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Mortgage Loans on Real Estate (Tables)
 6 Months Ended
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, 2025December 31, 2024
(Dollars in millions)
Commercial mortgage loans$8,827 $9,576 
Residential mortgage loans2,565 2,696 
Total11,392 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, 2025December 31, 2024
AmountPercentageAmountPercentage
(Dollars in millions)
Geographic distribution
Pacific$2,015 22.8 %$2,060 21.5 %
Mountain1,436 16.3 %1,678 17.5 %
West North Central266 3.0 %280 2.9 %
West South Central1,372 15.5 %1,443 15.1 %
East North Central864 9.8 %1,012 10.6 %
East South Central136 1.5 %144 1.5 %
Middle Atlantic547 6.2 %591 6.2 %
South Atlantic1,746 19.8 %1,993 20.8 %
New England141 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 %
Apartment2,248 25.5 %2,325 24.3 %
Hotel1,024 11.6 %1,246 13.0 %
Industrial1,691 19.2 %1,859 19.4 %
Office1,329 15.1 %1,425 14.9 %
Parking251 2.8 %326 3.4 %
Retail1,473 16.7 %1,572 16.4 %
Storage152 1.7 %176 1.8 %
Other213 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 $9,430 
Schedule of Allowance for Credit Losses
The rollforward of the allowance for credit losses for mortgage loans for the three and six months ended June 30, 2025 and 2024 is shown below:
20252024
Commercial
Mortgage
Loans		Residential
Mortgage
Loans		Commercial
Mortgage
Loans		Residential
Mortgage
Loans
(Dollars in millions)
Balance, as of January 1$(146)$(9)$(53)$— 
Provision(1)(1)(1)— 
Writeoffs charged against the allowance3 — — — 
Recoveries of amounts previously written off— — — — 
Balance, as of March 31(144)(10)(54)— 
Provision15 (3)— — 
Writeoffs charged against the allowance— — — — 
Recoveries of amounts previously written off4 — — — 
Balance, as of June 30$(125)$(13)$(54)$— 
The rollforward of the allowance for credit losses for private loans for the three and six months ended June 30, 2025 and 2024 is shown below:
20252024
(Dollars in millions)
Balance at January 1$(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
20252024202320222021PriorTotal
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
Current207 330 572 843 203 123 2,278 
30 - 59 days past due3 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
20242023202220212020PriorTotal
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
Current294 790 970 222 121 7 2,404 
30 - 59 days past due3 41 45 2 4 — 95 
60 - 89 days past due— 7 20 2 4 5 38 
Non-accrual3 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