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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities by Sector
Fixed maturity securities by sector were as follows at:
March 31, 2024December 31, 2023
Amortized
Cost		Allowance for Credit LossesGross UnrealizedEstimated
Fair
Value		Amortized
Cost		Allowance for Credit LossesGross UnrealizedEstimated
Fair
Value
GainsLossesGainsLosses
(In millions)
U.S. corporate$39,447 $15 $278 $3,773 $35,937 $38,778 $15 $388 $3,396 $35,755 
Foreign corporate13,125 4 59 1,421 11,759 12,865 — 89 1,289 11,665 
U.S. government and agency8,066 — 153 586 7,633 8,656 — 286 523 8,419 
RMBS8,339 5 42 914 7,462 8,199 5 48 812 7,430 
CMBS7,005 3 4 552 6,454 7,023 1 2 614 6,410 
ABS6,547 — 27 109 6,465 6,514 — 23 131 6,406 
State and political subdivision3,957 — 129 325 3,761 4,019 — 159 304 3,874 
Foreign government1,069 — 32 98 1,003 1,077 — 42 87 1,032 
Total fixed maturity securities$87,555 $27 $724 $7,778 $80,474 $87,131 $21 $1,037 $7,156 $80,991 
Maturities of Fixed Maturity Securities
The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at March 31, 2024:
Due in One
Year or Less		Due After One
Year Through
Five Years		Due After Five
Years Through
Ten Years		Due After Ten
Years		Structured
Securities (1)		Total Fixed
Maturity
Securities
(In millions)
Amortized cost$3,336 $17,921 $14,621 $29,786 $21,891 $87,555 
Estimated fair value$3,291 $17,321 $13,265 $26,216 $20,381 $80,474 
_______________
(1)Structured securities include residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”).
Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector
The estimated fair value and gross unrealized losses of fixed maturity securities in an unrealized loss position, by sector and by length of time that the securities have been in a continuous unrealized loss position, were as follows at:
March 31, 2024December 31, 2023
Less than 12 Months12 Months or GreaterLess than 12 Months12 Months or Greater
Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
(Dollars in millions)
U.S. corporate$6,092 $479 $22,465 $3,294 $4,554 $409 $22,796 $2,987 
Foreign corporate1,683 87 8,111 1,334 1,010 73 8,311 1,216 
U.S. government and agency1,158 30 2,901 556 518 9 3,477 514 
RMBS709 21 5,616 893 413 20 5,774 792 
CMBS367 28 5,754 524 411 33 5,786 581 
ABS1,057 5 2,111 104 572 3 3,360 128 
State and political subdivision608 41 1,639 284 471 32 1,634 272 
Foreign government61 1 665 97 112 6 620 81 
Total fixed maturity securities$11,735 $692 $49,262 $7,086 $8,061 $585 $51,758 $6,571 
Total number of securities in an unrealized loss position1,825 6,712 1,347 7,038 
Mortgage Loans by Portfolio Segment
Mortgage loans are summarized as follows at:
March 31, 2024December 31, 2023
Carrying
Value		% of
Total		Carrying
Value		% of
Total
(Dollars in millions)
Commercial$13,208 58.3 %$13,193 58.6 %
Agricultural4,539 20.0 4,445 19.8 
Residential5,065 22.3 5,007 22.2 
Total mortgage loans (1)22,812 100.6 22,645 100.6 
Allowance for credit losses(142)(0.6)(137)(0.6)
Total mortgage loans, net$22,670 100.0 %$22,508 100.0 %
_______________
(1)Purchases of mortgage loans from third parties were $161 million and $32 million for the three months ended March 31, 2024 and 2023, respectively, and were primarily comprised of residential mortgage loans.
Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment
The changes in the allowance for credit losses by portfolio segment were as follows:
CommercialAgriculturalResidentialTotal
(In millions)
Three Months Ended March 31, 2024
Balance, beginning of period$69 $19 $49 $137 
Current period provision9 — (4)5 
Balance, end of period$78 $19 $45 $142 
Three Months Ended March 31, 2023
Balance, beginning of period$49 $15 $55 $119 
Current period provision15 (1)3 17 
Balance, end of period$64 $14 $58 $136 
Credit Quality of Mortgage Loans by Portfolio Segment
The amortized cost of mortgage loans by year of origination and credit quality indicator was as follows at:
20242023202220212020PriorTotal
(In millions)
March 31, 2024
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%$104 $199 $654 $1,819 $177 $3,779 $6,732 
65% to 75%23 — 935 1,081 222 1,358 3,619 
76% to 80%— — 427 76 38 771 1,312 
Greater than 80%— — 400 226 — 919 1,545 
Total commercial mortgage loans127 199 2,416 3,202 437 6,827 13,208 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%128 207 584 1,120 445 1,771 4,255 
65% to 75%— 1 127 108 5 43 284 
Total agricultural mortgage loans128 208 711 1,228 450 1,814 4,539 
Residential mortgage loans
Performing— 216 1,288 1,646 143 1,671 4,964 
Nonperforming— — 26 24 2 49 101 
Total residential mortgage loans— 216 1,314 1,670 145 1,720 5,065 
Total$255 $623 $4,441 $6,100 $1,032 $10,361 $22,812 
20232022202120202019PriorTotal
(In millions)
December 31, 2023
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%$206 $655 $1,823 $177 $1,239 $2,630 $6,730 
65% to 75%— 935 1,079 222 261 1,158 3,655 
76% to 80%— 427 76 39 209 564 1,315 
Greater than 80%— 400 227 — 150 716 1,493 
Total commercial mortgage loans206 2,417 3,205 438 1,859 5,068 13,193 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%202 571 1,132 454 505 1,292 4,156 
65% to 75%1 127 108 6 30 17 289 
Total agricultural mortgage loans203 698 1,240 460 535 1,309 4,445 
Residential mortgage loans
Performing105 1,286 1,669 145 204 1,508 4,917 
Nonperforming— 22 22 1 2 43 90 
Total residential mortgage loans105 1,308 1,691 146 206 1,551 5,007 
Total$514 $4,423 $6,136 $1,044 $2,600 $7,928 $22,645 
The amortized cost of commercial mortgage loans by debt-service coverage ratio was as follows at:
March 31, 2024December 31, 2023
Amortized Cost% of
Total		Amortized Cost% of
Total
(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x$12,042 91.2 %$12,086 91.6 %
1.00x - 1.20x682 5.1 702 5.3 
Less than 1.00x484 3.7 405 3.1 
Total$13,208 100.0 %$13,193 100.0 %
Past Due Mortgage Loans by Portfolio Segment
The aging of the amortized cost of past due mortgage loans by portfolio segment was as follows at:
March 31, 2024December 31, 2023
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Current$13,191 $4,502 $4,962 $22,655 $13,176 $4,429 $4,915 $22,520 
30-59 days past due— 2 2 4 — — 2 2 
60-89 days past due— 19 33 52 — — 30 30 
90-179 days past due— — 31 31 — — 23 23 
180+ days past due17 16 37 70 17 16 37 70 
Total
$13,208 $4,539 $5,065 $22,812 $13,193 $4,445 $5,007 $22,645 
Mortgage Loans in Nonaccrual Status by Portfolio Segment
The amortized cost of mortgage loans in a nonaccrual status by portfolio segment was as follows at:
CommercialAgriculturalResidential (1)Total
(In millions)
March 31, 2024
$31 $— $101 $132 
December 31, 2023
$17 $— $90 $107 
_______________
(1)The Company had no mortgage loans in nonaccrual status for which there was no related allowance for credit losses at both March 31, 2024 and December 31, 2023.
Net Unrealized Investment Gains (Losses)
The components of net unrealized investment gains (losses), included in AOCI, were as follows at:
March 31, 2024December 31, 2023
(In millions)
Fixed maturity securities$(7,054)$(6,119)
Derivatives401 351 
Other(8)2 
Subtotal(6,661)(5,766)
Amounts allocated from:
Future policy benefits813 652 
Deferred income tax benefit (expense)1,228 1,074 
Net unrealized investment gains (losses)$(4,620)$(4,040)
The changes in net unrealized investment gains (losses) were as follows:
Three Months Ended March 31, 2024
(In millions)
Balance at December 31, 2023$(4,040)
Unrealized investment gains (losses) during the period(895)
Unrealized investment gains (losses) relating to:
Future policy benefits161 
Deferred income tax benefit (expense)154 
Balance at March 31, 2024$(4,620)
Change in net unrealized investment gains (losses)$(580)
Securities Lending
Elements of the securities lending program are presented below at:
March 31, 2024December 31, 2023
(In millions)
Securities on loan: (1)
Amortized cost$3,441 $3,420 
Estimated fair value$3,120 $3,194 
Cash collateral received from counterparties (2)$3,191 $3,277 
Reinvestment portfolio — estimated fair value$3,159 $3,246 
_______________
(1)Included in fixed maturity securities.
(2)Included in payables for collateral under securities loaned and other transactions.
The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at:
March 31, 2024December 31, 2023
Open (1)1 Month or Less1 to 6 MonthsTotalOpen (1)1 Month or Less1 to 6 MonthsTotal
(In millions)
U.S. government and agency$580 $1,112 $1,110 $2,802 $647 $655 $1,584 $2,886 
U.S. corporate— 250 — 250 — 252 — 252 
Foreign corporate— 124 — 124 — 130 — 130 
Foreign government— 15 — 15 — 9 — 9 
Total$580 $1,501 $1,110 $3,191 $647 $1,046 $1,584 $3,277 
_______________
(1)The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral.
Invested Assets on Deposit, Held in Trust and Pledged as Collateral
Invested assets on deposit, held in trust and pledged as collateral at estimated fair value were as follows at:
March 31, 2024December 31, 2023
(In millions)
Invested assets on deposit (regulatory deposits) (1)$8,529 $8,593 
Invested assets held in trust (reinsurance agreements) (2)7,151 7,142 
Invested assets pledged as collateral (3)14,155 13,979 
Total invested assets on deposit, held in trust and pledged as collateral$29,835 $29,714 
_______________
(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $37 million and $102 million of the assets on deposit represents restricted cash and cash equivalents at March 31, 2024 and December 31, 2023, respectively.
(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $99 million and $120 million of the assets held in trust balance represents restricted cash and cash equivalents at March 31, 2024 and December 31, 2023, respectively.
(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report) and derivative transactions (see Note 8).
Variable Interest Entities
The carrying amount and maximum exposure to loss related to the VIEs for which the Company has concluded that it holds a variable interest, but is not the primary beneficiary, were as follows at:
 March 31, 2024December 31, 2023
 Carrying
Amount		Maximum
Exposure
to Loss		Carrying
Amount		Maximum
Exposure
to Loss
 (In millions)
Fixed maturity securities$15,659 $16,944 $15,526 $16,771 
Limited partnerships and LLCs4,221 5,246 4,233 5,255 
Total$19,880 $22,190 $19,759 $22,026 
Components of Net Investment Income
The components of net investment income were as follows:
Three Months Ended
March 31,
20242023
(In millions)
Investment income:
Fixed maturity securities$919 $837 
Equity securities2 — 
Mortgage loans245 239 
Policy loans14 15 
Limited partnerships and LLCs (1)74 (13)
Cash, cash equivalents and short-term investments61 50 
Other25 22 
Total investment income1,340 1,150 
Less: Investment expenses86 91 
Net investment income$1,254 $1,059 
_______________
(1)Includes net investment income pertaining to other limited partnership interests of $93 million and ($1) million for the three months ended March 31, 2024 and 2023, respectively.
Components of Net Investment Gains (Losses)
The components of net investment gains (losses) were as follows:
Three Months Ended
March 31,
20242023
(In millions)
Fixed maturity securities $(38)$(76)
Equity securities1 (3)
Mortgage loans(5)(17)
Total net investment gains (losses)$(42)$(96)
Sales or Disposals of Fixed Maturity Securities Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains (losses) were as follows:
Three Months Ended
March 31,
20242023
(In millions)
Proceeds$680 $772 
Gross investment gains$2 $3 
Gross investment losses(34)(73)
Net investment gains (losses)$(32)$(70)