
	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	511	$	2	$	38	$	—	$	—	$	475
U.S. Government agencies and authorities	30		1		—		—		—		31
State, municipalities and political subdivisions	635		—		102		—		—		533
U.S. corporate public securities	8,313		138		989		—		—		7,462
U.S. corporate private securities	5,672		56		279		—		1		5,448
Foreign corporate public securities and foreign governments(1)	2,846		38		261		—		2		2,621
Foreign corporate private securities(1)	2,887		31		121		—		9		2,788
Residential mortgage-backed securities	3,942		32		224		—		—		3,750
Commercial mortgage-backed securities	3,578		4		467		—		—		3,115
Other asset-backed securities	3,021		30		43		—		6		3,002
Total fixed maturities, including securities pledged	31,435		332		2,524		—		18		29,225
Less: Securities pledged	1,502		—		109		—		—		1,393
Total fixed maturities(3)	$	29,933	$	332	$	2,415	$	—	$	18	$	27,832

(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	$	524	$	—	$	52	$	—	$	—	$	472
U.S. Government agencies and authorities	29		1		—		—		—		30
State, municipalities and political subdivisions	697		—		117		—		—		580
U.S. corporate public securities	7,938		124		1,054		—		—		7,008
U.S. corporate private securities	5,275		43		329		—		6		4,983
Foreign corporate public securities and foreign governments(1)	2,729		32		287		—		2		2,472
Foreign corporate private securities(1)	2,693		22		169		—		9		2,537
Residential mortgage-backed securities	3,709		27		261		(4)		—		3,471
Commercial mortgage-backed securities	3,677		4		532		—		17		3,132
Other asset-backed securities	2,779		39		45		—		4		2,769
Total fixed maturities, including securities pledged	30,050		292		2,846		(4)		38		27,454
Less: Securities pledged	1,665		—		149		—		—		1,516
Total fixed maturities	$	28,385	$	292	$	2,697	$	(4)	$	38	$	25,938

The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2025, 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	$	625	$	620
After one year through five years	4,294		4,209
After five years through ten years	3,814		3,723
After ten years	12,161		10,806
Mortgage-backed securities	7,520		6,865
Other asset-backed securities	3,021		3,002
Fixed maturities, including securities pledged	$	31,435	$	29,225

As of March 31, 2025 and December 31, 2024, 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.


	March 31, 2025		December 31, 2024
Securities pledged/obligations under repurchase agreements(1)	$	482	$	281
Securities loaned to lending agent(2)	755		1,083
Securities pledged as collateral(2)(3)	156		159
Total	$	1,393	$	1,523

(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:


	March 31, 2025		December 31, 2024
U.S. Treasuries	$	31	$	22

U.S. corporate public securities	417		601

Short-term investments	13		241

Foreign corporate public securities and foreign governments	321		258
Total(1)	$	782	$	1,122

(1) As of March 31, 2025 and December 31, 2024, liabilities to return cash collateral were $757 and $736, 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.


	Three Months Ended March 31, 2025
	U.S. corporate private 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	$	6	$	17	$	2	$	9	$	4	$	38
Credit losses on securities for which credit losses were not previously recorded	1		—		—		—		2		3

Reductions for securities sold during the period	(6)		(17)		—		—		—		(23)


Increase (decrease) on securities with allowance recorded in previous period	—		—		—		—		—		—


Balance as of March 31	$	1	$	—	$	2	$	9	$	6	$	18


	Year Ended December 31, 2024
	U.S. corporate private 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	6		9		—		8		1		24

Reductions for securities sold during the period	—		—		(1)		—		—		(1)


Increase (decrease) on securities with allowance recorded in previous period	—		(1)		—		(1)		—		(2)


Balance as of December 31	$	6	$	17	$	2	$	9	$	4	$	38

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 March 31, 2025
	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	$	254	$	11		$	138	$	27	$	392	$	38
U.S. Government agencies and authorities	—		—			—		—		—		—
State, municipalities and political subdivisions	4		—			515		102		519		102
U.S. corporate public securities	876		45			4,258		944		5,134		989
U.S. corporate private securities	412		5			2,951		274		3,363		279
Foreign corporate public securities and foreign governments	525		12			1,282		249		1,807		261
Foreign corporate private securities	521		5			1,457		116		1,978		121
Residential mortgage-backed	257		4			1,228		220		1,485		224
Commercial mortgage-backed	90		—			2,639		467		2,729		467
Other asset-backed	584		6			305		37		889		43
Total	$	3,523	$	88		$	14,773	$	2,436	$	18,296	$	2,524


	As of December 31, 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	$	304	$	20		$	133	$	32	$	437	$	52
U.S. Government agencies and authorities	14		—			—		—		14		—
State, municipalities and political subdivisions	7		—			562		117		569		117
U.S. corporate public securities	818		35			4,215		1,019		5,033		1,054
U.S. corporate private securities	546		13			2,845		316		3,391		329
Foreign corporate public securities and foreign governments	450		17			1,285		270		1,735		287
Foreign corporate private securities	490		12			1,468		157		1,958		169
Residential mortgage-backed	311		8			1,210		253		1,521		261
Commercial mortgage-backed	24		—			2,751		532		2,775		532
Other asset-backed	93		2			315		43		408		45
Total	$	3,057	$	107		$	14,784	$	2,739	$	17,841	$	2,846

As of March 31, 2025 and December 31, 2024, 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. Intent impairments were $19 for the three months ended March 31, 2025. There were no intent impairments for the three months ended March 31, 2024.

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 months ended March 31, 2025 and 2024, 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 March 31, 2025 and December 31, 2024, respectively.


	As of March 31, 2025
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2025	$	76	$	155	$	24	$	—	$	—	$	255
2024	136		149		15		—		—		300
2023	95		209		41		—		—		345
2022	271		297		97		—		—		665
2021	247		217		84		—		—		548
Prior	3,249		234		—		—		18		3,501
Total(1)	$	4,074	$	1,261	$	261	$	—	$	18	$	5,614


	As of December 31, 2024
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% -70%		>70% - 80%		>80% and above		Total
2024	$	138	$	131	$	15	$	—	$	—	$	284
2023	96		221		40		—		—		357
2022	239		282		95		—		—		616
2021	240		184		95		—		—		519
2020	184		71		—		—		—		255
Prior	2,500		148		2		—		18		2,668
Total	$	3,397	$	1,037	$	247	$	—	$	18	$	4,699

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 March 31, 2025 and December 31, 2024, respectively.


	As of March 31, 2025
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total(1)
2025	$	115	$	82	$	58	$	—	$	255
2024	187		92		21		—		300
2023	102		179		49		15		345
2022	345		101		78		141		665
2021	299		30		97		122		548
Prior	2,652		341		401		107		3,501
Total	$	3,700	$	825	$	704	$	385	$	5,614


	As of December 31, 2024
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total(1)
2024	$	161	$	93	$	28	$	2	$	284
2023	118		180		48		11		357
2022	295		101		76		144		616
2021	258		16		97		148		519
2020	207		20		20		8		255
Prior	2,018		219		346		85		2,668
Total	$	3,057	$	629	$	615	$	398	$	4,699

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 March 31, 2025 and December 31, 2024, respectively.


	As of March 31, 2025
	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
2025	$	16	$	34	$	107	$	4	$	3	$	62	$	3	$	11	$	15	$	255
2024	58		80		49		57		20		17		8		3		8		300
2023	33		85		17		101		39		38		3		26		3		345
2022	153		120		53		94		107		107		4		7		20		665
2021	102		55		114		93		111		52		11		10		—		548
Prior	879		859		675		258		239		271		63		171		86		3,501
Total	$	1,241	$	1,233	$	1,015	$	607	$	519	$	547	$	92	$	228	$	132	$	5,614


	As of December 31, 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	$	58	$	80	$	41	$	57	$	20	$	9	$	7	$	3	$	9	$	284
2023	49		85		12		101		39		39		3		26		3		357
2022	140		122		49		98		89		92		5		1		20		616
2021	95		51		113		93		96		47		9		15		—		519
2020	61		118		17		10		12		15		—		7		15		255
Prior	707		632		619		176		211		134		51		109		29		2,668
Total	$	1,110	$	1,088	$	851	$	535	$	467	$	336	$	75	$	161	$	76	$	4,699

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 March 31, 2025 and December 31, 2024, respectively.


	As of March 31, 2025
Year of Origination	Property Type
	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2025	$	71	$	165	$	19	$	—	$	—	$	—	$	—	$	255
2024	73		155		57		15		—		—		—		300
2023	124		161		13		15		32		—		—		345
2022	112		271		228		35		10		9		—		665
2021	47		145		223		115		—		9		9		548
Prior	929		858		901		549		66		153		45		3,501
Total	$	1,356	$	1,755	$	1,441	$	729	$	108	$	171	$	54	$	5,614


	As of December 31, 2024
Year of Origination	Property Type
	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2024	$	58	$	154	$	57	$	15	$	—	$	—	$	—	$	284
2023	124		172		13		16		32		—		—		357
2022	79		261		222		35		10		9		—		616
2021	35		128		218		111		—		18		9		519
2020	55		48		56		96		—		—		—		255
Prior	610		713		640		437		67		155		46		2,668
Total	$	961	$	1,476	$	1,206	$	710	$	109	$	182	$	55	$	4,699


	March 31, 2025		December 31, 2024
Allowance for credit losses, beginning of period	$	24	$	26
Credit losses on mortgage loans for which credit losses were not previously recorded	6		1

Increase (decrease) on mortgage loans with an allowance recorded in a previous period	2		—
Provision for expected credit losses	32		27
Write-offs	(3)		(3)

Allowance for credit losses, end of period	$	29	$	24

Commercial mortgage loans are placed on non-accrual status when 90 days in arrears, when the Company has concerns regarding the collectability of future payments or when a loan has matured without being paid off or extended. As of March 31, 2025 and December 31, 2024, the Company had $16 and $26, respectively, of commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the three months ended March 31, 2025 and the year ended December 31, 2024 was immaterial.


	Three Months Ended March 31,
		2025		2024
Fixed maturities		$	465	$	416
Equity securities		3		5
Mortgage loans on real estate		67		61
Policy loans		5		6
Short-term investments and cash equivalents		10		10
Limited partnerships and other		32		48


Gross investment income		582		546
Less: Investment expenses		22		17
Net investment income		$	560	$	529

As of March 31, 2025 and December 31, 2024, the Company had $2 and $18, 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 March 31,
		2025		2024
Fixed maturities, available-for-sale, including securities pledged		$	1	$	(20)
Fixed maturities, at fair value option		20		(81)

Equity securities, at fair value		1		3
Derivatives		(53)		136
Embedded derivatives within fixed maturities		4		(1)

Other derivatives		—		1
Standalone derivatives		1		1
Managed custody guarantees		(1)		1
Stabilizer		4		—
Mortgage loans		(6)		1
Other investments		(5)		2
Net gains (losses)		$	(34)	$	43