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INVESTMENTS | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS Fixed Maturities AFS The components of fair value and amortized cost for fixed maturities classified as AFS on the consolidated balance sheets excludes accrued interest receivable because the Company elected to present accrued interest receivable within other assets. Accrued interest receivable on AFS fixed maturities as of March 31, 2025 and December 31, 2024 was $707 million and $693 million, respectively. There was no accrued interest written off for AFS fixed maturities for the three months ended March 31, 2025 and 2024. 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)
March 31, 2025 |  |  |  |  |  |  |  |  |
Fixed Maturities: |  |  |  |  |  |  |  |  |
Corporate (1) | $ | 54,248 |  |  | $ | 7 |  |  | $ | 336 |  |  | $ | 5,640 |  |  | $ | 48,937 |
| Amortized Cost |  | Allowance for Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (in millions)
U.S. Treasury, government and agency | 6,110 |  |  | — |  |  | 3 |  |  | 1,359 |  |  | 4,754 |
States and political subdivisions | 469 |  |  | — |  |  | 3 |  |  | 83 |  |  | 389 |
Foreign governments | 684 |  |  | — |  |  | 1 |  |  | 126 |  |  | 559 |
Residential mortgage-backed (2) | 5,323 |  |  | — |  |  | 53 |  |  | 116 |  |  | 5,260 |
Asset-backed (3) | 13,857 |  |  | — |  |  | 91 |  |  | 63 |  |  | 13,885 |
Commercial mortgage-backed | 4,485 |  |  | — |  |  | 9 |  |  | 338 |  |  | 4,156 |
Redeemable preferred stock | 54 |  |  | — |  |  | 3 |  |  | — |  |  | 57 |
Total at March 31, 2025 | $ | 85,230 |  |  | $ | 7 |  |  | $ | 499 |  |  | $ | 7,725 |  |  | $ | 77,997 |
December 31, 2024: |  |  |  |  |  |  |  |  |
Fixed Maturities: |  |  |  |  |  |  |  |  |
Corporate (1) | $ | 55,218 |  |  | $ | 2 |  |  | $ | 251 |  |  | $ | 6,116 |  |  | $ | 49,351 |
U.S. Treasury, government and agency | 5,801 |  |  | — |  |  | — |  |  | 1,513 |  |  | 4,288 |
States and political subdivisions | 472 |  |  | — |  |  | 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-backed | 4,301 |  |  | — |  |  | 5 |  |  | 385 |  |  | 3,921 |
Redeemable preferred stock | 56 |  |  | — |  |  | 3 |  |  | — |  |  | 59 |
Total at December 31, 2024 | $ | 84,717 |  |  | $ | 2 |  |  | $ | 373 |  |  | $ | 8,447 |  |  | $ | 76,641 |
______________ (1)Corporate fixed maturities include both public and private issues. (2)Includes publicly traded agency pass-through securities and collateralized obligations. (3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types. The contractual maturities of AFS fixed maturities as of March 31, 2025 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)
March 31, 2025 |  |  |
Contractual maturities: |  |  |
Due in one year or less | $ | 2,652 |  |  | $ | 2,634 |
Due in years two through five | 15,365 |  |  | 15,068 |
Due in years six through ten | 19,282 |  |  | 18,502 |
Due after ten years | 24,205 |  |  | 18,435 |
Subtotal | 61,504 |  |  | 54,639 |
Residential mortgage-backed | 5,323 |  |  | 5,260 |
Asset-backed | 13,857 |  |  | 13,885 |
Commercial mortgage-backed | 4,485 |  |  | 4,156 |
Redeemable preferred stock | 54 |  |  | 57 |
Total at March 31, 2025 | $ | 85,223 |  |  | $ | 77,997 |
The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities: Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024 |  |
|  |  |  |  | (in millions)
Proceeds from sales |  |  |  |  | $ | 1,302 |  |  | $ | 444 |  |  |
Gross gains on sales |  |  |  |  | $ | 2 |  |  | $ | — |  |  |
Gross losses on sales |  |  |  |  | $ | (3) |  |  | $ | (24) |  |  |
Net (increase) decrease in Allowance for Credit and Intent to Sell losses |  |  |  |  | $ | (6) |  |  | $ | (2) |  |  |
The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts: AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024 |  |
|  |  |  |  | (in millions)
Balance, beginning of period |  |  |  |  | $ | 47 |  |  | $ | 48 |  |  |
Previously recognized impairments on securities that matured, paid, prepaid or sold |  |  |  |  | — |  |  | (4) |  |  |
Recognized impairments on securities impaired to fair value this period (1) |  |  |  |  | — |  |  | — |  |  |
Credit losses recognized this period on securities for which credit losses were not previously recognized |  |  |  |  | 5 |  |  | 3 |  |  |
Additional credit losses this period on securities previously impaired |  |  |  |  | 1 |  |  | 1 |  |  |
Balance, end of period |  |  |  |  | $ | 53 |  |  | $ | 48 |  |  |
______________ (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. The tables below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI: Net Unrealized Gains (Losses) on AFS Fixed Maturities
| Three Months Ended March 31, 2025
| 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 period | $ | (8,074) |  |  |  |  | $ | 71 |  |  | $ | 464 |  |  | $ | (7,539) |
Net investment gains (losses) arising during the period | 844 |  |  |  |  | — |  |  | — |  |  | 844 |
Reclassification adjustment: |  |  |  |  |  |  |  |  |
Included in net income (loss) | 8 |  |  |  |  | — |  |  | — |  |  | 8 |
Other | — |  |  |  |  | — |  |  | (8) |  |  | (8) |
Impact of net unrealized investment gains (losses) | — |  |  |  |  | (5) |  |  | (178) |  |  | (183) |
Net unrealized investment gains (losses) excluding credit losses | (7,222) |  |  |  |  | 66 |  |  | 278 |  |  | (6,878) |
Net unrealized investment gains (losses) with credit losses | (4) |  |  |  |  | — |  |  | 1 |  |  | (3) |
Balance, end of period | $ | (7,226) |  |  |  |  | $ | 66 |  |  | $ | 279 |  |  | $ | (6,881) |
| Three Months Ended March 31, 2024
Balance, beginning of period | $ | (6,999) |  |  |  |  | $ | 50 |  |  | $ | 226 |  |  | $ | (6,723) |
Net investment gains (losses) arising during the period | (683) |  |  |  |  | — |  |  | — |  |  | (683) |
Reclassification adjustment: |  |  |  |  |  |  |  |  |
Included in net income (loss) | 26 |  |  |  |  | — |  |  | — |  |  | 26 |
Other | — |  |  |  |  | — |  |  | (3) |  |  | (3) |
Impact of net unrealized investment gains (losses) | — |  |  |  |  | 13 |  |  | 134 |  |  | 147 |
Net unrealized investment gains (losses) excluding credit losses | (7,656) |  |  |  |  | 63 |  |  | 357 |  |  | (7,236) |
Net unrealized investment gains (losses) with credit losses | (4) |  |  |  |  | — |  |  | 1 |  |  | (3) |
Balance, end of period | $ | (7,660) |  |  |  |  | $ | 63 |  |  | $ | 358 |  |  | $ | (7,239) |
The following tables disclose the fair values and gross unrealized losses of the 4,032 issues as of March 31, 2025 and the 4,307 issues as of December 31, 2024 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)
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |
Corporate | $ | 7,477 |  |  | $ | 121 |  |  | $ | 28,052 |  |  | $ | 5,515 |  |  | $ | 35,529 |  |  | $ | 5,636 |
U.S. Treasury, government and agency | 106 |  |  | 2 |  |  | 4,284 |  |  | 1,357 |  |  | 4,390 |  |  | 1,359 |
States and political subdivisions | — |  |  | — |  |  | 276 |  |  | 83 |  |  | 276 |  |  | 83 |
Foreign governments | 26 |  |  | — |  |  | 462 |  |  | 126 |  |  | 488 |  |  | 126 |
Residential mortgage-backed | 799 |  |  | 8 |  |  | 858 |  |  | 108 |  |  | 1,657 |  |  | 116 |
Asset-backed | 2,684 |  |  | 11 |  |  | 763 |  |  | 52 |  |  | 3,447 |  |  | 63 |
Commercial mortgage-backed | 441 |  |  | 3 |  |  | 2,905 |  |  | 335 |  |  | 3,346 |  |  | 338 |
Total at March 31, 2025 | $ | 11,533 |  |  | $ | 145 |  |  | $ | 37,600 |  |  | $ | 7,576 |  |  | $ | 49,133 |  |  | $ | 7,721 |
December 31, 2024: |  |  |  |  |  |  |  |  |  |  |
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |
Corporate | $ | 9,147 |  |  | $ | 205 |  |  | $ | 28,684 |  |  | $ | 5,901 |  |  | $ | 37,831 |  |  | $ | 6,106 |
U.S. Treasury, government and agency | 117 |  |  | 4 |  |  | 4,107 |  |  | 1,509 |  |  | 4,224 |  |  | 1,513 |
States and political subdivisions | 40 |  |  | — |  |  | 271 |  |  | 88 |  |  | 311 |  |  | 88 |
Foreign governments | 59 |  |  | 1 |  |  | 460 |  |  | 135 |  |  | 519 |  |  | 136 |
Residential mortgage-backed | 1,986 |  |  | 26 |  |  | 851 |  |  | 126 |  |  | 2,837 |  |  | 152 |
Asset-backed | 974 |  |  | 7 |  |  | 692 |  |  | 50 |  |  | 1,666 |  |  | 57 |
Commercial mortgage-backed | 409 |  |  | 6 |  |  | 2,893 |  |  | 379 |  |  | 3,302 |  |  | 385 |
Total at December 31, 2024 | $ | 12,732 |  |  | $ | 249 |  |  | $ | 37,958 |  |  | $ | 8,188 |  |  | $ | 50,690 |  |  | $ | 8,437 |
The Company maintains a diversified portfolio of AFS securities across industries and issuers and does not have exposure to any single issuer in excess of 0.4% of total fixed maturities. The largest exposure to a single issuer held as of March 31, 2025 and December 31, 2024 was $350 million and $400 million, respectively, representing 8.3% and 11.7% 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 March 31, 2025 and December 31, 2024, respectively, approximately $1.9 billion and $1.9 billion, or 2.2% and 2.3%, of the $85.2 billion and $84.7 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 $60 million and $64 million as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025 and December 31, 2024, respectively, the $7.6 billion and $8.2 billion of gross unrealized losses of twelve months or more were primarily concentrated in corporate securities. In accordance with the policy described in Note 2 of the Notes to these Consolidated Financial Statements, the Company concluded that an adjustment to the allowance for credit losses for these securities was not warranted at either March 31, 2025 or December 31, 2024. As of March 31, 2025 and December 31, 2024, the Company neither intended to sell the securities nor was it more likely than not required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis. Based on the Company’s evaluation both qualitatively and quantitatively of the drivers of the decline in fair value of fixed maturity securities as of March 31, 2025, the Company determined that the unrealized loss was primarily due to increases in interest rates and credit spreads. Securities Lending The Company enters into securities lending agreements with an agent bank whereby blocks of securities are loaned to third parties, primarily major brokerage firms. As of March 31, 2025 and December 31, 2024, the estimated fair value of loaned securities was $974 million and $134 million. The agreements require a minimum of 102% of the fair value of the loaned securities to be held as cash or security collateral, calculated daily. We do not have the right to sell or pledge the securities posted as collateral. To further minimize the credit risks related to these programs, the financial condition of counterparties is monitored on a regular basis. As of March 31, 2025 and December 31, 2024, collateral received in the amount of $998 million and $137 million, of which $146 million and $137 million, respectively, is cash collateral. 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 three months ended March 31, 2025 and 2024. Mortgage Loans on Real Estate Accrued interest receivable on commercial, agricultural and residential mortgage loans as of March 31, 2025 and December 31, 2024 was $102 million and $96 million, respectively. There was no accrued interest written off for commercial, agricultural and residential mortgage loans for the three months ended March 31, 2025 and 2024. There were no mortgage loans foreclosed during the three months ended March 31, 2025. Allowance for Credit Losses on Mortgage Loans The change in the allowance for credit losses for commercial, agricultural and residential mortgage loans were as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024 |  |
|  |  |  |  | (in millions)
Allowance for credit losses on mortgage loans: |  |  |  |  |  |  |  |  |
Commercial mortgages: |  |  |  |  |  |  |  |  |
Balance, beginning of period |  |  |  |  | $ | 259 |  |  | $ | 272 |  |  |
Current-period provision for expected credit losses |  |  |  |  | (5) |  |  | 16 |  |  |
Write-offs charged against the allowance |  |  |  |  | — |  |  | — |  |  |
Recoveries of amounts previously written off |  |  |  |  | — |  |  | — |  |  |
Net change in allowance |  |  |  |  | (5) |  |  | 16 |  |  |
Balance, end of period |  |  |  |  | $ | 254 |  |  | $ | 288 |  |  |
Agricultural mortgages: |  |  |  |  |  |  |  |  |
Balance, beginning of period |  |  |  |  | $ | 15 |  |  | $ | 6 |  |  |
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 |  |  |  |  | $ | 13 |  |  | $ | 6 |  |  |
Residential mortgages: |  |  |  |  |  |  |  |  |
Balance, beginning of period |  |  |  |  | $ | 4 |  |  | $ | 1 |  |  |
Current-period provision for expected credit losses |  |  |  |  | 1 |  |  | 2 |  |  |
Write-offs charged against the allowance |  |  |  |  | — |  |  | — |  |  |
Recoveries of amounts previously written off |  |  |  |  | — |  |  | — |  |  |
Net change in allowance |  |  |  |  | 1 |  |  | 2 |  |  |
Balance, end of period |  |  |  |  | $ | 5 |  |  | $ | 3 |  |  |
Total allowance for credit losses |  |  |  |  | $ | 272 |  |  | $ | 297 |  |  |
The change in the allowance for credit losses is attributable to: •increases/decreases in the loan balance due to new originations, maturing mortgages, and loan amortization; and •changes in credit quality and economic assumptions. Credit Quality Information The Company’s commercial and agricultural mortgage loans segregated by risk rating exposure were as follows: Loan to Value (“LTV”) Ratios (1) (3)
| March 31, 2025
| Amortized Cost Basis by Origination Year
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 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% | $ | — |  |  | $ | 185 |  |  | $ | 334 |  |  | $ | 137 |  |  | $ | 210 |  |  | $ | 1,710 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,576 |
50% - 70% | 618 |  |  | 1,428 |  |  | 933 |  |  | 1,621 |  |  | 628 |  |  | 2,421 |  |  | 404 |  |  | 271 |  |  | 8,324 |
70% - 90% | — |  |  | 73 |  |  | 246 |  |  | 842 |  |  | 918 |  |  | 1,553 |  |  | 109 |  |  | 205 |  |  | 3,946 |
90% plus | — |  |  | — |  |  | — |  |  | 467 |  |  | 322 |  |  | 1,475 |  |  | — |  |  | — |  |  | 2,264 |
Total commercial | $ | 618 |  |  | $ | 1,686 |  |  | $ | 1,513 |  |  | $ | 3,067 |  |  | $ | 2,078 |  |  | $ | 7,159 |  |  | $ | 513 |  |  | $ | 476 |  |  | $ | 17,110 |
Agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0% - 50% | $ | 27 |  |  | $ | 47 |  |  | $ | 102 |  |  | $ | 157 |  |  | $ | 201 |  |  | $ | 1,123 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,657 |
50% - 70% | 18 |  |  | 158 |  |  | 54 |  |  | 126 |  |  | 129 |  |  | 402 |  |  | — |  |  | — |  |  | 887 |
70% - 90% | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
90% plus | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  | 16 |
Total agricultural | $ | 45 |  |  | $ | 205 |  |  | $ | 156 |  |  | $ | 283 |  |  | $ | 330 |  |  | $ | 1,541 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,560 |
Total commercial and agricultural mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0% - 50% | $ | 27 |  |  | $ | 232 |  |  | $ | 436 |  |  | $ | 294 |  |  | $ | 411 |  |  | $ | 2,833 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,233 |
50% - 70% | 636 |  |  | 1,586 |  |  | 987 |  |  | 1,747 |  |  | 757 |  |  | 2,823 |  |  | 404 |  |  | 271 |  |  | 9,211 |
70% - 90% | — |  |  | 73 |  |  | 246 |  |  | 842 |  |  | 918 |  |  | 1,553 |  |  | 109 |  |  | 205 |  |  | 3,946 |
90% plus | — |  |  | — |  |  | — |  |  | 467 |  |  | 322 |  |  | 1,491 |  |  | — |  |  | — |  |  | 2,280 |
Total commercial and agricultural mortgage loans | $ | 663 |  |  | $ | 1,891 |  |  | $ | 1,669 |  |  | $ | 3,350 |  |  | $ | 2,408 |  |  | $ | 8,700 |  |  | $ | 513 |  |  | $ | 476 |  |  | $ | 19,670 |
Debt Service Coverage (“DSC”) Ratios (2) (3)
| March 31, 2025
| Amortized Cost Basis by Origination Year
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 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 | $ | 67 |  |  | $ | 208 |  |  | $ | 175 |  |  | $ | 949 |  |  | $ | 1,232 |  |  | $ | 4,034 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,665 |
1.8x to 2.0x | — |  |  | 103 |  |  | — |  |  | 50 |  |  | 149 |  |  | 974 |  |  | 113 |  |  | 252 |  |  | 1,641 |
1.5x to 1.8x | 84 |  |  | 471 |  |  | 211 |  |  | 654 |  |  | — |  |  | 1,058 |  |  | 50 |  |  | 188 |  |  | 2,716 |
1.2x to 1.5x | 391 |  |  | 716 |  |  | 515 |  |  | 481 |  |  | 602 |  |  | 709 |  |  | — |  |  | — |  |  | 3,414 |
1.0x to 1.2x | 76 |  |  | 188 |  |  | 602 |  |  | 713 |  |  | 78 |  |  | 339 |  |  | 350 |  |  | 36 |  |  | 2,382 |
Less than 1.0x | — |  |  | — |  |  | 10 |  |  | 220 |  |  | 17 |  |  | 45 |  |  | — |  |  | — |  |  | 292 |
Total commercial | $ | 618 |  |  | $ | 1,686 |  |  | $ | 1,513 |  |  | $ | 3,067 |  |  | $ | 2,078 |  |  | $ | 7,159 |  |  | $ | 513 |  |  | $ | 476 |  |  | $ | 17,110 |
Agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater than 2.0x | $ | 2 |  |  | $ | 11 |  |  | $ | 5 |  |  | $ | 40 |  |  | $ | 34 |  |  | $ | 211 |  |  | $ | — |  |  | $ | — |  |  | $ | 303 |
1.8x to 2.0x | 2 |  |  | 10 |  |  | 17 |  |  | 23 |  |  | 53 |  |  | 103 |  |  | — |  |  | — |  |  | 208 |
1.5x to 1.8x | 2 |  |  | 48 |  |  | 11 |  |  | 44 |  |  | 27 |  |  | 288 |  |  | — |  |  | — |  |  | 420 |
1.2x to 1.5x | 19 |  |  | 46 |  |  | 46 |  |  | 88 |  |  | 138 |  |  | 522 |  |  | — |  |  | — |  |  | 859 |
1.0x to 1.2x | 9 |  |  | 71 |  |  | 46 |  |  | 63 |  |  | 68 |  |  | 381 |  |  | — |  |  | — |  |  | 638 |
Less than 1.0x | 11 |  |  | 19 |  |  | 31 |  |  | 25 |  |  | 10 |  |  | 36 |  |  | — |  |  | — |  |  | 132 |
Total agricultural | $ | 45 |  |  | $ | 205 |  |  | $ | 156 |  |  | $ | 283 |  |  | $ | 330 |  |  | $ | 1,541 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,560 |
Total commercial and agricultural mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater than 2.0x | $ | 69 |  |  | $ | 219 |  |  | $ | 180 |  |  | $ | 989 |  |  | $ | 1,266 |  |  | $ | 4,245 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,968 |
1.8x to 2.0x | 2 |  |  | 113 |  |  | 17 |  |  | 73 |  |  | 202 |  |  | 1,077 |  |  | 113 |  |  | 252 |  |  | 1,849 |
1.5x to 1.8x | 86 |  |  | 519 |  |  | 222 |  |  | 698 |  |  | 27 |  |  | 1,346 |  |  | 50 |  |  | 188 |  |  | 3,136 |
1.2x to 1.5x | 410 |  |  | 762 |  |  | 561 |  |  | 569 |  |  | 740 |  |  | 1,231 |  |  | — |  |  | — |  |  | 4,273 |
1.0x to 1.2x | 85 |  |  | 259 |  |  | 648 |  |  | 776 |  |  | 146 |  |  | 720 |  |  | 350 |  |  | 36 |  |  | 3,020 |
Less than 1.0x | 11 |  |  | 19 |  |  | 41 |  |  | 245 |  |  | 27 |  |  | 81 |  |  | — |  |  | — |  |  | 424 |
Total commercial and agricultural mortgage loans | $ | 663 |  |  | $ | 1,891 |  |  | $ | 1,669 |  |  | $ | 3,350 |  |  | $ | 2,408 |  |  | $ | 8,700 |  |  | $ | 513 |  |  | $ | 476 |  |  | $ | 19,670 |
______________ (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, 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% | $ | 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 |
DSC Ratios (2) (3)
| December 31, 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 | $ | 208 |  |  | $ | 176 |  |  | $ | 609 |  |  | $ | 1,255 |  |  | $ | 916 |  |  | $ | 3,318 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,482 |
1.8x to 2.0x | 103 |  |  | 75 |  |  | 50 |  |  | 149 |  |  | 376 |  |  | 607 |  |  | 176 |  |  | 182 |  |  | 1,718 |
1.5x to 1.8x | 472 |  |  | 211 |  |  | 727 |  |  | — |  |  | — |  |  | 1,060 |  |  | 44 |  |  | 189 |  |  | 2,703 |
1.2x to 1.5x | 756 |  |  | 566 |  |  | 542 |  |  | 433 |  |  | — |  |  | 661 |  |  | — |  |  | — |  |  | 2,958 |
| December 31, 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)
1.0x to 1.2x | 147 |  |  | 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 2.0x | 11 |  |  | 17 |  |  | 24 |  |  | 54 |  |  | 28 |  |  | 79 |  |  | — |  |  | — |  |  | 213 |
1.5x to 1.8x | 49 |  |  | 11 |  |  | 44 |  |  | 27 |  |  | 120 |  |  | 175 |  |  | — |  |  | — |  |  | 426 |
1.2x to 1.5x | 47 |  |  | 46 |  |  | 89 |  |  | 138 |  |  | 113 |  |  | 422 |  |  | — |  |  | — |  |  | 855 |
1.0x to 1.2x | 71 |  |  | 47 |  |  | 63 |  |  | 68 |  |  | 87 |  |  | 307 |  |  | — |  |  | — |  |  | 643 |
Less than 1.0x | 19 |  |  | 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 2.0x | 114 |  |  | 92 |  |  | 74 |  |  | 203 |  |  | 404 |  |  | 686 |  |  | 176 |  |  | 182 |  |  | 1,931 |
1.5x to 1.8x | 521 |  |  | 222 |  |  | 771 |  |  | 27 |  |  | 120 |  |  | 1,235 |  |  | 44 |  |  | 189 |  |  | 3,129 |
1.2x to 1.5x | 803 |  |  | 612 |  |  | 631 |  |  | 571 |  |  | 113 |  |  | 1,083 |  |  | — |  |  | — |  |  | 3,813 |
1.0x to 1.2x | 218 |  |  | 529 |  |  | 706 |  |  | 261 |  |  | 87 |  |  | 666 |  |  | 322 |  |  | 36 |  |  | 2,825 |
Less than 1.0x | 19 |  |  | 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. The amortized cost of residential mortgage loans by credit quality indicator and origination year was as follows:
| March 31, 2025
| Amortized Cost Basis by Origination Year
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
| (in millions)
Performance indicators: |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 437 |  |  | $ | 414 |  |  | $ | 183 |  |  | $ | 129 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 1,168 |
Nonperforming | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 437 |  |  | $ | 414 |  |  | $ | 183 |  |  | $ | 129 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 1,168 |
| December 31, 2024
| Amortized Cost Basis by Origination Year
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2019 |  | Prior |  | Total
| (in millions)
Performance indicators: |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 313 |  |  | $ | 428 |  |  | $ | 186 |  |  | $ | 133 |  |  | $ | 4 |  |  | $ | 2 |  |  | $ | 1,066 |
Nonperforming | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 313 |  |  | $ | 428 |  |  | $ | 186 |  |  | $ | 133 |  |  | $ | 4 |  |  | $ | 2 |  |  | $ | 1,066 |
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)
March 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 17,053 |  |  | $ | 17,053 |  |  | $ | 57 |  |  | $ | 17,110 |  |  | $ | — |  |  | $ | — |
Agricultural | 46 |  |  | 6 |  |  | 65 |  |  | 117 |  |  | 2,408 |  |  | 2,525 |  |  | 35 |  |  | 2,560 |  |  | 16 |  |  | — |
Residential | — |  |  | — |  |  | 2 |  |  | 2 |  |  | 1,165 |  |  | 1,167 |  |  | 1 |  |  | 1,168 |  |  | — |  |  | — |
Total | $ | 46 |  |  | $ | 6 |  |  | $ | 67 |  |  | $ | 119 |  |  | $ | 20,626 |  |  | $ | 20,745 |  |  | $ | 93 |  |  | $ | 20,838 |  |  | $ | 16 |  |  | $ | — |
December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,659 |  |  | $ | 16,659 |  |  | $ | 57 |  |  | $ | 16,716 |  |  | $ | — |  |  | $ | 1 |
Agricultural | 12 |  |  | 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 |
______________ (1)Amounts presented at amortized cost basis. As of March 31, 2025 and December 31, 2024, the amortized cost of problem mortgage loans that had been classified as non-accrual loans were $37 million and $36 million, respectively. Loan Modifications There were no loan modifications during the three months ended March 31, 2025. During 2024, the Company granted a modification splitting a 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 was not material to the consolidated financial statements. During 2023, the Company granted a 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 1.3% 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 was not material to the 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 March 31,
|  |  |  | 2025 |  | 2024 |
|  |  |  | (in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period |  |  |  | $ | — |  |  | $ | 15 |  |
Net investment gains (losses) recognized on securities sold during the period |  |  |  | — |  |  | (1) |  |
Unrealized and realized gains (losses) on equity securities |  |  |  | $ | — |  |  | $ | 14 |  |
Trading Securities As of March 31, 2025 and December 31, 2024, respectively, the fair value of the Company’s trading securities was $1.2 billion and $1.1 billion. As of March 31, 2025 and December 31, 2024, respectively, trading securities included the General Account’s investment in Separate Accounts had carrying values of $54 million and $64 million. The breakdown of net investment income (loss) from trading securities was as follows: Net Investment Income (Loss) from Trading Securities
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024 |  |
|  |  |  |  | (in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period |  |  |  |  | $ | (17) |  |  | $ | 36 |  |  |
Net investment gains (losses) recognized on securities sold during the period |  |  |  |  | 16 |  |  | 1 |  |  |
Unrealized and realized gains (losses) on trading securities |  |  |  |  | (1) |  |  | 37 |  |  |
Interest and dividend income from trading securities |  |  |  |  | 9 |  |  | 11 |  |  |
Net investment income (loss) from trading securities |  |  |  |  | $ | 8 |  |  | $ | 48 |  |  |
Fixed maturities, at fair value using the fair value option The breakdown of net investment income (loss) from fixed maturities, at fair value using the fair value option were as follows: Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024 |  |
|  |  |  |  | (in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period |  |  |  |  | $ | 7 |  |  | $ | (3) |  |  |
Net investment gains (losses) recognized on securities sold during the period |  |  |  |  | 2 |  |  | 1 |  |  |
Unrealized and realized gains (losses) from fixed maturities |  |  |  |  | 9 |  |  | (2) |  |  |
Interest and dividend income from fixed maturities |  |  |  |  | — |  |  | 5 |  |  |
Net investment income (loss) from fixed maturities |  |  |  |  | $ | 9 |  |  | $ | 3 |  |  |
Net Investment Income The following tables provides the components of Net investment income by investment type:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  | (in millions)
Fixed maturities |  |  |  |  | $ | 936 |  |  | $ | 812 |
Mortgage loans on real estate |  |  |  |  | 260 |  |  | 234 |
Other equity investments |  |  |  |  | 44 |  |  | 60 |
Policy loans |  |  |  |  | 55 |  |  | 54 |
Trading securities |  |  |  |  | 8 |  |  | 48 |
Other investment income |  |  |  |  | (23) |  |  | 25 |
Fixed maturities, at fair value using the fair value option |  |  |  |  | 9 |  |  | 3 |
Gross investment income (loss) |  |  |  |  | 1,289 |  |  | 1,236 |
Investment expenses |  |  |  |  | (41) |  |  | (26) |
Net investment income (loss) |  |  |  |  | $ | 1,248 |  |  | $ | 1,210 |
Investment Gains (Losses), Net Investment gains (losses), net, including changes in the valuation allowances and credit losses were as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  | (in millions)
Fixed maturities |  |  |  |  | $ | (8) |  |  | $ | (26) |
Mortgage loans on real estate |  |  |  |  | (7) |  |  | (18) |
Other |  |  |  |  | 1 |  |  | 5 |
Investment gains (losses), net |  |  |  |  | $ | (14) |  |  | $ | (39) |
For the three months ended March 31, 2025 and 2024, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders’ account balances totaled $0 million and $0 million.

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