SECURITIES LENDING

12 Months Ended

Dec. 31, 2023

The following table presents the contractual gross and net securities borrowing and lending balances and the related offsetting amount as of December 31, 2023 and 2022:


	Gross amounts recognized		Gross amounts offset in the consolidated balance sheets(1)		Net amounts included in the consolidated balance sheets		Amounts not offset in the consolidated balance sheets but eligible for offsetting upon counterparty default(2)		Net amounts
As of December 31, 2023
Securities borrowed	$	2,870,939	$	—	$	2,870,939	$	2,870,939	$	—
Securities loaned	$	2,859,306	$	—	$	2,859,306	$	2,859,306	$	—
As of December 31, 2022
Securities borrowed	$	2,343,327	$	—	$	2,343,327	$	2,343,327	$	—
Securities loaned	$	2,334,031	$	—	$	2,334,031	$	2,334,031	$	—

_______________________


(1)			Includes financial instruments subject to enforceable master netting provisions that are permitted to be offset to the extent an event of default has occurred.


(2)			Includes the amount of cash collateral held/posted.

The following table presents the contract value of securities lending transactions accounted for as secured borrowings by the type of collateral provided to counterparties as of December 31, 2023 and 2022:


	December 31, 2023				December 31, 2022
	Remaining contractual maturity				Remaining contractual maturity
	Overnight and continuous		Total		Overnight and continuous		Total
Securities lending transactions
Corporate securities - fixed income	$	283,809	$	283,809	$	401,898	$	401,898
Equity securities	2,575,919		2,575,919		1,925,549		1,925,549
Non-US sovereign debt	11,211		11,211		15,880		15,880
Total borrowings	$	2,870,939	$	2,870,939	$	2,343,327	$	2,343,327

The Company's securities lending transactions require us to pledge collateral based on the terms of each contract which is generally denominated in U.S. dollars and marked to market on a daily basis. If the fair value of the collateral pledged for these transactions declines, the Company could be required to provide additional collateral to the counterparty, therefore decreasing the amount of assets available for other liquidity needs that may arise. The Company's liquidity risk is mitigated by maintaining offsetting securities borrowed transactions in which the Company receives cash from the counterparty which, in general, is equal to or greater than the cash the Company posts on securities lending transactions.