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SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]  
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES
AS OF DECEMBER 31, 2024
Cost (1)
Fair Value
Carrying
Value
 
(in millions)
Fixed maturities, AFS:
U.S. government, agencies and authorities$5,801 $4,288 $4,288 
State, municipalities and political subdivisions472 386 386 
Foreign governments689 554 554 
Public utilities8,491 7,531 7,531 
All other corporate bonds46,727 41,820 41,820 
Residential mortgage-backed4,520 4,383 4,383 
Asset-backed13,660 13,699 13,699 
Commercial mortgage-backed4,301 3,921 3,921 
Redeemable preferred stocks56 59 59 
Total fixed maturities, AFS84,717 76,641 76,641 
Fixed maturities, at fair value using the fair value option 2,074 2,053 2,053 
Mortgage loans on real estate (2)20,350 18,567 20,072 
Policy loans4,330 4,559 4,330 
Other equity investments3,341 3,719 3,719 
Trading securities1,016 1,095 1,095 
Other invested assets8,537 8,537 8,537 
Total Investments$124,365 $115,171 $116,447 
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(1)Cost for fixed maturities represents original cost, reduced by repayments and write-downs and adjusted for amortization of premiums or accretion of discount; cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(2)Carrying value for mortgage loans on real estate represents original cost adjusted for amortization of premiums or accretion of discount and reduced by credit loss allowance.