previously filed financial statements.
(2)For the year ended December 31, 2023, reflects a decrease in the Deferred Tax Asset valuation allowance. For the year ended December 31, 2022, reflects the recording of a Deferred Tax Asset valuation allowance of $1.6 billion during the fourth quarter. See Note 18 of the Notes to these Consolidated Financial Statements for additional details.

The following tables disclose the fair values and gross unrealized losses of the 4,307 issues as of December 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)
December 31, 2024
Fixed Maturities:
Corporate$9,147 $205 $28,684 $5,901 $37,831 $6,106 
U.S. Treasury, government and agency117 4 4,107 1,509 4,224 1,513 
States and political subdivisions40 — 271 88 311 88 
Foreign governments59 1 460 135 519 136 
Residential mortgage-backed1,986 26 851 126 2,837 152 
Asset-backed974 7 692 50 1,666 57 
Commercial mortgage-backed409 6 2,893 379 3,302 385 
Total at December 31, 2024$12,732 $249 $37,958 $8,188 $50,690 $8,437 
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 0.8% of total corporate securities. The largest exposures to a single issuer of corporate securities held as of December 31, 2024 and 2023 were $400 million and $360 million, respectively, representing 11.6% 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 December 31, 2024 and 2023, respectively, approximately $1.9 billion and $2.6 billion, or 2.3% and 3.5%, of the $84.7 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 $64 million and $101 million as of December 31, 2024 and 2023, respectively.
As of December 31, 2024 and 2023, respectively, the $8.2 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 December 31, 2024 or December 31, 2023. As of December 31, 2024 and 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 December 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 entered into securities lending agreements with an agent bank whereby blocks of securities are loaned to third parties, primarily major brokerage firms. As of December 31, 2024 and 2023, the estimated fair value of loaned securities was $134 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 December 31, 2024 and 2023, cash collateral received in the amount of $137 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 the years ended December 31, 2024 and 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 December 31, 2024 and 2023 was $96 million and $82 million, respectively. There was no accrued interest written off for commercial, agricultural and residential mortgage loans for the years ended December 31, 2024 and 2023.
As of December 31, 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 December 31, 2024, 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:
Year Ended December 31,
202420232022
(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period$272 $123 $57 
Current-period provision for expected credit losses62 149 66 
Write-offs charged against the allowance(75)— — 
Recoveries of amounts previously written off— — — 
Net change in allowance(13)149 66 
Balance, end of period$259 $272 $123 
Agricultural mortgages:
Balance, beginning of period$6 $6 $5 
Current-period provision for expected credit losses9 — 1 
Write-offs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Net change in allowance9 — 1 
Balance, end of period$15 $6 $6 
Residential mortgages:
Balance, beginning of period$1 $— $— 
Current-period provision for expected credit losses3 1 — 
Write-offs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Net change in allowance3 1 — 
Balance, end of period$4 $1 $— 
Total allowance for credit losses$278 $279 $129 

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)
December 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%$185 $363 $137 $212 $269 $1,548 $— $— $2,714 
50% - 70%1,501 910 1,622 628 318 2,083 441 201 7,704 
70% - 90%— 246 707 918 396 1,187 101 206 3,761 
90% plus— — 616 322 309 1,290 — — 2,537 
Total commercial$1,686 $1,519 $3,082 $2,080 $1,292 $6,108 $542 $407 $16,716 
Agricultural:
0% - 50%$49 $98 $160 $202 $269 $882 $— $— $1,660 
50% - 70%160 59 126 130 144 273 — — 892 
70% - 90%— — — — — 16 — — 16 
90% plus— — — — — — — — — 
Total agricultural$209 $157 $286 $332 $413 $1,171 $— $— $2,568 
Total commercial and agricultural mortgage loans:
0% - 50%$234 $461 $297 $414 $538 $2,430 $— $— $4,374 
50% - 70%1,661 969 1,748 758 462 2,356 441 201 8,596 
70% - 90%— 246 707 918 396 1,203 101 206 3,777 
90% plus— — 616 322 309 1,290 — — 2,537 
Total commercial and agricultural mortgage loans
$1,895 $1,676 $3,368 $2,412 $1,705 $7,279 $542 $407 $19,284 
Debt Service Coverage (“DSC”) Ratios (2) (3)
December 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$208 $176 $609 $1,255 $916 $3,318 $— $— $6,482 
1.8x to 2.0x103 75 50 149 376 607 176 182 1,718 
1.5x to 1.8x472 211 727 — — 1,060 44 189 2,703 
1.2x to 1.5x756 566 542 433 — 661 — — 2,958 
1.0x to 1.2x147 482 643 193 — 359 322 36 2,182 
Less than 1.0x— 9 511 50 — 103 — — 673 
Total commercial$1,686 $1,519 $3,082 $2,080 $1,292 $6,108 $542 $407 $16,716 
Agricultural:
Greater than 2.0x$12 $5 $41 $34 $57 $157 $— $— $306 
1.8x to 2.0x11 17 24 54 28 79 — — 213 
1.5x to 1.8x49 11 44 27 120 175 — — 426 
1.2x to 1.5x47 46 89 138 113 422 — — 855 
1.0x to 1.2x71 47 63 68 87 307 — — 643 
Less than 1.0x19 31 25 11 8 31 — — 125 
Total agricultural$209 $157 $286 $332 $413 $1,171 $— $— $2,568 
Total commercial and agricultural mortgage loans:
Greater than 2.0x$220 $181 $650 $1,289 $973 $3,475 $— $— $6,788 
1.8x to 2.0x114 92 74 203 404 686 176 182 1,931 
1.5x to 1.8x521 222 771 27 120 1,235 44 189 3,129 
1.2x to 1.5x803 612 631 571 113 1,083 — — 3,813 
1.0x to 1.2x218 529 706 261 87 666 322 36 2,825 
Less than 1.0x19 40 536 61 8 134 — — 798 
Total commercial and agricultural mortgage loans
$1,895 $1,676 $3,368 $2,412 $1,705 $7,279 $542 $407 $19,284 
______________
(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 
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 
December 31, 2023
Amortized Cost Basis by Origination Year
20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
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 
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:
December 31, 2024
Amortized Cost Basis by Origination Year
20242023202220212020PriorTotal
(in millions)
Performance indicators:
Performing
$313 $428 $186 $133 $4 $2 $1,066 
Nonperforming
— — — — — — — 
Total
$313 $428 $186 $133 $4 $2 $1,066 
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)
December 31, 2024:
Mortgage loans:
Commercial$— $— $— $— $16,659 $16,659 $57 $16,716 $— $1 
Agricultural12 1 33 46 2,486 2,532 36 2,568 — — 
Residential
— 1 — 1 1,065 1,066 — 1,066 — — 
Total$12 $2 $33 $47 $20,210 $20,257 $93 $20,350 $— $1 
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 December 31, 2024 and 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 December 31, 2024. There was one TDR during the year ended December 31, 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 loan has an amortized cost of $65 million. The impact to Investment income or gains (losses) as a result of this modification for the year ended December 31, 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 $228 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.
The above modifications are performing in accordance with their restructured terms.
During the year ended December 31, 2022, the Company identified an immaterial amount of TDRs. For the accounting policy pertaining to our TDRs, see Note 2 of the Notes to these Consolidated Financial Statements.
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
Year Ended December 31,
202420232022
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$21 $35 $(114)
Net investment gains (losses) recognized on securities sold during the period— (8)(36)
Unrealized and realized gains (losses) on equity securities $21 $27 $(150)
Trading Securities
As of December 31, 2024 and 2023, respectively, the fair value of the Company’s trading securities was $1.1 billion and $1.1 billion. As of December 31, 2024 and 2023, respectively, trading securities included the General Account’s investment in Separate Accounts had carrying values of $64 million and $49 million.
The breakdown of net investment income (loss) from trading securities was as follows:
Net Investment Income (Loss) from Trading Securities
Year Ended December 31,
202420232022
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$86 $82 $(198)
Net investment gains (losses) recognized on securities sold during the period2 (5)— 
Unrealized and realized gains (losses) on trading securities88 77 (198)
Interest and dividend income from trading securities71 33 29 
Net investment income (loss) from trading securities$159 $110 $(169)
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
Year Ended December 31,
202420232022
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$6 $23 $(14)
Net investment gains (losses) recognized on securities sold during the period(18)(19)2 
Unrealized and realized gains (losses) from fixed maturities(12)4 (12)
Interest and dividend income from fixed maturities45 10 7 
Net investment income (loss) from fixed maturities$33 $14 $(5)
Net Investment Income (Loss)
The following table breaks out net investment income (loss) by asset category:
Year Ended December 31,
202420232022
(in millions)
Fixed maturities$3,484 $3,107 $2,625 
Mortgage loans on real estate973 806 587 
Other equity investments138 77 134 
Policy loans225 216 215 
Trading securities159 110 (169)
Other investment income13 98 33 
Fixed maturities, at fair value using the fair value option
33 14 (5)
Gross investment income (loss)5,025 4,428 3,420 
Investment expenses(129)(108)(105)
Net investment income (loss)$4,896 $4,320 $3,315 
Investment Gains (Losses), Net
Investment gains (losses), net, including changes in the valuation allowances and credit losses are as follows:
Year Ended December 31,
202420232022
(in millions)
Fixed maturities$(58)$(563)$(868)
Mortgage loans on real estate(77)(151)(66)
Other equity investments
— — — 
Other2 1 (11)
Investment gains (losses), net$(133)$(713)$(945)

For the years ended December 31, 2024, 2023 and 2022, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders’ account balances totaled $2 million, $1 million and $1 million.