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Investments | 6 Months Ended
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Jun. 30, 2024
Investments | (4) Investments (a) Net Investment Income Sources of net investment income were as follows for the periods indicated:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(Amounts in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Fixed maturity securities—taxable |  | $ | 571 |  |  | $ | 567 |  |  | $ | 1,125 |  |  | $ | 1,128 |
Fixed maturity securities—non-taxable |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | 2 |
Equity securities |  |  | 3 |  |  |  | 3 |  |  |  | 5 |  |  |  | 5 |
Commercial mortgage loans |  |  | 75 |  |  |  | 75 |  |  |  | 150 |  |  |  | 151 |
Policy loans |  |  | 56 |  |  |  | 54 |  |  |  | 114 |  |  |  | 109 |
Limited partnerships |  |  | 36 |  |  |  | 17 |  |  |  | 56 |  |  |  | 45 |
Other invested assets |  |  | 67 |  |  |  | 70 |  |  |  | 135 |  |  |  | 138 |
Cash, cash equivalents, restricted cash and short-term investments |  |  | 25 |  |  |  | 22 |  |  |  | 52 |  |  |  | 40 |
Gross investment income before expenses and fees |  |  | 833 |  |  |  | 809 |  |  |  | 1,638 |  |  |  | 1,618 |
Expenses and fees |  |  | (25 | ) |  |  | (24 | ) |  |  | (48 | ) |  |  | (46 | )
Net investment income |  | $ | 808 |  |  | $ | 785 |  |  | $ | 1,590 |  |  | $ | 1,572 |
(b) Net Investment Gains (Losses) The following table sets forth net investment gains (losses) for the periods indicated:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(Amounts in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Realized investment gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized gains |  | $ | 21 |  |  | $ | 18 |  |  | $ | 28 |  |  | $ | 21 |
Realized losses |  |  | (40 | ) |  |  | (48 | ) |  |  | (69 | ) |  |  | (67 | )
Net realized gains (losses) on available-for-sale fixed maturity securities |  |  | (19 | ) |  |  | (30 | ) |  |  | (41 | ) |  |  | (46 | )
Net realized gains (losses) on equity securities sold |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Total net realized investment gains (losses) |  |  | (19 | ) |  |  | (31 | ) |  |  | (41 | ) |  |  | (47 | )
Net change in allowance for credit losses on available-for-sale fixed maturity securities |  |  | 7 |  |  |  | 11 |  |  |  | 7 |  |  |  | (4 | )
Write-down of available-for-sale fixed maturity securities (1) |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Net unrealized gains (losses) on equity securities still held |  |  | 12 |  |  |  | 21 |  |  |  | 44 |  |  |  | 32 |
Net unrealized gains (losses) on limited partnerships |  |  | (52 | ) |  |  | 40 |  |  |  | (9 | ) |  |  | 40 |
Commercial mortgage loans |  |  | (1 | ) |  |  | — |  |  |  | (3 | ) |  |  | (2 | )
Derivative instruments (2) |  |  | (8 | ) |  |  | (1 | ) |  |  | (7 | ) |  |  | 11 |
Other |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | (1 | )
Net investment gains (losses) |  | $ | (61 | ) |  | $ | 39 |  |  | $ | (12 | ) |  | $ | 28 |
(1) | Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis.
(2) | See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).
See Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for a discussion of our policy for evaluating and measuring the allowance for credit losses related to our available-for-sale fixed maturity securities. The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the three and six months ended June 30, 2024:
(Amounts in millions) |  | Beginning balance |  |  | Increase from securities without allowance in previous periods |  |  | Increase (decrease) from securities with allowance in previous periods |  |  | Securities sold |  |  | Decrease due to change in intent or requirement to sell |  |  | Write-offs |  |  | Recoveries |  |  | Ending balance |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | (7 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total available-for-sale fixed maturity securities |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | (7 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The following table represents the allowance for credit lo sses aggregated by security type for available-for-sale fixed maturity securities as of and for the three months ended June 30, 2023:
(Amounts in millions) |  | Beginning balance |  |  | Increase from securities without allowance in previous periods |  |  | Increase (decrease) from securities with allowance in previous periods |  |  | Securities sold |  |  | Decrease due to change in intent or requirement to sell |  |  | Write-offs |  |  | Recoveries |  |  | Ending balance |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. corporate |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | (7 | ) |  | $ | — |  |  | $ | (2 | ) |  | $ | — |  |  | $ | — |
Commercial mortgage-backed |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |
Total available-for-sale fixed maturity securities |  | $ | 15 |  |  | $ | — |  |  | $ | — |  |  | $ | (9 | ) |  | $ | — |  |  | $ | (2 | ) |  | $ | — |  |  | $ | 4 |
The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity securities as of and for the six months ended June 30, 2023:
(Amounts in millions) |  | Beginning balance |  |  | Increase from securities without allowance in previous periods |  |  | Increase (decrease) from securities with allowance in previous periods |  |  | Securities sold |  |  | Decrease due to change in intent or requirement to sell |  |  | Write-offs |  |  | Recoveries |  |  | Ending balance |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. corporate |  | $ | — |  |  | $ | 9 |  |  | $ | — |  |  | $ | (7 | ) |  | $ | — |  |  | $ | (2 | ) |  | $ | — |  |  | $ | — |
Commercial mortgage-backed |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |
Total available-for-sale fixed maturity securities |  | $ | — |  |  | $ | 15 |  |  | $ | — |  |  | $ | (9 | ) |  | $ | — |  |  | $ | (2 | ) |  | $ | — |  |  | $ | 4 |
(c) Unrealized Investment Gains and Losses Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated:
(Amounts in millions) |  | June 30, 2024 |  |  | December 31, 2023 |
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses |  | $ | (3,765 | ) |  | $ | (2,577 | )
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses |  |  | — |  |  |  | — |
Adjustments to policyholder contract balances |  |  | 79 |  |  |  | 52 |
Income taxes, net |  |  | 600 |  |  |  | 352 |
Net unrealized investment gains (losses) |  |  | (3,086 | ) |  |  | (2,173 | )
Less: net unrealized investment gains (losses) attributable to noncontrolling interests |  |  | (44 | ) |  |  | (43 | )
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. |  | $ | (3,042 | ) |  | $ | (2,130 | )
The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the periods indicated:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(Amounts in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Beginning balance |  | $ | (2,615 | ) |  | $ | (2,500 | ) |  | $ | (2,130 | ) |  | $ | (3,407 | )
Unrealized gains (losses) arising during the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on fixed maturity securities |  |  | (575 | ) |  |  | (755 | ) |  |  | (1,229 | ) |  |  | 415 |
Adjustments to policyholder contract balances (1) |  |  | 13 |  |  |  | 13 |  |  |  | 27 |  |  |  | (6 | )
Provision for income taxes |  |  | 120 |  |  |  | 158 |  |  |  | 257 |  |  |  | (87 | )
Change in unrealized gains (losses) on investment securities |  |  | (442 | ) |  |  | (584 | ) |  |  | (945 | ) |  |  | 322 |
Reclassification adjustments to net investment (gains) losses, net of taxes of $(4), $(7), $(9) and $(10) |  |  | 15 |  |  |  | 23 |  |  |  | 32 |  |  |  | 36 |
Change in net unrealized investment gains (losses) |  |  | (427 | ) |  |  | (561 | ) |  |  | (913 | ) |  |  | 358 |
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests |  |  | — |  |  |  | (5 | ) |  |  | (1 | ) |  |  | 7 |
Ending balance |  | $ | (3,042 | ) |  | $ | (3,056 | ) |  | $ | (3,042 | ) |  | $ | (3,056 | )
(1) | See note 10 for additional information.
Amounts reclassified out of accumulated other comprehensive income (loss) to net investment gains (losses) include realized gains (losses) on sales of securities, which are determined on a specific identification basis. (d) Fixed Maturity Securities As of June 30, 2024, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows:
(Amounts in millions) |  | Amortized cost or cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Allowance for credit losses |  |  | Fair value |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government, agencies and government-sponsored enterprises |  | $ | 3,777 |  |  | $ | 38 |  |  | $ | (303 | ) |  | $ | — |  |  | $ | 3,512 |
State and political subdivisions |  |  | 2,453 |  |  |  | 10 |  |  |  | (295 | ) |  |  | — |  |  |  | 2,168 |
Non-U.S. government |  |  | 804 |  |  |  | 8 |  |  |  | (103 | ) |  |  | — |  |  |  | 709 |
U.S. corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities |  |  | 4,639 |  |  |  | 47 |  |  |  | (454 | ) |  |  | — |  |  |  | 4,232 |
Energy |  |  | 2,448 |  |  |  | 43 |  |  |  | (169 | ) |  |  | — |  |  |  | 2,322 |
Finance and insurance |  |  | 7,703 |  |  |  | 55 |  |  |  | (730 | ) |  |  | — |  |  |  | 7,028 |
Consumer—non-cyclical |  |  | 4,671 |  |  |  | 62 |  |  |  | (380 | ) |  |  | — |  |  |  | 4,353 |
Technology and communications |  |  | 3,011 |  |  |  | 47 |  |  |  | (308 | ) |  |  | — |  |  |  | 2,750 |
Industrial |  |  | 1,186 |  |  |  | 14 |  |  |  | (106 | ) |  |  | — |  |  |  | 1,094 |
Capital goods |  |  | 2,268 |  |  |  | 36 |  |  |  | (159 | ) |  |  | — |  |  |  | 2,145 |
Consumer—cyclical |  |  | 1,660 |  |  |  | 14 |  |  |  | (121 | ) |  |  | — |  |  |  | 1,553 |
Transportation |  |  | 1,121 |  |  |  | 32 |  |  |  | (91 | ) |  |  | — |  |  |  | 1,062 |
Other |  |  | 288 |  |  |  | 2 |  |  |  | (16 | ) |  |  | — |  |  |  | 274 |
Total U.S. corporate |  |  | 28,995 |  |  |  | 352 |  |  |  | (2,534 | ) |  |  | — |  |  |  | 26,813 |
Non-U.S. corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities |  |  | 778 |  |  |  | — |  |  |  | (68 | ) |  |  | — |  |  |  | 710 |
Energy |  |  | 1,078 |  |  |  | 23 |  |  |  | (54 | ) |  |  | — |  |  |  | 1,047 |
Finance and insurance |  |  | 1,961 |  |  |  | 33 |  |  |  | (142 | ) |  |  | — |  |  |  | 1,852 |
Consumer—non-cyclical |  |  | 672 |  |  |  | 3 |  |  |  | (77 | ) |  |  | — |  |  |  | 598 |
Technology and communications |  |  | 881 |  |  |  | 6 |  |  |  | (81 | ) |  |  | — |  |  |  | 806 |
Industrial |  |  | 846 |  |  |  | 9 |  |  |  | (52 | ) |  |  | — |  |  |  | 803 |
Capital goods |  |  | 639 |  |  |  | 4 |  |  |  | (48 | ) |  |  | — |  |  |  | 595 |
Consumer—cyclical |  |  | 249 |  |  |  | 1 |  |  |  | (19 | ) |  |  | — |  |  |  | 231 |
Transportation |  |  | 441 |  |  |  | 11 |  |  |  | (30 | ) |  |  | — |  |  |  | 422 |
Other |  |  | 609 |  |  |  | 8 |  |  |  | (45 | ) |  |  | — |  |  |  | 572 |
Total non-U.S. corporate |  |  | 8,154 |  |  |  | 98 |  |  |  | (616 | ) |  |  | — |  |  |  | 7,636 |
Residential mortgage-backed |  |  | 906 |  |  |  | 4 |  |  |  | (59 | ) |  |  | — |  |  |  | 851 |
Commercial mortgage-backed |  |  | 1,605 |  |  |  | 1 |  |  |  | (294 | ) |  |  | — |  |  |  | 1,312 |
Other asset-backed |  |  | 2,304 |  |  |  | 6 |  |  |  | (78 | ) |  |  | — |  |  |  | 2,232 |
Total available-for-sale fixed maturity securities |  | $ | 48,998 |  |  | $ | 517 |  |  | $ | (4,282 | ) |  | $ | — |  |  | $ | 45,233 |
As of December 31, 2023, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows:
(Amounts in millions) |  | Amortized cost or cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Allowance for credit losses |  |  | Fair value |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government, agencies and government-sponsored enterprises |  | $ | 3,588 |  |  | $ | 121 |  |  | $ | (215 | ) |  | $ | — |  |  | $ | 3,494 |
State and political subdivisions |  |  | 2,537 |  |  |  | 24 |  |  |  | (259 | ) |  |  | — |  |  |  | 2,302 |
Non-U.S. government |  |  | 703 |  |  |  | 15 |  |  |  | (92 | ) |  |  | — |  |  |  | 626 |
U.S. corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities |  |  | 4,521 |  |  |  | 104 |  |  |  | (352 | ) |  |  | — |  |  |  | 4,273 |
Energy |  |  | 2,449 |  |  |  | 66 |  |  |  | (143 | ) |  |  | — |  |  |  | 2,372 |
Finance and insurance |  |  | 7,813 |  |  |  | 99 |  |  |  | (634 | ) |  |  | — |  |  |  | 7,278 |
Consumer—non-cyclical |  |  | 4,648 |  |  |  | 129 |  |  |  | (272 | ) |  |  | — |  |  |  | 4,505 |
Technology and communications |  |  | 3,187 |  |  |  | 75 |  |  |  | (239 | ) |  |  | — |  |  |  | 3,023 |
Industrial |  |  | 1,294 |  |  |  | 27 |  |  |  | (88 | ) |  |  | — |  |  |  | 1,233 |
Capital goods |  |  | 2,230 |  |  |  | 69 |  |  |  | (118 | ) |  |  | — |  |  |  | 2,181 |
Consumer—cyclical |  |  | 1,715 |  |  |  | 30 |  |  |  | (96 | ) |  |  | — |  |  |  | 1,649 |
Transportation |  |  | 1,187 |  |  |  | 44 |  |  |  | (69 | ) |  |  | — |  |  |  | 1,162 |
Other |  |  | 316 |  |  |  | 6 |  |  |  | (13 | ) |  |  | — |  |  |  | 309 |
Total U.S. corporate |  |  | 29,360 |  |  |  | 649 |  |  |  | (2,024 | ) |  |  | — |  |  |  | 27,985 |
Non-U.S. corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities |  |  | 739 |  |  |  | 1 |  |  |  | (55 | ) |  |  | — |  |  |  | 685 |
Energy |  |  | 1,038 |  |  |  | 34 |  |  |  | (45 | ) |  |  | — |  |  |  | 1,027 |
Finance and insurance |  |  | 2,041 |  |  |  | 47 |  |  |  | (140 | ) |  |  | — |  |  |  | 1,948 |
Consumer—non-cyclical |  |  | 669 |  |  |  | 8 |  |  |  | (61 | ) |  |  | — |  |  |  | 616 |
Technology and communications |  |  | 944 |  |  |  | 12 |  |  |  | (65 | ) |  |  | — |  |  |  | 891 |
Industrial |  |  | 829 |  |  |  | 17 |  |  |  | (49 | ) |  |  | — |  |  |  | 797 |
Capital goods |  |  | 591 |  |  |  | 8 |  |  |  | (38 | ) |  |  | — |  |  |  | 561 |
Consumer—cyclical |  |  | 236 |  |  |  | 2 |  |  |  | (17 | ) |  |  | — |  |  |  | 221 |
Transportation |  |  | 369 |  |  |  | 15 |  |  |  | (20 | ) |  |  | — |  |  |  | 364 |
Other |  |  | 726 |  |  |  | 18 |  |  |  | (43 | ) |  |  | — |  |  |  | 701 |
Total non-U.S. corporate |  |  | 8,182 |  |  |  | 162 |  |  |  | (533 | ) |  |  | — |  |  |  | 7,811 |
Residential mortgage-backed |  |  | 953 |  |  |  | 8 |  |  |  | (54 | ) |  |  | — |  |  |  | 907 |
Commercial mortgage-backed |  |  | 1,714 |  |  |  | 1 |  |  |  | (290 | ) |  |  | (7 | ) |  |  | 1,418 |
Other asset-backed |  |  | 2,328 |  |  |  | 6 |  |  |  | (96 | ) |  |  | — |  |  |  | 2,238 |
Total available-for-sale fixed maturity securities |  | $ | 49,365 |  |  | $ | 986 |  |  | $ | (3,563 | ) |  | $ | (7 | ) |  | $ | 46,781 |
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of June 30, 2024:
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
(Dollar amounts in millions) |  | Fair value |  |  | Gross unrealized losses |  |  | Number of securities |  |  | Fair value |  |  | Gross unrealized losses |  |  | Number of securities |  |  | Fair value |  |  | Gross unrealized losses |  |  | Number of securities |
Description of Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government, agencies and government-sponsored enterprises |  | $ | 688 |  |  | $ | (13 | ) |  |  | 60 |  |  | $ | 1,299 |  |  | $ | (290 | ) |  |  | 49 |  |  | $ | 1,987 |  |  | $ | (303 | ) |  |  | 109 |
State and political subdivisions |  |  | 253 |  |  |  | (6 | ) |  |  | 38 |  |  |  | 1,571 |  |  |  | (289 | ) |  |  | 262 |  |  |  | 1,824 |  |  |  | (295 | ) |  |  | 300 |
Non-U.S. government |  |  | 164 |  |  |  | (3 | ) |  |  | 32 |  |  |  | 420 |  |  |  | (100 | ) |  |  | 61 |  |  |  | 584 |  |  |  | (103 | ) |  |  | 93 |
U.S. corporate |  |  | 3,397 |  |  |  | (108 | ) |  |  | 500 |  |  |  | 16,313 |  |  |  | (2,426 | ) |  |  | 2,095 |  |  |  | 19,710 |  |  |  | (2,534 | ) |  |  | 2,595 |
Non-U.S. corporate |  |  | 814 |  |  |  | (16 | ) |  |  | 115 |  |  |  | 4,856 |  |  |  | (600 | ) |  |  | 636 |  |  |  | 5,670 |  |  |  | (616 | ) |  |  | 751 |
Residential mortgage-backed |  |  | 96 |  |  |  | (1 | ) |  |  | 55 |  |  |  | 495 |  |  |  | (58 | ) |  |  | 168 |  |  |  | 591 |  |  |  | (59 | ) |  |  | 223 |
Commercial mortgage-backed |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,286 |  |  |  | (294 | ) |  |  | 216 |  |  |  | 1,286 |  |  |  | (294 | ) |  |  | 216 |
Other asset-backed |  |  | 108 |  |  |  | (1 | ) |  |  | 37 |  |  |  | 1,226 |  |  |  | (77 | ) |  |  | 266 |  |  |  | 1,334 |  |  |  | (78 | ) |  |  | 303 |
Total for fixed maturity securities in an unrealized loss position |  | $ | 5,520 |  |  | $ | (148 | ) |  |  | 837 |  |  | $ | 27,466 |  |  | $ | (4,134 | ) |  |  | 3,753 |  |  | $ | 32,986 |  |  | $ | (4,282 | ) |  |  | 4,590 |
% Below cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
<20% Below cost |  | $ | 5,445 |  |  | $ | (125 | ) |  |  | 829 |  |  | $ | 23,296 |  |  | $ | (2,635 | ) |  |  | 3,175 |  |  | $ | 28,741 |  |  | $ | (2,760 | ) |  |  | 4,004 |
20%-50% Below cost |  |  | 75 |  |  |  | (23 | ) |  |  | 8 |  |  |  | 4,170 |  |  |  | (1,499 | ) |  |  | 578 |  |  |  | 4,245 |  |  |  | (1,522 | ) |  |  | 586 |
Total for fixed maturity securities in an unrealized loss position |  | $ | 5,520 |  |  | $ | (148 | ) |  |  | 837 |  |  | $ | 27,466 |  |  | $ | (4,134 | ) |  |  | 3,753 |  |  | $ | 32,986 |  |  | $ | (4,282 | ) |  |  | 4,590 |
Investment grade |  | $ | 5,413 |  |  | $ | (146 | ) |  |  | 814 |  |  | $ | 26,434 |  |  | $ | (4,006 | ) |  |  | 3,604 |  |  | $ | 31,847 |  |  | $ | (4,152 | ) |  |  | 4,418 |
Below investment grade |  |  | 107 |  |  |  | (2 | ) |  |  | 23 |  |  |  | 1,032 |  |  |  | (128 | ) |  |  | 149 |  |  |  | 1,139 |  |  |  | (130 | ) |  |  | 172 |
Total for fixed maturity securities in an unrealized loss position |  | $ | 5,520 |  |  | $ | (148 | ) |  |  | 837 |  |  | $ | 27,466 |  |  | $ | (4,134 | ) |  |  | 3,753 |  |  | $ | 32,986 |  |  | $ | (4,282 | ) |  |  | 4,590 |
The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of June 30, 2024:
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
(Dollar amounts in millions) |  | Fair value |  |  | Gross unrealized losses |  |  | Number of securities |  |  | Fair value |  |  | Gross unrealized losses |  |  | Number of securities |  |  | Fair value |  |  | Gross unrealized losses |  |  | Number of securities |
Description of Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities |  | $ | 855 |  |  | $ | (18 | ) |  |  | 114 |  |  | $ | 2,096 |  |  | $ | (436 | ) |  |  | 309 |  |  | $ | 2,951 |  |  | $ | (454 | ) |  |  | 423 |
Energy |  |  | 256 |  |  |  | (19 | ) |  |  | 49 |  |  |  | 1,254 |  |  |  | (150 | ) |  |  | 162 |  |  |  | 1,510 |  |  |  | (169 | ) |  |  | 211 |
Finance and insurance |  |  | 648 |  |  |  | (13 | ) |  |  | 88 |  |  |  | 4,996 |  |  |  | (717 | ) |  |  | 625 |  |  |  | 5,644 |  |  |  | (730 | ) |  |  | 713 |
Consumer—non-cyclical |  |  | 573 |  |  |  | (17 | ) |  |  | 82 |  |  |  | 2,483 |  |  |  | (363 | ) |  |  | 273 |  |  |  | 3,056 |  |  |  | (380 | ) |  |  | 355 |
Technology and communications |  |  | 323 |  |  |  | (13 | ) |  |  | 53 |  |  |  | 1,936 |  |  |  | (295 | ) |  |  | 256 |  |  |  | 2,259 |  |  |  | (308 | ) |  |  | 309 |
Industrial |  |  | 150 |  |  |  | (5 | ) |  |  | 17 |  |  |  | 670 |  |  |  | (101 | ) |  |  | 92 |  |  |  | 820 |  |  |  | (106 | ) |  |  | 109 |
Capital goods |  |  | 242 |  |  |  | (14 | ) |  |  | 41 |  |  |  | 1,106 |  |  |  | (145 | ) |  |  | 142 |  |  |  | 1,348 |  |  |  | (159 | ) |  |  | 183 |
Consumer—cyclical |  |  | 179 |  |  |  | (4 | ) |  |  | 34 |  |  |  | 1,047 |  |  |  | (117 | ) |  |  | 142 |  |  |  | 1,226 |  |  |  | (121 | ) |  |  | 176 |
Transportation |  |  | 127 |  |  |  | (4 | ) |  |  | 17 |  |  |  | 582 |  |  |  | (87 | ) |  |  | 75 |  |  |  | 709 |  |  |  | (91 | ) |  |  | 92 |
Other |  |  | 44 |  |  |  | (1 | ) |  |  | 5 |  |  |  | 143 |  |  |  | (15 | ) |  |  | 19 |  |  |  | 187 |  |  |  | (16 | ) |  |  | 24 |
Subtotal, U.S. corporate securities |  |  | 3,397 |  |  |  | (108 | ) |  |  | 500 |  |  |  | 16,313 |  |  |  | (2,426 | ) |  |  | 2,095 |  |  |  | 19,710 |  |  |  | (2,534 | ) |  |  | 2,595 |
Non-U.S. corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities |  |  | 104 |  |  |  | (2 | ) |  |  | 11 |  |  |  | 575 |  |  |  | (66 | ) |  |  | 65 |  |  |  | 679 |  |  |  | (68 | ) |  |  | 76 |
Energy |  |  | 122 |  |  |  | (2 | ) |  |  | 15 |  |  |  | 450 |  |  |  | (52 | ) |  |  | 53 |  |  |  | 572 |  |  |  | (54 | ) |  |  | 68 |
Finance and insurance |  |  | 144 |  |  |  | (2 | ) |  |  | 29 |  |  |  | 1,328 |  |  |  | (140 | ) |  |  | 186 |  |  |  | 1,472 |  |  |  | (142 | ) |  |  | 215 |
Consumer—non-cyclical |  |  | 97 |  |  |  | (5 | ) |  |  | 14 |  |  |  | 416 |  |  |  | (72 | ) |  |  | 50 |  |  |  | 513 |  |  |  | (77 | ) |  |  | 64 |
Technology and communications |  |  | 63 |  |  |  | (1 | ) |  |  | 9 |  |  |  | 597 |  |  |  | (80 | ) |  |  | 74 |  |  |  | 660 |  |  |  | (81 | ) |  |  | 83 |
Industrial |  |  | 94 |  |  |  | (1 | ) |  |  | 16 |  |  |  | 418 |  |  |  | (51 | ) |  |  | 60 |  |  |  | 512 |  |  |  | (52 | ) |  |  | 76 |
Capital goods |  |  | 105 |  |  |  | (2 | ) |  |  | 12 |  |  |  | 356 |  |  |  | (46 | ) |  |  | 47 |  |  |  | 461 |  |  |  | (48 | ) |  |  | 59 |
Consumer—cyclical |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 170 |  |  |  | (19 | ) |  |  | 25 |  |  |  | 170 |  |  |  | (19 | ) |  |  | 25 |
Transportation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 266 |  |  |  | (30 | ) |  |  | 35 |  |  |  | 266 |  |  |  | (30 | ) |  |  | 35 |
Other |  |  | 85 |  |  |  | (1 | ) |  |  | 9 |  |  |  | 280 |  |  |  | (44 | ) |  |  | 41 |  |  |  | 365 |  |  |  | (45 | ) |  |  | 50 |
Subtotal, non-U.S. corporate securities |  |  | 814 |  |  |  | (16 | ) |  |  | 115 |  |  |  | 4,856 |  |  |  | (600 | ) |  |  | 636 |  |  |  | 5,670 |  |  |  | (616 | ) |  |  | 751 |
Total for corporate securities in an unrealized loss position |  | $ | 4,211 |  |  | $ | (124 | ) |  |  | 615 |  |  | $ | 21,169 |  |  | $ | (3,026 | ) |  |  | 2,731 |  |  | $ | 25,380 |  |  | $ | (3,150 | ) |  |  | 3,346 |
We did not recognize an allowance for credit losses on securities in an unrealized loss position included in the tables above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the decline in fair value was largely due to increased interest rates and was not indicative of credit losses. The issuers continue to make timely principal and interest payments. For all securities in an unrealized loss position without an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and timing of cash flows to be collected. We do not intend to sell nor do we expect that we will be required to sell these securities prior to recovering our amortized cost. The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of December 31, 2023:
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
(Dollar amounts in millions) |  | Fair value |  |  | Gross unrealized losses |  |  | Number of securities |  |  | Fair value |  |  | Gross unrealized losses |  |  | Number of securities |  |  | Fair value |  |  | Gross unrealized losses |  |  | Number of securities |
Description of Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government, agencies and government-sponsored enterprises |  | $ | 28 |  |  | $ | (1 | ) |  |  | 6 |  |  | $ | 1,353 |  |  | $ | (214 | ) |  |  | 50 |  |  | $ | 1,381 |  |  | $ | (215 | ) |  |  | 56 |
State and political subdivisions |  |  | 121 |  |  |  | (2 | ) |  |  | 18 |  |  |  | 1,581 |  |  |  | (257 | ) |  |  | 268 |  |  |  | 1,702 |  |  |  | (259 | ) |  |  | 286 |
Non-U.S. government |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 448 |  |  |  | (92 | ) |  |  | 67 |  |  |  | 448 |  |  |  | (92 | ) |  |  | 67 |
U.S. corporate |  |  | 1,054 |  |  |  | (30 | ) |  |  | 142 |  |  |  | 17,019 |  |  |  | (1,994 | ) |  |  | 2,164 |  |  |  | 18,073 |  |  |  | (2,024 | ) |  |  | 2,306 |
Non-U.S. corporate |  |  | 157 |  |  |  | (5 | ) |  |  | 19 |  |  |  | 5,180 |  |  |  | (528 | ) |  |  | 684 |  |  |  | 5,337 |  |  |  | (533 | ) |  |  | 703 |
Residential mortgage-backed |  |  | 62 |  |  |  | (1 | ) |  |  | 31 |  |  |  | 477 |  |  |  | (53 | ) |  |  | 156 |  |  |  | 539 |  |  |  | (54 | ) |  |  | 187 |
Commercial mortgage-backed |  |  | 37 |  |  |  | (1 | ) |  |  | 7 |  |  |  | 1,349 |  |  |  | (289 | ) |  |  | 224 |  |  |  | 1,386 |  |  |  | (290 | ) |  |  | 231 |
Other asset-backed |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,624 |  |  |  | (96 | ) |  |  | 327 |  |  |  | 1,624 |  |  |  | (96 | ) |  |  | 327 |
Total for fixed maturity securities in an unrealized loss position |  | $ | 1,459 |  |  | $ | (40 | ) |  |  | 223 |  |  | $ | 29,031 |  |  | $ | (3,523 | ) |  |  | 3,940 |  |  | $ | 30,490 |  |  | $ | (3,563 | ) |  |  | 4,163 |
% Below cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
<20% Below cost |  | $ | 1,450 |  |  | $ | (37 | ) |  |  | 221 |  |  | $ | 26,032 |  |  | $ | (2,509 | ) |  |  | 3,542 |  |  | $ | 27,482 |  |  | $ | (2,546 | ) |  |  | 3,763 |
20%-50% Below cost |  |  | 9 |  |  |  | (3 | ) |  |  | 2 |  |  |  | 2,999 |  |  |  | (1,014 | ) |  |  | 398 |  |  |  | 3,008 |  |  |  | (1,017 | ) |  |  | 400 |
Total for fixed maturity securities in an unrealized loss position |  | $ | 1,459 |  |  | $ | (40 | ) |  |  | 223 |  |  | $ | 29,031 |  |  | $ | (3,523 | ) |  |  | 3,940 |  |  | $ | 30,490 |  |  | $ | (3,563 | ) |  |  | 4,163 |
Investment grade |  | $ | 1,441 |  |  | $ | (40 | ) |  |  | 221 |  |  | $ | 27,804 |  |  | $ | (3,394 | ) |  |  | 3,762 |  |  | $ | 29,245 |  |  | $ | (3,434 | ) |  |  | 3,983 |
Below investment grade |  |  | 18 |  |  |  | — |  |  |  | 2 |  |  |  | 1,227 |  |  |  | (129 | ) |  |  | 178 |  |  |  | 1,245 |  |  |  | (129 | ) |  |  | 180 |
Total for fixed maturity securities in an unrealized loss position |  | $ | 1,459 |  |  | $ | (40 | ) |  |  | 223 |  |  | $ | 29,031 |  |  | $ | (3,523 | ) |  |  | 3,940 |  |  | $ | 30,490 |  |  | $ | (3,563 | ) |  |  | 4,163 |
The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses had not been recorded, aggregated by investment type and length of time that individual investment securities had been in a continuous unrealized loss position, based on industry, as of December 31, 2023:
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
(Dollar amounts in millions) |  | Fair value |  |  | Gross unrealized losses |  |  | Number of securities |  |  | Fair value |  |  | Gross unrealized losses |  |  | Number of securities |  |  | Fair value |  |  | Gross unrealized losses |  |  | Number of securities |
Description of Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities |  | $ | 177 |  |  | $ | (2 | ) |  |  | 21 |  |  | $ | 2,129 |  |  | $ | (350 | ) |  |  | 308 |  |  | $ | 2,306 |  |  | $ | (352 | ) |  |  | 329 |
Energy |  |  | 122 |  |  |  | (2 | ) |  |  | 20 |  |  |  | 1,343 |  |  |  | (141 | ) |  |  | 168 |  |  |  | 1,465 |  |  |  | (143 | ) |  |  | 188 |
Finance and insurance |  |  | 274 |  |  |  | (8 | ) |  |  | 42 |  |  |  | 5,192 |  |  |  | (626 | ) |  |  | 645 |  |  |  | 5,466 |  |  |  | (634 | ) |  |  | 687 |
Consumer—non-cyclical |  |  | 173 |  |  |  | (6 | ) |  |  | 18 |  |  |  | 2,529 |  |  |  | (266 | ) |  |  | 280 |  |  |  | 2,702 |  |  |  | (272 | ) |  |  | 298 |
Technology and communications |  |  | 105 |  |  |  | (6 | ) |  |  | 19 |  |  |  | 2,100 |  |  |  | (233 | ) |  |  | 269 |  |  |  | 2,205 |  |  |  | (239 | ) |  |  | 288 |
Industrial |  |  | 50 |  |  |  | (1 | ) |  |  | 6 |  |  |  | 702 |  |  |  | (87 | ) |  |  | 96 |  |  |  | 752 |  |  |  | (88 | ) |  |  | 102 |
Capital goods |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,193 |  |  |  | (118 | ) |  |  | 150 |  |  |  | 1,193 |  |  |  | (118 | ) |  |  | 150 |
Consumer—cyclical |  |  | 88 |  |  |  | (1 | ) |  |  | 11 |  |  |  | 1,073 |  |  |  | (95 | ) |  |  | 148 |  |  |  | 1,161 |  |  |  | (96 | ) |  |  | 159 |
Transportation |  |  | 65 |  |  |  | (4 | ) |  |  | 5 |  |  |  | 621 |  |  |  | (65 | ) |  |  | 82 |  |  |  | 686 |  |  |  | (69 | ) |  |  | 87 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 137 |  |  |  | (13 | ) |  |  | 18 |  |  |  | 137 |  |  |  | (13 | ) |  |  | 18 |
Subtotal, U.S. corporate securities |  |  | 1,054 |  |  |  | (30 | ) |  |  | 142 |  |  |  | 17,019 |  |  |  | (1,994 | ) |  |  | 2,164 |  |  |  | 18,073 |  |  |  | (2,024 | ) |  |  | 2,306 |
Non-U.S. corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 609 |  |  |  | (55 | ) |  |  | 68 |  |  |  | 609 |  |  |  | (55 | ) |  |  | 68 |
Energy |  |  | 39 |  |  |  | (1 | ) |  |  | 4 |  |  |  | 487 |  |  |  | (44 | ) |  |  | 59 |  |  |  | 526 |  |  |  | (45 | ) |  |  | 63 |
Finance and insurance |  |  | 100 |  |  |  | (2 | ) |  |  | 10 |  |  |  | 1,358 |  |  |  | (138 | ) |  |  | 203 |  |  |  | 1,458 |  |  |  | (140 | ) |  |  | 213 |
Consumer—non-cyclical |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 471 |  |  |  | (61 | ) |  |  | 55 |  |  |  | 471 |  |  |  | (61 | ) |  |  | 55 |
Technology and communications |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 659 |  |  |  | (65 | ) |  |  | 83 |  |  |  | 659 |  |  |  | (65 | ) |  |  | 83 |
Industrial |  |  | 18 |  |  |  | (2 | ) |  |  | 5 |  |  |  | 436 |  |  |  | (47 | ) |  |  | 61 |  |  |  | 454 |  |  |  | (49 | ) |  |  | 66 |
Capital goods |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 384 |  |  |  | (38 | ) |  |  | 49 |  |  |  | 384 |  |  |  | (38 | ) |  |  | 49 |
Consumer—cyclical |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 188 |  |  |  | (17 | ) |  |  | 26 |  |  |  | 188 |  |  |  | (17 | ) |  |  | 26 |
Transportation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 216 |  |  |  | (20 | ) |  |  | 30 |  |  |  | 216 |  |  |  | (20 | ) |  |  | 30 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 372 |  |  |  | (43 | ) |  |  | 50 |  |  |  | 372 |  |  |  | (43 | ) |  |  | 50 |
Subtotal, non-U.S. corporate securities |  |  | 157 |  |  |  | (5 | ) |  |  | 19 |  |  |  | 5,180 |  |  |  | (528 | ) |  |  | 684 |  |  |  | 5,337 |  |  |  | (533 | ) |  |  | 703 |
Total for corporate securities in an unrealized loss position |  | $ | 1,211 |  |  | $ | (35 | ) |  |  | 161 |  |  | $ | 22,199 |  |  | $ | (2,522 | ) |  |  | 2,848 |  |  | $ | 23,410 |  |  | $ | (2,557 | ) |  |  | 3,009 |
The scheduled maturity distribution of fixed maturity securities as of June 30, 2024 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.
(Amounts in millions) |  | Amortized cost or cost |  |  | Fair value |
Due one year or less |  | $ | 1,267 |  |  | $ | 1,254 |
Due after one year through five years |  |  | 8,281 |  |  |  | 8,022 |
Due after five years through ten years |  |  | 12,210 |  |  |  | 11,427 |
Due after ten years |  |  | 22,425 |  |  |  | 20,135 |
Subtotal |  |  | 44,183 |  |  |  | 40,838 |
Residential mortgage-backed |  |  | 906 |  |  |  | 851 |
Commercial mortgage-backed |  |  | 1,605 |  |  |  | 1,312 |
Other asset-backed |  |  | 2,304 |  |  |  | 2,232 |
Total |  | $ | 48,998 |  |  | $ | 45,233 |
As of June 30, 2024, securities issued by finance and insurance, consumer—non-cyclical, utilities and technology and communications industry groups represented approximately 27%, 14%, 14% and 10%, respectively, of our domestic and foreign corporate fixed maturity securities portfolio. No other industry group comprised more than 10% of our investment portfolio. As of June 30, 2024, we did not hold any fixed maturity securities in any single issuer, other than securities issued or guaranteed by the U.S. government, which exceeded 10% of stockholders’ equity. (e) Commercial Mortgage Loans Our mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of commercial mortgage loans is stated at original cost net of principal payments, amortization and allowance for credit losses. We diversify our commercial mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated:
|  | June 30, 2024 |  |  | December 31, 2023 |
(Amounts in millions) |  | Carrying value |  |  | % of total |  |  | Carrying value |  |  | % of total |
Property type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 2,794 |  |  |  | 42 | % |  | $ | 2,858 |  |  |  | 42 | %
Office |  |  | 1,457 |  |  |  | 22 |  |  |  | 1,481 |  |  |  | 22 |
Industrial |  |  | 1,400 |  |  |  | 21 |  |  |  | 1,440 |  |  |  | 21 |
Apartments |  |  | 513 |  |  |  | 8 |  |  |  | 522 |  |  |  | 8 |
Mixed use |  |  | 372 |  |  |  | 5 |  |  |  | 371 |  |  |  | 5 |
Other |  |  | 156 |  |  |  | 2 |  |  |  | 157 |  |  |  | 2 |
Subtotal |  |  | 6,692 |  |  |  | 100 | % |  |  | 6,829 |  |  |  | 100 | %
Allowance for credit losses |  |  | (30 | ) |  |  |  |  |  |  | (27 | ) |  |  |  |
Total |  | $ | 6,662 |  |  |  |  |  |  | $ | 6,802 |  |  |  |  |
|  | June 30, 2024 |  |  | December 31, 2023 |
(Amounts in millions) |  | Carrying value |  |  | % of total |  |  | Carrying value |  |  | % of total |
Geographic region: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
South Atlantic |  | $ | 1,808 |  |  |  | 27 | % |  | $ | 1,803 |  |  |  | 26 | %
Pacific |  |  | 1,228 |  |  |  | 18 |  |  |  | 1,281 |  |  |  | 19 |
Mountain |  |  | 1,002 |  |  |  | 15 |  |  |  | 1,029 |  |  |  | 15 |
Middle Atlantic |  |  | 889 |  |  |  | 13 |  |  |  | 925 |  |  |  | 14 |
West South Central |  |  | 545 |  |  |  | 8 |  |  |  | 553 |  |  |  | 8 |
East North Central |  |  | 442 |  |  |  | 7 |  |  |  | 445 |  |  |  | 6 |
West North Central |  |  | 396 |  |  |  | 6 |  |  |  | 404 |  |  |  | 6 |
East South Central |  |  | 202 |  |  |  | 3 |  |  |  | 206 |  |  |  | 3 |
New England |  |  | 180 |  |  |  | 3 |  |  |  | 183 |  |  |  | 3 |
Subtotal |  |  | 6,692 |  |  |  | 100 | % |  |  | 6,829 |  |  |  | 100 | %
Allowance for credit losses |  |  | (30 | ) |  |  |  |  |  |  | (27 | ) |  |  |  |
Total |  | $ | 6,662 |  |  |  |  |  |  | $ | 6,802 |  |  |  |  |
As of June 30, 2024, we had one commercial mortgage loan with an amortized cost of $11 million that was 61-90 days past due in the industrial property type. The carrying value of this commercial mortgage loan was lower than the fair value of its collateral as of June 30, 2024. We had no other commercial mortgage loans past due or any commercial mortgage loans on non-accrual status as of June 30, 2024. As of December 31, 2023, we had no commercial mortgage loans past due or on non-accrual status. For a discussion of our policy related to placing commercial mortgage loans on non-accrual status, see Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2023 Annual Report on Form 10-K. During the six months ended June 30, 2024 and the year ended December 31, 2023, we did not have any loan modifications or extensions associated with borrowers experiencing financial difficulty that resulted in the consideration of whether to establish a new loan or to continue accounting for the modification or extension under the existing loan. The following table sets forth the allowance for credit losses related to commercial mortgage loans as of and for the periods indicated:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(Amounts in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 29 |  |  | $ | 24 |  |  | $ | 27 |  |  | $ | 22 |
Provision |  |  | 1 |  |  |  | — |  |  |  | 3 |  |  |  | 2 |
Write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | $ | 30 |  |  | $ | 24 |  |  | $ | 30 |  |  | $ | 24 |
In evaluating the credit quality of commercial mortgage loans, we assess the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with commercial mortgage loans can be evaluated by reviewing both the debt-to-value and debt service coverage ratio to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable us to recover our unpaid principal balance in the event of default by the borrower. The average debt-to-value ratio is based on our most recent estimate of the fair value for the underlying property which is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A lower debt-to-value indicates that our loan value is more likely to be recovered in the event of default by the borrower if the property were sold. The debt service coverage ratio is based on “normalized” annual income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio is not used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in our expectation that the borrower will continue to make the future scheduled payments. The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of June 30, 2024:
(Amounts in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 and prior |  |  | Total |
Debt-to-value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0% - 50% |  | $ | 29 |  |  | $ | 20 |  |  | $ | 74 |  |  | $ | 85 |  |  | $ | 114 |  |  | $ | 1,958 |  |  | $ | 2,280 |
51% - 60% |  |  | 6 |  |  |  | 28 |  |  |  | 107 |  |  |  | 239 |  |  |  | 105 |  |  |  | 967 |  |  |  | 1,452 |
61% - 75% |  |  | 94 |  |  |  | 221 |  |  |  | 738 |  |  |  | 570 |  |  |  | 247 |  |  |  | 1,040 |  |  |  | 2,910 |
76% - 100% |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 46 |  |  |  | 50 |
Greater than 100% |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total amortized cost |  | $ | 129 |  |  | $ | 269 |  |  | $ | 919 |  |  | $ | 894 |  |  | $ | 470 |  |  | $ | 4,011 |  |  | $ | 6,692 |
Debt service coverage ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 1.00 |  | $ | — |  |  | $ | — |  |  | $ | 17 |  |  | $ | 4 |  |  | $ | 17 |  |  | $ | 215 |  |  | $ | 253 |
1.00 - 1.25 |  |  | 3 |  |  |  | 14 |  |  |  | 37 |  |  |  | 9 |  |  |  | 16 |  |  |  | 176 |  |  |  | 255 |
1.26 - 1.50 |  |  | 59 |  |  |  | 171 |  |  |  | 220 |  |  |  | 102 |  |  |  | 66 |  |  |  | 605 |  |  |  | 1,223 |
1.51 - 2.00 |  |  | 42 |  |  |  | 65 |  |  |  | 391 |  |  |  | 416 |  |  |  | 201 |  |  |  | 1,454 |  |  |  | 2,569 |
Greater than 2.00 |  |  | 25 |  |  |  | 19 |  |  |  | 254 |  |  |  | 363 |  |  |  | 170 |  |  |  | 1,561 |  |  |  | 2,392 |
Total amortized cost |  | $ | 129 |  |  | $ | 269 |  |  | $ | 919 |  |  | $ | 894 |  |  | $ | 470 |  |  | $ | 4,011 |  |  | $ | 6,692 |
The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated:
|  | June 30, 2024 |
(Amounts in millions) |  | 0% - 50% |  |  | 51% - 60% |  |  | 61% - 75% |  |  | 76% - 100% |  |  | Greater than 100% |  |  | Total |
Property type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 922 |  |  | $ | 729 |  |  | $ | 1,143 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,794 |
Office |  |  | 346 |  |  |  | 341 |  |  |  | 735 |  |  |  | 35 |  |  |  | — |  |  |  | 1,457 |
Industrial |  |  | 610 |  |  |  | 251 |  |  |  | 539 |  |  |  | — |  |  |  | — |  |  |  | 1,400 |
Apartments |  |  | 199 |  |  |  | 62 |  |  |  | 244 |  |  |  | 8 |  |  |  | — |  |  |  | 513 |
Mixed use |  |  | 115 |  |  |  | 59 |  |  |  | 191 |  |  |  | 7 |  |  |  | — |  |  |  | 372 |
Other |  |  | 88 |  |  |  | 10 |  |  |  | 58 |  |  |  | — |  |  |  | — |  |  |  | 156 |
Total amortized cost |  | $ | 2,280 |  |  | $ | 1,452 |  |  | $ | 2,910 |  |  | $ | 50 |  |  | $ | — |  |  | $ | 6,692 |
% of total |  |  | 34 | % |  |  | 22 | % |  |  | 43 | % |  |  | 1 | % |  |  | — | % |  |  | 100 | %
Weighted-average debt service coverage ratio |  |  | 2.40 |  |  |  | 1.85 |  |  |  | 1.67 |  |  |  | 0.87 |  |  |  | — |  |  |  | 1.95 |
|  | December 31, 2023 |
(Amounts in millions) |  | 0% - 50% |  |  | 51% - 60% |  |  | 61% - 75% |  |  | 76% - 100% |  |  | Greater than 100% |  |  | Total |
Property type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 945 |  |  | $ | 686 |  |  | $ | 1,227 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,858 |
Office |  |  | 350 |  |  |  | 325 |  |  |  | 771 |  |  |  | 35 |  |  |  | — |  |  |  | 1,481 |
Industrial |  |  | 670 |  |  |  | 250 |  |  |  | 520 |  |  |  | — |  |  |  | — |  |  |  | 1,440 |
Apartments |  |  | 194 |  |  |  | 61 |  |  |  | 259 |  |  |  | 8 |  |  |  | — |  |  |  | 522 |
Mixed use |  |  | 120 |  |  |  | 61 |  |  |  | 183 |  |  |  | 7 |  |  |  | — |  |  |  | 371 |
Other |  |  | 89 |  |  |  | 10 |  |  |  | 58 |  |  |  | — |  |  |  | — |  |  |  | 157 |
Total amortized cost |  | $ | 2,368 |  |  | $ | 1,393 |  |  | $ | 3,018 |  |  | $ | 50 |  |  | $ | — |  |  | $ | 6,829 |
% of total |  |  | 35 | % |  |  | 20 | % |  |  | 44 | % |  |  | 1 | % |  |  | — | % |  |  | 100 | %
Weighted-average debt service coverage ratio |  |  | 2.42 |  |  |  | 1.87 |  |  |  | 1.66 |  |  |  | 0.87 |  |  |  | — |  |  |  | 1.96 |
The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated:
|  | June 30, 2024 |
(Amounts in millions) |  | Less than 1.00 |  |  | 1.00 - 1.25 |  |  | 1.26 - 1.50 |  |  | 1.51 -  2.00 |  |  | Greater than 2.00 |  |  | Total |
Property type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 49 |  |  | $ | 106 |  |  | $ | 578 |  |  | $ | 1,120 |  |  | $ | 941 |  |  | $ | 2,794 |
Office |  |  | 99 |  |  |  | 45 |  |  |  | 244 |  |  |  | 601 |  |  |  | 468 |  |  |  | 1,457 |
Industrial |  |  | 42 |  |  |  | 30 |  |  |  | 209 |  |  |  | 472 |  |  |  | 647 |  |  |  | 1,400 |
Apartments |  |  | 12 |  |  |  | 50 |  |  |  | 79 |  |  |  | 184 |  |  |  | 188 |  |  |  | 513 |
Mixed use |  |  | 27 |  |  |  | 10 |  |  |  | 91 |  |  |  | 161 |  |  |  | 83 |  |  |  | 372 |
Other |  |  | 24 |  |  |  | 14 |  |  |  | 22 |  |  |  | 31 |  |  |  | 65 |  |  |  | 156 |
Total amortized cost |  | $ | 253 |  |  | $ | 255 |  |  | $ | 1,223 |  |  | $ | 2,569 |  |  | $ | 2,392 |  |  | $ | 6,692 |
% of total |  |  | 4 | % |  |  | 4 | % |  |  | 18 | % |  |  | 38 | % |  |  | 36 | % |  |  | 100 | %
Weighted-average debt-to-value |  |  | 63 | % |  |  | 62 | % |  |  | 64 | % |  |  | 57 | % |  |  | 46 | % |  |  | 55 | %
|  | December 31, 2023 |
(Amounts in millions) |  | Less than 1.00 |  |  | 1.00 - 1.25 |  |  | 1.26 - 1.50 |  |  | 1.51 -  2.00 |  |  | Greater than 2.00 |  |  | Total |
Property type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 54 |  |  | $ | 105 |  |  | $ | 583 |  |  | $ | 1,142 |  |  | $ | 974 |  |  | $ | 2,858 |
Office |  |  | 105 |  |  |  | 48 |  |  |  | 244 |  |  |  | 615 |  |  |  | 469 |  |  |  | 1,481 |
Industrial |  |  | 43 |  |  |  | 30 |  |  |  | 181 |  |  |  | 471 |  |  |  | 715 |  |  |  | 1,440 |
Apartments |  |  | 12 |  |  |  | 51 |  |  |  | 86 |  |  |  | 187 |  |  |  | 186 |  |  |  | 522 |
Mixed use |  |  | 27 |  |  |  | 14 |  |  |  | 80 |  |  |  | 164 |  |  |  | 86 |  |  |  | 371 |
Other |  |  | 24 |  |  |  | 15 |  |  |  | 22 |  |  |  | 32 |  |  |  | 64 |  |  |  | 157 |
Total amortized cost |  | $ | 265 |  |  | $ | 263 |  |  | $ | 1,196 |  |  | $ | 2,611 |  |  | $ | 2,494 |  |  | $ | 6,829 |
% of total |  |  | 4 | % |  |  | 4 | % |  |  | 17 | % |  |  | 38 | % |  |  | 37 | % |  |  | 100 | %
Weighted-average debt-to-value |  |  | 64 | % |  |  | 63 | % |  |  | 65 | % |  |  | 58 | % |  |  | 46 | % |  |  | 55 | %

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