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Net Investment Income and Investment Related Gains (Losses) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Net Investment Income and Investment Related Gains (Losses) | 10. Net Investment Income and Investment Related Gains (Losses) Net investment income is shown below:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (Dollars in millions)
Available-for-sale fixed maturity securities |  | $ | 604 |  |  | $ | 177 |  |  | $ | 1,265 |  |  | $ | 501 |
Equity securities |  | 17 |  |  | 4 |  |  | 38 |  |  | 4 |
Mortgage loans |  | 190 |  |  | 80 |  |  | 428 |  |  | 222 |
Private loans |  | 24 |  |  | — |  |  | 25 |  |  | — |
Real estate |  | (6) |  |  | 2 |  |  | 46 |  |  | 7 |
Real estate partnerships |  | (3) |  |  | 1 |  |  | 3 |  |  | 16 |
Investment funds |  | 55 |  |  | 53 |  |  | 223 |  |  | 103 |
Policy loans |  | 6 |  |  | — |  |  | 12 |  |  | — |
Short-term investments |  | 63 |  |  | 46 |  |  | 140 |  |  | 138 |
Other |  | 74 |  |  | 12 |  |  | 216 |  |  | 29 |
Total net investment income |  | $ | 1,024 |  |  | $ | 375 |  |  | $ | 2,396 |  |  | $ | 1,020 |
Net unrealized and realized investment gains (losses) are shown below:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (Dollars in millions)
Available-for-sale fixed maturity securities |  | $ | (100) |  |  | $ | 13 |  |  | $ | (125) |  |  | $ | (47) |
Equity securities |  | 23 |  |  | (10) |  |  | 47 |  |  | 33 |
Mortgage loans |  | (22) |  |  | 1 |  |  | (28) |  |  | (9) |
Private loans |  | — |  |  | (12) |  |  | (3) |  |  | (12) |
Short-term investments and other invested assets |  | (29) |  |  | (4) |  |  | (51) |  |  | 3 |
Total investment related gains (losses), net |  | $ | (128) |  |  | $ | (12) |  |  | $ | (160) |  |  | $ | (32) |

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