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Investments (excluding Consolidated Investment Entities) (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Fixed Maturities | Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of June 30, 2024:
| Amortized Cost |  | Gross Unrealized Capital Gains |  | Gross Unrealized Capital Losses |  | Embedded Derivatives(2) |  | Allowance for credit losses |  | Fair Value
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries | $ | 379 |  |  | $ | 1 |  |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | 349 |
U.S. Government agencies and authorities | 54 |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 54 |
State, municipalities and political subdivisions | 743 |  |  | — |  |  | 113 |  |  | — |  |  | — |  |  | 630 |
U.S. corporate public securities | 8,068 |  |  | 128 |  |  | 1,058 |  |  | — |  |  | 1 |  |  | 7,137 |
U.S. corporate private securities | 5,061 |  |  | 26 |  |  | 391 |  |  | — |  |  | — |  |  | 4,696 |
Foreign corporate public securities and foreign governments(1) | 2,777 |  |  | 34 |  |  | 289 |  |  | — |  |  | 2 |  |  | 2,520 |
Foreign corporate private securities(1) | 2,806 |  |  | 19 |  |  | 164 |  |  | — |  |  | 1 |  |  | 2,660 |
Residential mortgage-backed securities | 3,624 |  |  | 26 |  |  | 272 |  |  | — |  |  | — |  |  | 3,378 |
Commercial mortgage-backed securities | 3,975 |  |  | 2 |  |  | 571 |  |  | — |  |  | 18 |  |  | 3,388 |
Other asset-backed securities | 2,684 |  |  | 33 |  |  | 52 |  |  | — |  |  | 5 |  |  | 2,660 |
Total fixed maturities, including securities pledged | 30,171 |  |  | 271 |  |  | 2,943 |  |  | — |  |  | 27 |  |  | 27,472 |
Less: Securities pledged | 1,393 |  |  | — |  |  | 119 |  |  | — |  |  | — |  |  | 1,274 |
Total fixed maturities | $ | 28,778 |  |  | $ | 271 |  |  | $ | 2,824 |  |  | $ | — |  |  | $ | 27 |  |  | $ | 26,198 |
(1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations. Available-for-sale and FVO fixed maturities were as follows as of December 31, 2023:
| Amortized Cost |  | Gross Unrealized Capital Gains |  | Gross Unrealized Capital Losses |  | Embedded Derivatives(2) |  | Allowance for credit losses |  | Fair Value
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries | $ | 417 |  |  | $ | 7 |  |  | $ | 21 |  |  | $ | — |  |  | $ | — |  |  | $ | 403 |
U.S. Government agencies and authorities | 54 |  |  | 3 |  |  | 1 |  |  | — |  |  | — |  |  | 56 |
State, municipalities and political subdivisions | 871 |  |  | 1 |  |  | 101 |  |  | — |  |  | — |  |  | 771 |
U.S. corporate public securities | 8,402 |  |  | 168 |  |  | 904 |  |  | — |  |  | — |  |  | 7,666 |
U.S. corporate private securities | 5,040 |  |  | 44 |  |  | 324 |  |  | — |  |  | — |  |  | 4,760 |
Foreign corporate public securities and foreign governments(1) | 2,928 |  |  | 47 |  |  | 270 |  |  | — |  |  | 3 |  |  | 2,702 |
Foreign corporate private securities(1) | 2,916 |  |  | 27 |  |  | 129 |  |  | — |  |  | 2 |  |  | 2,812 |
Residential mortgage-backed securities | 3,695 |  |  | 36 |  |  | 257 |  |  | 2 |  |  | — |  |  | 3,476 |
Commercial mortgage-backed securities | 4,147 |  |  | 1 |  |  | 644 |  |  | — |  |  | 9 |  |  | 3,495 |
Other asset-backed securities | 2,528 |  |  | 16 |  |  | 71 |  |  | — |  |  | 3 |  |  | 2,470 |
Total fixed maturities, including securities pledged | 30,998 |  |  | 350 |  |  | 2,722 |  |  | 2 |  |  | 17 |  |  | 28,611 |
Less: Securities pledged | 1,232 |  |  | — |  |  | 72 |  |  | — |  |  | — |  |  | 1,160 |
Total fixed maturities | $ | 29,766 |  |  | $ | 350 |  |  | $ | 2,650 |  |  | $ | 2 |  |  | $ | 17 |  |  | $ | 27,451 |
(1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of fixed maturities, including securities pledged, as of June 30, 2024, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.
| Amortized Cost |  | Fair Value
Due to mature: |  |  |
One year or less | $ | 661 |  |  | $ | 643 |
After one year through five years | 3,869 |  |  | 3,718 |
After five years through ten years | 3,806 |  |  | 3,642 |
After ten years | 11,552 |  |  | 10,043 |
Mortgage-backed securities | 7,599 |  |  | 6,766 |
Other asset-backed securities | 2,684 |  |  | 2,660 |
Fixed maturities, including securities pledged | $ | 30,171 |  |  | $ | 27,472 |
Schedule of Securities Pledged | The following table presents Securities pledged as of the dates indicated:
| June 30, 2024 |  | December 31, 2023
Securities pledged/obligations under repurchase agreements(1) | $ | 162 |  |  | $ | 117 |
Securities loaned to lending agent(2) | 941 |  |  | 842 |
Securities pledged as collateral(2)(3) | 171 |  |  | 201 |
Total | $ | 1,274 |  |  | $ | 1,160 |
(1) Comprised of other asset-backed securities and included in Securities pledged and Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets. (2) Included in Securities pledged on the Condensed Consolidated Balance Sheets. (3) See Collateral within the Derivatives Note to these Condensed Consolidated Financial Statements for more information.
Schedule of Securities Borrowed Under Securities Lending Transactions | The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:
| June 30, 2024 |  | December 31, 2023
U.S. Treasuries | $ | 29 |  |  | $ | 14 |
U.S. corporate public securities | 607 |  |  | 568 |
Short-term investments | 11 |  |  | 55 |
Foreign corporate public securities and foreign governments | 338 |  |  | 238 |
Total(1) | $ | 985 |  |  | $ | 875 |
(1) As of June 30, 2024 and December 31, 2023, liabilities to return cash collateral were $723 and $660, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets.
Fixed Maturities, Allowance for Credit Losses | The following tables presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the periods presented:
| Six Months Ended June 30, 2024
| U.S. corporate public securities |  |  |  | Commercial mortgage-backed securities |  | Foreign corporate public securities and foreign governments |  | Foreign corporate private securities |  | Other asset-backed securities |  | Total
Balance as of January 1 | $ | — |  |  |  |  | $ | 9 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 17 |
Credit losses on securities for which credit losses were not previously recorded | — |  |  |  |  | 10 |  |  | — |  |  | — |  |  | 1 |  |  | 11 |
Reductions for securities sold during the period | — |  |  |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
Increase (decrease) on securities with allowance recorded in previous period | 1 |  |  |  |  | (1) |  |  | — |  |  | (1) |  |  | 1 |  |  | — |
Balance as of June 30 | $ | 1 |  |  |  |  | $ | 18 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 5 |  |  | $ | 27 |
| Year Ended December 31, 2023
| U.S. corporate public securities |  |  |  | Commercial mortgage-backed securities |  | Foreign corporate public securities and foreign governments |  | Foreign corporate private securities |  | Other asset-backed securities |  | Total
Balance as of January 1 | $ | — |  |  |  |  | $ | — |  |  | $ | 9 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 12 |
Credit losses on securities for which credit losses were not previously recorded | — |  |  |  |  | 9 |  |  | — |  |  | — |  |  | 2 |  |  | 11 |
Reductions for securities sold during the period | — |  |  |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  | (5) |
Increase (decrease) on securities with allowance recorded in previous period | — |  |  |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
Balance as of December 31 | $ | — |  |  |  |  | $ | 9 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 17 |
Schedule of Unrealized Loss on Investments | The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:
| As of June 30, 2024 |
| Twelve Months or Less Below Amortized Cost |  |  |  | More Than Twelve Months Below Amortized Cost |  | Total |
| Fair Value |  | Unrealized Capital Losses |  |  |  |  |  |  |  | Fair Value |  | Unrealized Capital Losses |  |  |  | Fair Value |  | Unrealized Capital Losses |  |  |
U.S. Treasuries | $ | 146 |  |  | $ | 2 |  |  |  |  |  |  |  |  | $ | 155 |  |  | $ | 29 |  |  |  |  | $ | 301 |  |  | $ | 31 |  |  |  |
U.S. Government agencies and authorities | 14 |  |  | — |  |  |  |  |  |  |  |  | 3 |  |  | 2 |  |  |  |  | 17 |  |  | 2 |  |  |  |
State, municipalities and political subdivisions | 3 |  |  | — |  |  |  |  |  |  |  |  | 618 |  |  | 113 |  |  |  |  | 621 |  |  | 113 |  |  |  |
U.S. corporate public securities | 382 |  |  | 15 |  |  |  |  |  |  |  |  | 4,782 |  |  | 1,043 |  |  |  |  | 5,164 |  |  | 1,058 |  |  |  |
U.S. corporate private securities | 527 |  |  | 14 |  |  |  |  |  |  |  |  | 3,197 |  |  | 377 |  |  |  |  | 3,724 |  |  | 391 |  |  |  |
Foreign corporate public securities and foreign governments | 233 |  |  | 4 |  |  |  |  |  |  |  |  | 1,554 |  |  | 285 |  |  |  |  | 1,787 |  |  | 289 |  |  |  |
Foreign corporate private securities | 245 |  |  | 5 |  |  |  |  |  |  |  |  | 1,999 |  |  | 159 |  |  |  |  | 2,244 |  |  | 164 |  |  |  |
Residential mortgage-backed | 335 |  |  | 4 |  |  |  |  |  |  |  |  | 1,329 |  |  | 268 |  |  |  |  | 1,664 |  |  | 272 |  |  |  |
Commercial mortgage-backed | 48 |  |  | 1 |  |  |  |  |  |  |  |  | 3,158 |  |  | 570 |  |  |  |  | 3,206 |  |  | 571 |  |  |  |
Other asset-backed | 188 |  |  | 2 |  |  |  |  |  |  |  |  | 387 |  |  | 50 |  |  |  |  | 575 |  |  | 52 |  |  |  |
Total | $ | 2,121 |  |  | $ | 47 |  |  |  |  |  |  |  |  | $ | 17,182 |  |  | $ | 2,896 |  |  |  |  | $ | 19,303 |  |  | $ | 2,943 |  |  |  |
| As of December 31, 2023
| Twelve Months or Less Below Amortized Cost |  |  |  | More Than Twelve Months Below Amortized Cost |  | Total
| Fair Value |  | Unrealized Capital Losses |  |  |  |  |  |  |  | Fair Value |  | Unrealized Capital Losses |  |  |  | Fair Value |  | Unrealized Capital Losses |  |
U.S. Treasuries | $ | 99 |  |  | $ | 3 |  |  |  |  |  |  |  |  | $ | 109 |  |  | $ | 18 |  |  |  |  | $ | 208 |  |  | $ | 21 |  |  |
U.S. Government agencies and authorities | — |  |  | — |  |  |  |  |  |  |  |  | 3 |  |  | 1 |  |  |  |  | 3 |  |  | 1 |  |  |
State, municipalities and political subdivisions | 20 |  |  | — |  |  |  |  |  |  |  |  | 731 |  |  | 101 |  |  |  |  | 751 |  |  | 101 |  |  |
U.S. corporate public securities | 321 |  |  | 17 |  |  |  |  |  |  |  |  | 5,101 |  |  | 887 |  |  |  |  | 5,422 |  |  | 904 |  |  |
U.S. corporate private securities | 176 |  |  | 7 |  |  |  |  |  |  |  |  | 3,365 |  |  | 317 |  |  |  |  | 3,541 |  |  | 324 |  |  |
Foreign corporate public securities and foreign governments | 82 |  |  | 2 |  |  |  |  |  |  |  |  | 1,749 |  |  | 268 |  |  |  |  | 1,831 |  |  | 270 |  |  |
Foreign corporate private securities | 189 |  |  | 5 |  |  |  |  |  |  |  |  | 2,101 |  |  | 124 |  |  |  |  | 2,290 |  |  | 129 |  |  |
Residential mortgage-backed | 114 |  |  | 3 |  |  |  |  |  |  |  |  | 1,354 |  |  | 254 |  |  |  |  | 1,468 |  |  | 257 |  |  |
Commercial mortgage-backed | 84 |  |  | 2 |  |  |  |  |  |  |  |  | 3,269 |  |  | 642 |  |  |  |  | 3,353 |  |  | 644 |  |  |
Other asset-backed | 136 |  |  | 3 |  |  |  |  |  |  |  |  | 1,156 |  |  | 68 |  |  |  |  | 1,292 |  |  | 71 |  |  |
Total | $ | 1,221 |  |  | $ | 42 |  |  |  |  |  |  |  |  | $ | 18,938 |  |  | $ | 2,680 |  |  |  |  | $ | 20,159 |  |  | $ | 2,722 |  |  |
Mortgage Loans by Loan to Value Ratio | The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of June 30, 2024 and December 31, 2023, respectively.
| As of June 30, 2024
| Loan-to-Value Ratios
Year of Origination | 0% - 50% |  | >50% - 60% |  | >60% - 70% |  | >70% - 80% |  | >80% and above |  | Total
2024 | $ | 126 |  |  | $ | 33 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 160 |
2023 | 117 |  |  | 222 |  |  | 39 |  |  | — |  |  | — |  |  | 378 |
2022 | 232 |  |  | 312 |  |  | 87 |  |  | — |  |  | — |  |  | 631 |
2021 | 241 |  |  | 203 |  |  | 139 |  |  | — |  |  | — |  |  | 583 |
2020 | 176 |  |  | 97 |  |  | — |  |  | — |  |  | — |  |  | 273 |
Prior | 2,688 |  |  | 251 |  |  | 16 |  |  | — |  |  | 21 |  |  | 2,976 |
Total | $ | 3,580 |  |  | $ | 1,118 |  |  | $ | 281 |  |  | $ | 1 |  |  | $ | 21 |  |  | $ | 5,001 |
| As of December 31, 2023
| Loan-to-Value Ratios
Year of Origination | 0% - 50% |  | >50% - 60% |  | >60% -70% |  | >70% - 80% |  | >80% and above |  | Total
2023 | $ | 150 |  |  | $ | 222 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 372 |
2022 | 252 |  |  | 326 |  |  | 73 |  |  | — |  |  | — |  |  | 651 |
2021 | 244 |  |  | 214 |  |  | 209 |  |  | — |  |  | — |  |  | 667 |
2020 | 168 |  |  | 112 |  |  | — |  |  | 10 |  |  | 16 |  |  | 306 |
2019 | 238 |  |  | 68 |  |  | 28 |  |  | — |  |  | — |  |  | 334 |
Prior | 2,586 |  |  | 280 |  |  | 4 |  |  | — |  |  | 18 |  |  | 2,888 |
Total | $ | 3,638 |  |  | $ | 1,222 |  |  | $ | 314 |  |  | $ | 10 |  |  | $ | 34 |  |  | $ | 5,218 |
Mortgage Loans by Debt Service Coverage Ratio | The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of June 30, 2024 and December 31, 2023, respectively.
| As of June 30, 2024
| Debt Service Coverage Ratios
Year of Origination | >1.5x |  | >1.25x - 1.5x |  | >1.0x - 1.25x |  | <1.0x |  | Total*
2024 | $ | 54 |  |  | $ | 59 |  |  | $ | 47 |  |  | $ | — |  |  | $ | 160 |
2023 | 166 |  |  | 95 |  |  | 113 |  |  | 4 |  |  | 378 |
2022 | 210 |  |  | 61 |  |  | 161 |  |  | 199 |  |  | 631 |
2021 | 260 |  |  | 12 |  |  | 68 |  |  | 243 |  |  | 583 |
2020 | 207 |  |  | 23 |  |  | 20 |  |  | 23 |  |  | 273 |
Prior | 2,237 |  |  | 243 |  |  | 332 |  |  | 164 |  |  | 2,976 |
Total | $ | 3,134 |  |  | $ | 493 |  |  | $ | 741 |  |  | $ | 633 |  |  | $ | 5,001 |
*No commercial mortgage loans were secured by land or construction loans
| As of December 31, 2023
| Debt Service Coverage Ratios
Year of Origination | >1.5x |  | >1.25x - 1.5x |  | >1.0x - 1.25x |  | <1.0x |  | Total*
2023 | $ | 189 |  |  | $ | 116 |  |  | $ | 67 |  |  | $ | — |  |  | $ | 372 |
2022 | 204 |  |  | 68 |  |  | 192 |  |  | 187 |  |  | 651 |
2021 | 260 |  |  | 14 |  |  | 64 |  |  | 329 |  |  | 667 |
2020 | 211 |  |  | 24 |  |  | 21 |  |  | 50 |  |  | 306 |
2019 | 203 |  |  | 26 |  |  | 84 |  |  | 21 |  |  | 334 |
Prior | 2,216 |  |  | 264 |  |  | 255 |  |  | 153 |  |  | 2,888 |
Total | $ | 3,283 |  |  | $ | 512 |  |  | $ | 683 |  |  | $ | 740 |  |  | $ | 5,218 |
*No commercial mortgage loans were secured by land or construction loans
Mortgage Loans by Geographic Location of Collateral | The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of June 30, 2024 and December 31, 2023, respectively.
| As of June 30, 2024
| U.S. Region
Year of Origination | Pacific |  | South Atlantic |  | Middle Atlantic |  | West South Central |  | Mountain |  | East North Central |  | New England |  | West North Central |  | East South Central |  | Total
2024 | $ | 24 |  |  | $ | 58 |  |  | $ | 21 |  |  | $ | 21 |  |  | $ | 15 |  |  | $ | 2 |  |  | $ | 8 |  |  | $ | 2 |  |  | $ | 9 |  |  | $ | 160 |
2023 | 69 |  |  | 84 |  |  | 12 |  |  | 101 |  |  | 39 |  |  | 40 |  |  | 3 |  |  | 27 |  |  | 3 |  |  | 378 |
2022 | 140 |  |  | 131 |  |  | 49 |  |  | 98 |  |  | 94 |  |  | 93 |  |  | 5 |  |  | 1 |  |  | 20 |  |  | 631 |
2021 | 96 |  |  | 54 |  |  | 119 |  |  | 94 |  |  | 97 |  |  | 73 |  |  | 9 |  |  | 40 |  |  | 1 |  |  | 583 |
2020 | 62 |  |  | 135 |  |  | 17 |  |  | 10 |  |  | 12 |  |  | 15 |  |  | — |  |  | 7 |  |  | 15 |  |  | 273 |
Prior | 739 |  |  | 670 |  |  | 692 |  |  | 216 |  |  | 250 |  |  | 160 |  |  | 59 |  |  | 153 |  |  | 37 |  |  | 2,976 |
Total | $ | 1,130 |  |  | $ | 1,132 |  |  | $ | 910 |  |  | $ | 540 |  |  | $ | 507 |  |  | $ | 383 |  |  | $ | 84 |  |  | $ | 230 |  |  | $ | 85 |  |  | $ | 5,001 |
| As of December 31, 2023
| U.S. Region
Year of Origination | Pacific |  | South Atlantic |  | Middle Atlantic |  | West South Central |  | Mountain |  | East North Central |  | New England |  | West North Central |  | East South Central |  | Total
2023 | $ | 69 |  |  | $ | 77 |  |  | $ | 12 |  |  | $ | 101 |  |  | $ | 39 |  |  | $ | 42 |  |  | $ | 3 |  |  | $ | 26 |  |  | $ | 3 |  |  | $ | 372 |
2022 | 140 |  |  | 132 |  |  | 47 |  |  | 100 |  |  | 113 |  |  | 93 |  |  | 5 |  |  | 1 |  |  | 20 |  |  | 651 |
2021 | 96 |  |  | 63 |  |  | 124 |  |  | 148 |  |  | 111 |  |  | 75 |  |  | 9 |  |  | 40 |  |  | 1 |  |  | 667 |
2020 | 63 |  |  | 155 |  |  | 17 |  |  | 10 |  |  | 12 |  |  | 26 |  |  | — |  |  | 7 |  |  | 16 |  |  | 306 |
2019 | 53 |  |  | 100 |  |  | 10 |  |  | 74 |  |  | 45 |  |  | 4 |  |  | 14 |  |  | 13 |  |  | 21 |  |  | 334 |
Prior | 734 |  |  | 605 |  |  | 765 |  |  | 189 |  |  | 214 |  |  | 171 |  |  | 47 |  |  | 144 |  |  | 19 |  |  | 2,888 |
Total | $ | 1,155 |  |  | $ | 1,132 |  |  | $ | 975 |  |  | $ | 622 |  |  | $ | 534 |  |  | $ | 411 |  |  | $ | 78 |  |  | $ | 231 |  |  | $ | 80 |  |  | $ | 5,218 |
Mortgage Loans by Property Type of Collateral | The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of June 30, 2024 and December 31, 2023, respectively.
| As of June 30, 2024
| Property Type
Year of Origination | Retail |  | Industrial |  | Apartments |  | Office |  | Hotel/Motel |  | Other |  | Mixed Use |  | Total
2024 | $ | 19 |  |  | $ | 123 |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 160 |
2023 | 125 |  |  | 171 |  |  | 33 |  |  | 17 |  |  | 32 |  |  | — |  |  | — |  |  | 378 |
2022 | 79 |  |  | 263 |  |  | 235 |  |  | 34 |  |  | 10 |  |  | 10 |  |  | — |  |  | 631 |
2021 | 36 |  |  | 138 |  |  | 271 |  |  | 111 |  |  | — |  |  | 18 |  |  | 9 |  |  | 583 |
2020 | 56 |  |  | 48 |  |  | 72 |  |  | 97 |  |  | — |  |  | — |  |  | — |  |  | 273 |
Prior | 698 |  |  | 799 |  |  | 735 |  |  | 468 |  |  | 69 |  |  | 159 |  |  | 48 |  |  | 2,976 |
Total | $ | 1,013 |  |  | $ | 1,542 |  |  | $ | 1,364 |  |  | $ | 727 |  |  | $ | 111 |  |  | $ | 187 |  |  | $ | 57 |  |  | $ | 5,001 |
| As of December 31, 2023
| Property Type
Year of Origination | Retail |  | Industrial |  | Apartments |  | Office |  | Hotel/Motel |  | Other |  | Mixed Use |  | Total
2023 | $ | 125 |  |  | $ | 164 |  |  | $ | 33 |  |  | $ | 18 |  |  | $ | 32 |  |  | $ | — |  |  | $ | — |  |  | $ | 372 |
2022 | 79 |  |  | 263 |  |  | 255 |  |  | 34 |  |  | 10 |  |  | 10 |  |  | — |  |  | 651 |
2021 | 36 |  |  | 145 |  |  | 335 |  |  | 123 |  |  | — |  |  | 18 |  |  | 10 |  |  | 667 |
2020 | 57 |  |  | 49 |  |  | 72 |  |  | 128 |  |  | — |  |  | — |  |  | — |  |  | 306 |
2019 | 45 |  |  | 82 |  |  | 160 |  |  | 36 |  |  | 11 |  |  | — |  |  | — |  |  | 334 |
Prior | 780 |  |  | 755 |  |  | 618 |  |  | 463 |  |  | 60 |  |  | 163 |  |  | 49 |  |  | 2,888 |
Total | $ | 1,122 |  |  | $ | 1,458 |  |  | $ | 1,473 |  |  | $ | 802 |  |  | $ | 113 |  |  | $ | 191 |  |  | $ | 59 |  |  | $ | 5,218 |
Commercial Mortgage Loans, Allowance for Credit Losses | The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated:
| June 30, 2024 |  | December 31, 2023 |  |
Allowance for credit losses, beginning of period | $ | 26 |  |  | $ | 18 |  |  |
Credit losses on mortgage loans for which credit losses were not previously recorded | — |  |  | 2 |  |  |
Increase (decrease) on mortgage loans with an allowance recorded in a previous period | (2) |  |  | 9 |  |  |
Provision for expected credit losses | 24 |  |  | 29 |  |  |
Write-offs | — |  |  | (3) |  |  |
Recoveries of amounts previously written-off | — |  |  | — |  |  |
Allowance for credit losses, end of period | $ | 24 |  |  | $ | 26 |  |  |
Mortgage Loans, Past Due | The following table presents the payment status of commercial mortgage loans as of the dates indicated:
| June 30, 2024 |  | December 31, 2023 |
Current | $ | 4,956 |  |  | $ | 5,202 |  |
30-59 days past due | 26 |  |  | — |  |
60-89 days past due | — |  |  | — |  |
Greater than 90 days past due | 19 |  |  | 16 |  |
Total | $ | 5,001 |  |  | $ | 5,218 |  |
Net Investment Income | The following table summarizes Net investment income by investment type for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Fixed maturities | $ | 416 |  |  | $ | 440 |  |  | $ | 832 |  |  | $ | 898 |  |  |
Equity securities | 4 |  |  | 7 |  |  | 9 |  |  | 14 |  |  |
Mortgage loans on real estate | 60 |  |  | 62 |  |  | 121 |  |  | 123 |  |  |
Policy loans | 4 |  |  | 5 |  |  | 10 |  |  | 11 |  |  |
Short-term investments and cash equivalents | 10 |  |  | 9 |  |  | 20 |  |  | 18 |  |  |
Limited partnerships and other | 42 |  |  | 40 |  |  | 90 |  |  | 62 |  |  |
Gross investment income | 536 |  |  | 563 |  |  | 1,082 |  |  | 1,126 |  |  |
Less: Investment expenses | 18 |  |  | 18 |  |  | 35 |  |  | 36 |  |  |
Net investment income | $ | 518 |  |  | $ | 545 |  |  | $ | 1,047 |  |  | $ | 1,090 |  |  |
Realized Gain (Loss) on Investments | Net gains (losses) were as follows for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Fixed maturities, available-for-sale, including securities pledged | $ | (14) |  |  | $ | (18) |  |  | $ | (34) |  |  | $ | (17) |
Fixed maturities, at fair value option | (30) |  |  | (144) |  |  | (111) |  |  | (108) |
Equity securities, at fair value | 1 |  |  | (1) |  |  | 4 |  |  | (3) |
Derivatives | 40 |  |  | 119 |  |  | 176 |  |  | 65 |
Embedded derivatives - fixed maturities | (1) |  |  | (2) |  |  | (2) |  |  | (1) |
Other derivatives | (1) |  |  | — |  |  | — |  |  | — |
Standalone derivatives | — |  |  | — |  |  | 1 |  |  | — |
Managed custody guarantees | (1) |  |  | — |  |  | — |  |  | 3 |
Stabilizer | (1) |  |  | — |  |  | (1) |  |  | — |
Mortgage loans | 2 |  |  | (10) |  |  | 3 |  |  | (10) |
Other investments | 1 |  |  | — |  |  | 3 |  |  | (1) |
Net gains (losses) | $ | (4) |  |  | $ | (56) |  |  | $ | 39 |  |  | $ | (72) |
Proceeds and Gross Gains and Gross Losses on Investments | Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Proceeds on sales | $ | 617 |  |  | $ | 2,331 |  |  | $ | 1,446 |  |  | $ | 3,637 |
Gross gains | 8 |  |  | 23 |  |  | 19 |  |  | 43 |
Gross losses | 9 |  |  | 30 |  |  | 36 |  |  | 55 |

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