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Mortgage Loans on Real Estate (Tables) | 6 Months Ended
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Jun. 30, 2025
Receivables [Abstract] |
Schedule of Asset and Allowances Mortgage Loans | The Company disaggregates its mortgage loan investments into two portfolio segments: commercial and residential. Commercial mortgage loans include agricultural mortgage loans. The breakdown of mortgage loans on real estate by portfolio segment is as follows:
| June 30, 2025 |  | December 31, 2024
| (Dollars in millions)
Commercial mortgage loans | $ | 8,827 |  |  | $ | 9,576 |
Residential mortgage loans | 2,565 |  |  | 2,696 |
Total | 11,392 |  |  | 12,272 |
Allowance for credit losses | (138) |  |  | (155) |
Total, net of allowance | $ | 11,254 |  |  | $ | 12,117 |
Schedule of Commercial Mortgage Loans by Geographic Region and Specific Collateral Property Type | The commercial mortgage loan portfolio is summarized by geographic region and property type as follows:
| June 30, 2025 |  | December 31, 2024
| Amount |  | Percentage |  | Amount |  | Percentage
| (Dollars in millions)
Geographic distribution |  |  |  |  |  |  |
Pacific | $ | 2,015 |  |  | 22.8 | % |  | $ | 2,060 |  |  | 21.5 | %
Mountain | 1,436 |  |  | 16.3 | % |  | 1,678 |  |  | 17.5 | %
West North Central | 266 |  |  | 3.0 | % |  | 280 |  |  | 2.9 | %
West South Central | 1,372 |  |  | 15.5 | % |  | 1,443 |  |  | 15.1 | %
East North Central | 864 |  |  | 9.8 | % |  | 1,012 |  |  | 10.6 | %
East South Central | 136 |  |  | 1.5 | % |  | 144 |  |  | 1.5 | %
Middle Atlantic | 547 |  |  | 6.2 | % |  | 591 |  |  | 6.2 | %
South Atlantic | 1,746 |  |  | 19.8 | % |  | 1,993 |  |  | 20.8 | %
New England | 141 |  |  | 1.6 | % |  | 133 |  |  | 1.4 | %
Other (multi-region, non-US) | 304 |  |  | 3.5 | % |  | 242 |  |  | 2.5 | %
| 8,827 |  |  | 100.0 | % |  | 9,576 |  |  | 100.0 | %
Allowance for credit losses | (125) |  |  |  |  | (146) |  |  |
Total, net of allowance | $ | 8,702 |  |  |  |  | $ | 9,430 |  |  |
Property type distribution |  |  |  |  |  |  |
Agricultural | $ | 446 |  |  | 5.0 | % |  | $ | 447 |  |  | 4.7 | %
Apartment | 2,248 |  |  | 25.5 | % |  | 2,325 |  |  | 24.3 | %
Hotel | 1,024 |  |  | 11.6 | % |  | 1,246 |  |  | 13.0 | %
Industrial | 1,691 |  |  | 19.2 | % |  | 1,859 |  |  | 19.4 | %
Office | 1,329 |  |  | 15.1 | % |  | 1,425 |  |  | 14.9 | %
Parking | 251 |  |  | 2.8 | % |  | 326 |  |  | 3.4 | %
Retail | 1,473 |  |  | 16.7 | % |  | 1,572 |  |  | 16.4 | %
Storage | 152 |  |  | 1.7 | % |  | 176 |  |  | 1.8 | %
Other | 213 |  |  | 2.4 | % |  | 200 |  |  | 2.1 | %
| 8,827 |  |  | 100.0 | % |  | 9,576 |  |  | 100.0 | %
Allowance for credit losses | (125) |  |  |  |  | (146) |  |  |
Total, net of allowance | $ | 8,702 |  |  |  |  | $ | 9,430 |  |  |
Schedule of Allowance for Credit Losses | The rollforward of the allowance for credit losses for mortgage loans for the three and six months ended June 30, 2025 and 2024 is shown below:
| 2025 |  | 2024
| Commercial Mortgage Loans |  | Residential Mortgage Loans |  | Commercial Mortgage Loans |  | Residential Mortgage Loans
| (Dollars in millions)
Balance, as of January 1 | $ | (146) |  |  | $ | (9) |  |  | $ | (53) |  |  | $ | — |
Provision | (1) |  |  | (1) |  |  | (1) |  |  | — |
Writeoffs charged against the allowance | 3 |  |  | — |  |  | — |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |  |  | — |  |  | — |
Balance, as of March 31 | (144) |  |  | (10) |  |  | (54) |  |  | — |
Provision | 15 |  |  | (3) |  |  | — |  |  | — |
Writeoffs charged against the allowance | — |  |  | — |  |  | — |  |  | — |
Recoveries of amounts previously written off | 4 |  |  | — |  |  | — |  |  | — |
Balance, as of June 30 | $ | (125) |  |  | $ | (13) |  |  | $ | (54) |  |  | $ | — |
The rollforward of the allowance for credit losses for private loans for the three and six months ended June 30, 2025 and 2024 is shown below:
| 2025 |  | 2024
| (Dollars in millions)
Balance at January 1 | $ | (66) |  |  | $ | (8) |
Provision | (11) |  |  | 1 |
Writeoffs charged against the allowance | — |  |  | — |
Balance at March 31 | (77) |  |  | (7) |
Acquisition from business combination | — |  |  | — |
Provision | (8) |  |  | (14) |
Writeoffs charged against the allowance | (2) |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |
Balance at June 30 | $ | (87) |  |  | $ | (21) |
Schedule of Age Analysis of Loans by Property Type | The amortized cost of mortgage loans by year of origination by aging category are shown below:
| Amortized Cost Basis by Origination Year |  |
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
As of June 30, 2025: | (Dollars in millions)
Commercial mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 239 |  |  | $ | 376 |  |  | $ | 678 |  |  | $ | 2,069 |  |  | $ | 1,131 |  |  | $ | 4,015 |  |  | $ | 8,508 |
30 - 59 days past due | — |  |  | 82 |  |  | — |  |  | 10 |  |  | — |  |  | 15 |  |  | 107 |
60 - 89 days past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42 |  |  | 42 |
Non-accrual | — |  |  | — |  |  | 12 |  |  | 6 |  |  | 20 |  |  | 132 |  |  | 170 |
Residential mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |
Current | 207 |  |  | 330 |  |  | 572 |  |  | 843 |  |  | 203 |  |  | 123 |  |  | 2,278 |
30 - 59 days past due | 3 |  |  | 6 |  |  | 20 |  |  | 32 |  |  | 6 |  |  | 4 |  |  | 71 |
60 - 89 days past due | — |  |  | 1 |  |  | 8 |  |  | 29 |  |  | 4 |  |  | 2 |  |  | 44 |
Non-accrual | — |  |  | 1 |  |  | 78 |  |  | 72 |  |  | 12 |  |  | 9 |  |  | 172 |
Total mortgage loans on real estate | $ | 449 |  |  | $ | 796 |  |  | $ | 1,368 |  |  | $ | 3,061 |  |  | $ | 1,376 |  |  | $ | 4,342 |  |  | 11,392 |
Allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  | (138) |
Total, net of allowance |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,254 |
| Amortized Cost Basis by Origination Year |  |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
As of December 31, 2024: | (Dollars in millions)
Commercial mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 487 |  |  | $ | 649 |  |  | $ | 2,204 |  |  | $ | 1,270 |  |  | $ | 943 |  |  | $ | 3,736 |  |  | $ | 9,289 |
30 - 59 days past due | — |  |  | 25 |  |  | 4 |  |  | — |  |  | 10 |  |  | 48 |  |  | 87 |
60 - 89 days past due | — |  |  | — |  |  | 50 |  |  | 30 |  |  | — |  |  | — |  |  | 80 |
Non-accrual | — |  |  | 8 |  |  | 42 |  |  | 16 |  |  | 6 |  |  | 48 |  |  | 120 |
Residential mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |
Current | 294 |  |  | 790 |  |  | 970 |  |  | 222 |  |  | 121 |  |  | 7 |  |  | 2,404 |
30 - 59 days past due | 3 |  |  | 41 |  |  | 45 |  |  | 2 |  |  | 4 |  |  | — |  |  | 95 |
60 - 89 days past due | — |  |  | 7 |  |  | 20 |  |  | 2 |  |  | 4 |  |  | 5 |  |  | 38 |
Non-accrual | 3 |  |  | 51 |  |  | 76 |  |  | 18 |  |  | 8 |  |  | 3 |  |  | 159 |
Total mortgage loans on real estate | $ | 787 |  |  | $ | 1,571 |  |  | $ | 3,411 |  |  | $ | 1,560 |  |  | $ | 1,096 |  |  | $ | 3,847 |  |  | 12,272 |
Allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  | (155) |
Total, net of allowance |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,117 |

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: 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 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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