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Private Loans (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Credit Ratings For Private Loans

The following table summarizes the credit ratings for private loans:

						June 30, 2024						December 31, 2023
						(Dollars in millions)
AAA						$	—					$	—
AA						72						—
A						926						—
BBB						35						—
BB and below						604						194
Unrated (1)						87						—
Total						$	1,724					$	194

(1)Due to the nature of private loans, external agency credit ratings may not be readily available. Where appropriate, the Company obtains non-published credit ratings from one or more third-party rating agencies, which are determined based on an independent evaluation of the transaction. For other loans without published or private credit ratings, the Company assigns internal risk ratings, based on our investment selection and monitoring process and policies. These internal risk ratings are categorized as “Unrated” above.

Schedule of Allowance for Credit Losses

The following table represents a rollforward of the allowance for credit losses on our mortgage loan portfolios:

			Three Months Ended June 30, 2024
			Commercial						Residential						Total
			(Dollars in millions)
Beginning allowance balance			$	(54)					$	—					$	(54)
Acquisition from business combination			—						—						—
Provision			—						—						—
Writeoffs charged against the allowance			—						—						—
Recoveries of amounts previously written off			—						—						—
Ending allowance balance			$	(54)					$	—					$	(54)
			Three Months Ended June 30, 2023
			Commercial						Residential						Total
			(Dollars in millions)
Beginning allowance balance			$	(49)					$	—					$	(49)
Acquisition from business combination			—						—						—
Provision			6						—						6
Writeoffs charged against the allowance			—						—						—
Recoveries of amounts previously written off			—						—						—
Ending allowance balance			$	(43)					$	—					$	(43)
			Six Months Ended June 30, 2024
			Commercial						Residential						Total
			(Dollars in millions)
Beginning allowance balance			$	(53)					$	—					$	(53)
Acquisition from business combination			—						—						—
Provision			(1)						—						(1)
Writeoffs charged against the allowance			—						—						—
Recoveries of amounts previously written off			—						—						—
Ending allowance balance			$	(54)					$	—					$	(54)
			Six Months Ended June 30, 2023
			Commercial						Residential						Total
			(Dollars in millions)
Beginning allowance balance			$	(38)					$	—					$	(38)
Acquisition from business combination			—						—						—
Provision			(5)						—						(5)
Writeoffs charged against the allowance			—						—						—
Recoveries of amounts previously written off			—						—						—
Ending allowance balance			$	(43)					$	—					$	(43)

The rollforward of the allowance for credit losses for private loans is shown below:

						2024						2023
						(Dollars in millions)
Balance at January 1						$	(8)					$	—
Acquisition from business combination						—						—
Provision						1						—
Writeoffs charged against the allowance						—						—
Recoveries of amounts previously written off						—						—
Balance at March 31						(7)						—
Acquisition from business combination						—						—
Provision						(14)						—
Writeoffs charged against the allowance						—						—
Recoveries of amounts previously written off						—						—
Balance at June 30						$	(21)					$	—

X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

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X

- Definition

Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-29

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

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