The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies (“Japanese government”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). ABS, CMBS, and RMBS are collectively “structured securities.”


March 31, 2025:	Amortized		Allowance for		Unrealized		Unrealized		Estimated Fair		% of
	Cost		Credit Losses		Gains		Losses		Value		Total
Available-for-sale:
Corporate	$	59,278	$	88	$	680	$	4,150	$	55,720	65.9	%
Canadian government	4,604		—		440		48		4,996		5.9
Japanese government	7,207		—		29		1,131		6,105		7.2
ABS	5,666		15		44		175		5,520		6.5
CMBS	2,334		—		20		87		2,267		2.7
RMBS	1,571		—		18		87		1,502		1.8
U.S. government	2,191		—		20		248		1,963		2.3
State and political subdivisions	805		—		3		86		722		0.9
Other foreign government	6,053		—		94		435		5,712		6.8
Total fixed maturity securities	$	89,709	$	103	$	1,348	$	6,447	$	84,507	100.0	%


December 31, 2024:	Amortized		Allowance for		Unrealized		Unrealized		Estimated Fair		% of
	Cost		Credit Losses		Gains		Losses		Value		Total
Available-for-sale:
Corporate	$	54,705	$	82	$	642	$	4,274	$	50,991	65.7	%
Canadian government	4,655		—		412		51		5,016		6.5
Japanese government	5,319		—		1		875		4,445		5.7
ABS	5,197		15		42		184		5,040		6.5
CMBS	2,344		1		22		98		2,267		2.9
RMBS	1,412		—		12		107		1,317		1.7
U.S. government	2,734		—		11		281		2,464		3.2
State and political subdivisions	789		—		3		99		693		0.9
Other foreign government	5,752		—		56		424		5,384		6.9
Total fixed maturity securities	$	82,907	$	98	$	1,201	$	6,393	$	77,617	100.0	%


	March 31, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities guaranteed or issued by:
Japanese government	$	7,207	$	6,105	$	5,319	$	4,445
U.S. government	2,191		1,963		2,734		2,464
Canadian province of Quebec	1,560		1,773		1,537		1,741
Canadian province of Ontario	1,149		1,249		1,117		1,207

The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2025, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date.


	Amortized Cost		Estimated Fair Value
Available-for-sale:
Due in one year or less	$	2,112	$	2,128
Due after one year through five years	12,720		12,694
Due after five years through ten years	14,833		14,610
Due after ten years	50,473		45,786
Structured securities	9,571		9,289
Total	$	89,709	$	84,507


March 31, 2025:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	18,647	$	17,470	31.4	%
Industrial	30,662		28,958		52.0
Utility	9,969		9,292		16.6

Total	$	59,278	$	55,720	100.0	%

December 31, 2024:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	17,905	$	16,673	32.7	%
Industrial	28,267		26,476		51.9
Utility	8,533		7,842		15.4
Total	$	54,705	$	50,991	100.0	%

As discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2024 Annual Report, allowances for credit losses on fixed maturity securities are recognized in investment related gains (losses), net. The Company estimates the amount of the credit loss component of a fixed maturity security impairment as the difference between amortized cost and the present value of the expected cash flows of the security. Any remaining difference between the fair value and amortized cost is recognized in OCI.


For the three months ended March 31, 2025:
	Corporate		ABS		CMBS		Total
Balance, beginning of year	$	82	$	15	$	1	$	98
Credit losses recognized on securities for which credit losses were not previously recorded	10		—		—		10
Reductions for securities sold during the period	(2)		—		—		(2)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	(1)		—		(1)		(2)
Foreign currency translation	(1)		—		—		(1)
Balance, end of period	$	88	$	15	$	—	$	103


For the three months ended March 31, 2024:
	Corporate		ABS		CMBS		Total
Balance, beginning of year	$	62	$	12	$	1	$	75
Credit losses recognized on securities for which credit losses were not previously recorded	30		—		—		30

Reductions for securities sold during the period	(8)		—		—		(8)

Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	(5)		3		—		(2)

Foreign currency translation	—		—		—		—
Balance, end of period	$	79	$	15	$	1	$	95

The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment.

The following tables present the estimated fair value and gross unrealized losses for the 6,260 and 6,401 fixed maturity securities for which both the estimated fair value had declined and remained below amortized cost and an allowance for credit loss has not been recorded as of March 31, 2025 and December 31, 2024, respectively (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has continuously remained below amortized cost.


	Less than 12 months				12 months or greater				Total
March 31, 2025:	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	14,280	$	481	$	19,066	$	3,610	$	33,346	$	4,091
Canadian government	185		3		438		45		623		48
Japanese government	348		8		4,119		1,123		4,467		1,131
ABS	1,580		19		1,446		149		3,026		168
CMBS	360		7		937		78		1,297		85
RMBS	219		3		600		84		819		87
U.S. government	202		4		673		244		875		248
State and political subdivisions	112		3		434		83		546		86
Other foreign government	1,308		49		1,757		348		3,065		397
Total investment grade securities	18,594		577		29,470		5,764		48,064		6,341
Below investment grade securities:
Corporate	758		22		280		36		1,038		58

ABS	5		1		31		6		36		7

Other foreign government	—		—		130		38		130		38
Total below investment grade securities	763		23		441		80		1,204		103
Total fixed maturity securities	$	19,357	$	600	$	29,911	$	5,844	$	49,268	$	6,444


	Less than 12 months				12 months or greater				Total
December 31, 2024:	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	14,741	$	529	$	18,851	$	3,682	$	33,592	$	4,211
Canadian government	286		5		469		46		755		51
Japanese government	2,037		192		2,365		683		4,402		875
ABS	940		19		1,730		159		2,670		178
CMBS	333		4		980		91		1,313		95
RMBS	354		7		593		100		947		107
U.S. government	792		15		656		266		1,448		281
State and political subdivisions	155		7		417		92		572		99
Other foreign government	1,408		42		1,816		344		3,224		386
Total investment grade securities	21,046		820		27,877		5,463		48,923		6,283
Below investment grade securities:
Corporate	347		7		347		50		694		57


ABS	101		1		40		5		141		6


Other foreign government	—		—		130		38		130		38
Total below investment grade securities	448		8		517		93		965		101
Total fixed maturity securities	$	21,494	$	828	$	28,394	$	5,556	$	49,888	$	6,384

The Company did not intend to sell, and more likely than not would not be required to sell, the securities outlined in the tables above, as of the dates presented. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Changes in unrealized losses are primarily driven by changes in risk-free interest rates and credit spreads.


	Three months ended March 31,
		2025		2024
Fixed maturity securities available-for-sale		$	1,063	$	760
Equity securities		2		2
Mortgage loans		119		90
Policy loans		18		14
Funds withheld at interest		66		89
Limited partnerships and real estate joint ventures		(15)		7
Short-term investments and cash and cash equivalents		36		34

Other invested assets		(5)		4
Investment income		1,284		1,000
Investment expense		(52)		(39)
Net investment income		$	1,232	$	961


	Three months ended March 31,
		2025		2024
Fixed maturity securities available-for-sale:
Change in allowance for credit losses		$	(6)	$	(20)

Realized gains on investment activity		36		32
Realized losses on investment activity		(87)		(134)
Net gains (losses) on equity securities		(1)		4
Change in mortgage loan allowance for credit losses		4		(10)
Limited partnerships and real estate joint ventures impairment losses		(5)		(8)
Change in fair value of certain limited partnership investments		(7)		1
Net losses on freestanding derivatives		(2)		(99)
Net gains (losses) on embedded derivatives		(11)		77
Other, net		—		8
Total investment related gains (losses), net		$	(79)	$	(149)

The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of invested assets as collateral. Pledged invested assets are included in the condensed consolidated balance sheets. Invested assets received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of March 31, 2025 and December 31, 2024, none of the collateral received had been sold or repledged.

The following table includes invested assets on deposit, invested assets pledged and received as collateral, assets in trust held to satisfy collateral requirements and FHLB common stock restricted as to sale as of March 31, 2025 and December 31, 2024 (dollars in millions):


	March 31, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Invested assets on deposit (regulatory deposits)	$	10	$	9	$	10	$	8
Invested assets pledged as collateral	1,307		1,095		1,200		1,046
Invested assets received as collateral	n/a		2,319		n/a		2,233
Assets in trust held to satisfy collateral requirements	54,053		51,343		47,162		44,473
FHLB common stock restricted as to sale	71		71		71		71


	March 31, 2025						December 31, 2024
	Securities Loaned, Pledged, or Sold (1)		Securities Borrowed or Collateral Received from Counterparties (2)		Cash Collateral Received from Counterparties (3)		Securities Loaned, Pledged, or Sold (1)		Securities Borrowed or Collateral Received from Counterparties (2)		Cash Collateral Received from Counterparties (3)
Securities lending transactions	$	835	$	1,078	$	—	$	836	$	1,093	$	—
Repurchase/reverse repurchase transactions	1,808		689		1,005		1,781		688		982

(1)Securities loaned or pledged through securities lending transactions or sold to counterparties through repurchase transactions are included within fixed maturity securities. Collateral associated with certain securities lending transactions is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. Certain securities lending transactions do not require collateral.


	March 31, 2025										December 31, 2024
	Remaining Contractual Maturity of the Agreements										Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total		Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending transactions:
Corporate	$	—	$	76	$	143	$	204	$	423	$	—	$	75	$	7	$	333	$	415

Japanese government	—		236		—		72		308		—		227		—		75		302
ABS	—		—		17		3		20		—		—		17		3		20
CMBS	—		—		46		—		46		—		—		46		—		46
RMBS	—		—		12		—		12		—		—		13		6		19
U.S. government	—		—		—		—		—		—		—		—		8		8
State and political subdivisions	—		—		—		6		6		—		—		—		6		6
Other foreign government	—		—		11		9		20		—		—		—		20		20
Total	—		312		229		294		835		—		302		83		451		836
Repurchase/reverse repurchase transactions:
Corporate	—		—		—		521		521		—		—		—		527		527

Japanese government	—		—		—		374		374		—		—		214		144		358
ABS	—		—		—		210		210		—		—		27		251		278
CMBS	—		—		—		262		262		—		—		49		184		233
RMBS	—		—		—		102		102		—		—		7		42		49
U.S. government	—		—		—		262		262		—		—		—		257		257

Other foreign government	—		—		—		77		77		—		—		—		79		79
Total	—		—		—		1,808		1,808		—		—		297		1,484		1,781
Total transactions	$	—	$	312	$	229	$	2,102	$	2,643	$	—	$	302	$	380	$	1,935	$	2,617

As of March 31, 2025, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (13.1%), Texas (10.6%) and Washington (5.8%), in addition to loans secured by properties in Canada (6.5%) and the United Kingdom (2.3%). The recorded investment in mortgage loans presented below is gross of unamortized deferred loan origination fees and expenses and allowance for credit losses.


	March 31, 2025				December 31, 2024
	Carrying Value		% of Total		Carrying Value		% of Total
Commercial:
Office	$	1,696	17.9	%	$	1,717	19.2	%
Retail	2,944		31.2		2,925		32.7
Industrial	2,963		31.4		2,714		30.3
Apartment	1,213		12.8		1,121		12.5
Hotel	441		4.7		443		4.9
Other commercial	102		1.1		32		0.4
Total commercial	9,359		99.1		8,952		100.0
Residential	82		0.9		—		—
Recorded investment	9,441		100.0	%	8,952		100.0	%
Unamortized balance of loan origination fees and expenses	(21)				(20)
Allowance for credit losses	(89)				(93)
Total mortgage loans	$	9,331			$	8,839


	March 31, 2025				December 31, 2024
	Recorded Investment		% of Total		Recorded Investment		% of Total
Due within five years	$	4,215	45.0	%	$	3,984	44.5	%
Due after five years through ten years	4,301		46.0		3,959		44.2
Due after ten years	843		9.0		1,009		11.3
Total commercial	$	9,359	100.0	%	$	8,952	100.0	%


	Recorded Investment
	Debt Service Ratios						Construction loans
	>1.20x		1.00x – 1.20x		<1.00x				Total		% of Total
March 31, 2025:
Loan-to-Value Ratio
0% – 59.99%	$	4,186	$	167	$	98	$	4	$	4,455	47.6	%
60% – 69.99%	2,420		232		76		46		2,774		29.6
70% – 79.99%	1,179		218		68		—		1,465		15.7
80% or greater	446		36		183		—		665		7.1
Total commercial	$	8,231	$	653	$	425	$	50	$	9,359	100.0	%


	Recorded Investment
	Debt Service Ratios						Construction loans
	>1.20x		1.00x – 1.20x		<1.00x				Total		% of Total
December 31, 2024:
Loan-to-Value Ratio
0% – 59.99%	$	4,017	$	189	$	42	$	7	$	4,255	47.5	%
60% – 69.99%	2,298		184		51		46		2,579		28.8
70% – 79.99%	1,205		178		47		—		1,430		16.0
80% or greater	523		45		120		—		688		7.7
Total commercial	$	8,043	$	596	$	260	$	53	$	8,952	100.0	%


	Recorded Investment
	Year of Origination
	2025		2024		2023		2022		2021		Prior		Total
March 31, 2025:
Internal credit quality grade:
High investment grade	$	28	$	592	$	435	$	539	$	600	$	1,967	$	4,161
Investment grade	518		1,269		746		793		403		1,067		4,796
Average	—		—		19		—		36		206		261
Watch list	—		—		—		—		—		135		135
In or near default	—		—		—		—		—		6		6
Total commercial	$	546	$	1,861	$	1,200	$	1,332	$	1,039	$	3,381	$	9,359


	Recorded Investment
	Year of Origination
	2024		2023		2022		2021		2020		Prior		Total
December 31, 2024:
Internal credit quality grade:
High investment grade	$	593	$	436	$	543	$	600	$	246	$	1,828	$	4,246
Investment grade	1,270		750		806		404		219		850		4,299
Average	—		19		—		36		18		203		276
Watch list	—		—		—		—		—		125		125
In or near default	—		—		—		—		—		6		6
Total commercial	$	1,863	$	1,205	$	1,349	$	1,040	$	483	$	3,012	$	8,952

The Company modified three mortgage loans and two mortgage loans for borrowers experiencing financial difficulty during the three months ended March 31, 2025 and 2024, respectively, providing interest only payments, maturity extensions or payment deferrals. The total recorded investment before allowance for credit losses for the modified loans was $19 million and $21 million as of March 31, 2025 and 2024, respectively.

The Company had one mortgage loan in the amount of $6 million and three mortgage loans in the amount of $23 million that were on nonaccrual status as of March 31, 2025 and 2024, respectively. The Company did not convert any mortgage loans to owned properties through a deed in lieu of foreclosure during the three months ended March 31, 2025 and 2024. The Company did not acquire any impaired mortgage loans during the three months ended March 31, 2025 and 2024.

The Company had residential mortgage loans totaling $82 million as of March 31, 2025. The allowance for credit losses of residential mortgage loans was $2 million as of March 31, 2025. The Company’s primary credit quality indicator for residential mortgage loans is whether the loan is performing or nonperforming. All residential mortgage loans were performing as of March 31, 2025. The Company did not have any residential mortgage loans modified or placed on non-accrual status as of March 31, 2025.

The majority of policy loans are associated with one client. These policy loans present no credit risk as the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.

As of March 31, 2025, $2.9 billion of the funds withheld at interest balance is primarily associated with two clients. For reinsurance agreements written on a modco basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed to the Company from the ceding company.


	March 31, 2025		December 31, 2024
Limited partnerships – equity method	$	1,146	$	1,067
Limited partnerships – fair value	963		966
Limited partnerships – cost method	65		64
Real estate joint ventures	1,054		970
Total limited partnerships and real estate joint ventures	$	3,228	$	3,067

Other invested assets include lifetime mortgages, derivative contracts and FHLB common stock. Other invested assets also includes real estate held for investment, which is included in “Other” in the table below. As of March 31, 2025 and December 31, 2024, the allowance for credit losses for lifetime mortgages was not material. The carrying values of other invested assets as of March 31, 2025 and December 31, 2024 are as follows (dollars in millions):