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Net Investment Income and Investment Related Gains (Losses) | 6 Months Ended
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Jun. 30, 2025
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 June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Available-for-sale fixed maturity securities | $ | 576 |  |  | $ | 433 |  |  | $ | 1,235 |  |  | $ | 661 |
Equity securities | 7 |  |  | 6 |  |  | 20 |  |  | 21 |
Mortgage loans | 183 |  |  | 160 |  |  | 386 |  |  | 238 |
Private loans | 112 |  |  | 1 |  |  | 202 |  |  | 1 |
Real estate | 19 |  |  | 39 |  |  | 20 |  |  | 52 |
Real estate partnerships | (10) |  |  | 6 |  |  | 16 |  |  | 6 |
Investment funds | 69 |  |  | 133 |  |  | 129 |  |  | 168 |
Policy loans | 6 |  |  | 6 |  |  | 12 |  |  | 6 |
Short-term investments | 86 |  |  | 45 |  |  | 179 |  |  | 77 |
Other | 112 |  |  | 103 |  |  | 236 |  |  | 142 |
Total net investment income | $ | 1,160 |  |  | $ | 932 |  |  | $ | 2,435 |  |  | $ | 1,372 |
Net unrealized and realized investment gains (losses) are shown below:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Available-for-sale fixed maturity securities | $ | 36 |  |  | $ | (33) |  |  | $ | 97 |  |  | $ | (25) |
Equity securities | 103 |  |  | 35 |  |  | 98 |  |  | 24 |
Mortgage loans | (1) |  |  | 2 |  |  | 7 |  |  | (6) |
Private loans | 31 |  |  | (3) |  |  | 35 |  |  | (3) |
Investment real estate | 7 |  |  | — |  |  | (1) |  |  | — |
Real estate partnerships | 1 |  |  | — |  |  | 1 |  |  | — |
Investments funds | (2) |  |  | — |  |  | (2) |  |  | — |
Short-term investments and other invested assets | (102) |  |  | 1 |  |  | (166) |  |  | (22) |
Total investment related gains (losses), net | $ | 73 |  |  | $ | 2 |  |  | $ | 69 |  |  | $ | (32) |

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