
	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

(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.


	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

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

As of June 30, 2024 and December 31, 2023, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company’s Total shareholders' equity.

The Company engages in securities lending whereby the initial collateral is required at a rate of at least 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in high quality liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss.

In the normal course of business, the Company receives cash collateral and non-cash collateral in the form of securities. If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. Securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected on the Company’s Condensed Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools.


	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.

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.

The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program.


	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

For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K.

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

As of June 30, 2024 and December 31, 2023, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities, in accordance with its impairment policy in order to evaluate whether such investments are impaired.

The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses.

The Company evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the three and six months ended June 30, 2024 and 2023, the Company had no material debt modifications that require such disclosure.

The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. These ratios are utilized as part of the review process described above.

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

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

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

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


	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

Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. As of June 30, 2024 and December 31, 2023, the Company had $45 and $16, respectively, of commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the six months ended June 30, 2024 and the year ended December 31, 2023 was immaterial.


	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

As of June 30, 2024 and December 31, 2023, the Company had $8 and $10, respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.


	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)