Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities AFS by Sector

The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. RMBS includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”

	December 31,
	2022										2021
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized (1)				Estimated Fair Value
Sector			Allowance for Credit Loss		Gains		Losses						Allowance for Credit Loss		Gains		Losses
	(In millions)
U.S. corporate	$	88,466	$	(29)	$	1,133	$	9,540	$	80,030	$	82,694	$	(30)	$	10,651	$	281	$	93,034
Foreign corporate	59,696		(5)		1,213		8,332		52,572		59,124		(28)		5,275		731		63,640
Foreign government	50,047		(130)		1,876		5,046		46,747		56,848		(19)		5,603		823		61,609
U.S. government and agency	35,658		—		431		3,860		32,229		41,068		—		5,807		276		46,599
RMBS	29,496		—		187		3,518		26,165		29,152		—		1,440		188		30,404
ABS & CLO	17,991		—		23		1,192		16,822		18,443		—		185		59		18,569
Municipals	13,548		—		317		1,713		12,152		11,761		—		2,464		13		14,212
CMBS	11,123		(19)		59		1,100		10,063		11,794		(14)		476		49		12,207
Total fixed maturity securities AFS	$	306,025	$	(183)	$	5,239	$	34,301	$	276,780	$	310,884	$	(91)	$	31,901	$	2,420	$	340,274

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(1)Excludes gross unrealized gains (losses) related to assets held-for-sale; these unrealized gains (losses) are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the Company’s business dispositions.

Available-for-sale fixed maturity securities by contractual maturity date

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at December 31, 2022:

	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Products		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost, net of ACL	$	8,235	$	50,977	$	54,016	$	134,023	$	58,591	$	305,842
Estimated fair value	$	8,131	$	49,344	$	50,498	$	115,757	$	53,050	$	276,780

Continuous Gross Unrealized Losses for Fixed Maturity Securities Available-for-Sale

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.

	December 31,
	2022								2021
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
Sector & Credit Quality	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses (1)		Estimated Fair Value		Gross Unrealized Losses (1)
	(Dollars in millions)
U.S. corporate	$	55,210	$	7,573	$	6,484	$	1,965	$	8,076	$	165	$	1,499	$	116
Foreign corporate	31,932		5,999		8,956		2,332		10,011		404		2,834		327
Foreign government	16,568		2,170		8,308		2,874		7,812		319		5,377		502
U.S. government and agency	20,436		2,784		4,177		1,076		14,419		138		1,571		138
RMBS	16,223		1,890		6,650		1,628		10,363		158		417		30
ABS & CLO	10,924		712		4,326		480		8,150		39		804		20
Municipals	7,277		1,514		482		199		524		10		65		3
CMBS	6,890		764		2,037		335		2,664		31		657		18
Total fixed maturity securities AFS	$	165,460	$	23,406	$	41,420	$	10,889	$	62,019	$	1,264	$	13,224	$	1,154
Investment grade	$	157,654	$	22,713	$	38,785	$	10,298	$	58,358	$	1,123	$	12,022	$	1,025
Below investment grade	7,806		693		2,635		591		3,661		141		1,202		129
Total fixed maturity securities AFS	$	165,460	$	23,406	$	41,420	$	10,889	$	62,019	$	1,264	$	13,224	$	1,154
Total number of securities in an unrealized loss position	15,204				4,303				4,774				979

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(1)Excludes gross unrealized losses related to assets held-for-sale; these unrealized losses are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the Company’s business dispositions.

Debt Securities, Available-for-sale, Allowance for Credit Loss

The rollforward of ACL for fixed maturity securities AFS by sector is as follows:

	U.S.  Corporate		Foreign Corporate		Foreign Government		CMBS		Total
Year Ended December 31, 2022	(In millions)
Balance at January 1,	$	30	$	28	$	19	$	14	$	91
ACL not previously recorded	13		67		207		5		292
Changes for securities with previously recorded ACL	17		2		(48)		—		(29)
Securities sold or exchanged	(9)		(93)		(37)		—		(139)
Dispositions	—		—		—		—		—
Effect of foreign currency translation	—		1		(11)		—		(10)
Write-offs	(22)		—		—		—		(22)
Balance at December 31,	$	29	$	5	$	130	$	19	$	183

	U.S.  Corporate		Foreign Corporate		Foreign Government		CMBS		Total
Year Ended December 31, 2021	(In millions)
Balance at January 1,	$	44	$	16	$	21	$	—	$	81
ACL not previously recorded	48		26		—		11		85
Changes for securities with previously recorded ACL	3		(4)		—		3		2
Securities sold or exchanged	(52)		(10)		—		—		(62)
Dispositions (1)	—		—		(2)		—		(2)
Effect of foreign currency translation	—		—		—		—		—
Write-offs	(13)		—		—		—		(13)
Balance at December 31,	$	30	$	28	$	19	$	14	$	91

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(1)In connection with the disposition of MetLife Seguros, ACL was reduced by $2 million for the year ended December 31, 2021. See Note 3 for additional information on the Company’s business dispositions.

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents equity securities by security type. Common stock includes common stock, exchange traded funds, mutual funds and real estate investment trusts.

	December 31,
	2022						2021
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Security Type
			(In millions)
Common stock	$	1,347	$	195	$	1,542	$	784	$	295	$	1,079
Non-redeemable preferred stock	148		(6)		142		189		1		190
Total	$	1,495	$	189	$	1,684	$	973	$	296	$	1,269

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(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.

The following table presents these investments by asset type. Unit-linked investments are primarily equity securities (including mutual funds). FVO Securities includes fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

	December 31,
	2022						2021
	Cost or Amortized Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost or Amortized Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Asset Type
			(In millions)
Unit-linked investments	$	7,945	$	288	$	8,233	$	8,643	$	1,897	$	10,540
FVO Securities	1,161		274		1,435		1,243		359		1,602
Total	$	9,106	$	562	$	9,668	$	9,886	$	2,256	$	12,142

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(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:

	December 31,
	2022				2021
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	52,502	62.7	%	$	50,553	63.7	%
Agricultural	19,306		23.0		18,111		22.8
Residential	12,482		14.9		11,196		14.1
Total amortized cost	84,290		100.6		79,860		100.6
Allowance for credit loss	(527)		(0.6)		(634)		(0.8)
Subtotal mortgage loans, net	83,763		100.0		79,226		99.8
Residential — FVO	—		—		127		0.2
Total mortgage loans, net	$	83,763	100.0	%	$	79,353	100.0	%

Allowance for Loan and Lease Losses, Provision for Loss, Net

The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:

	Years Ended December 31,
	2022								2021								2020
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance at January 1,	$	340	$	88	$	206	$	634	$	252	$	106	$	232	$	590	$	246	$	52	$	55	$	353
Adoption of credit loss guidance	—		—		—		—		—		—		—		—		(118)		35		161		78
Provision (release)	(2)		53		(8)		43		88		6		(27)		67		124		22		30		176
Initial credit losses on PCD loans (1)	—		—		—		—		—		—		3		3		—		—		18		18
Charge-offs, net of recoveries	(120)		(22)		(8)		(150)		—		(24)		(2)		(26)		—		(2)		(32)		(34)
HFS transfer	—		—		—		—		—		—		—		—		—		(1)		—		(1)
Balance at December 31,	$	218	$	119	$	190	$	527	$	340	$	88	$	206	$	634	$	252	$	106	$	232	$	590

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(1)Represents the initial credit losses on purchased mortgage loans accounted for as PCD.

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2022:

Credit Quality Indicator	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	5,081	$	5,633	$	3,496	$	5,195	$	4,866	$	13,237	$	2,860	$	40,368	76.9	%
65% to 75%	2,321		1,227		1,073		1,613		1,360		1,872		—		9,466		18.0
76% to 80%	64		19		99		467		290		287		—		1,226		2.3
Greater than 80%	33		40		18		421		151		779		—		1,442		2.8
Total	$	7,499	$	6,919	$	4,686	$	7,696	$	6,667	$	16,175	$	2,860	$	52,502	100.0	%
DSCR:
> 1.20x	$	6,705	$	6,410	$	4,441	$	7,123	$	5,981	$	14,107	$	2,860	$	47,627	90.7	%
1.00x - 1.20x	667		128		115		436		274		963		—		2,583		4.9
<1.00x	127		381		130		137		412		1,105		—		2,292		4.4
Total	$	7,499	$	6,919	$	4,686	$	7,696	$	6,667	$	16,175	$	2,860	$	52,502	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2022:

Credit Quality Indicator	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	2,594	$	2,708	$	2,600	$	1,690	$	2,364	$	4,276	$	1,171	$	17,403	90.1	%
65% to 75%	177		320		347		177		93		494		131		1,739		9.0
76% to 80%	—		—		—		—		—		11		—		11		0.1
Greater than 80%	—		—		29		76		—		44		4		153		0.8
Total	$	2,771	$	3,028	$	2,976	$	1,943	$	2,457	$	4,825	$	1,306	$	19,306	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2022:

Credit Quality Indicator	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	2,071	$	1,450	$	374	$	982	$	439	$	6,693	$	—	$	12,009	96.2	%
Nonperforming (1)	12		9		10		48		15		379		—		473		3.8
Total	$	2,083	$	1,459	$	384	$	1,030	$	454	$	7,072	$	—	$	12,482	100.0	%

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(1)Includes residential mortgage loans in process of foreclosure of $146 million and $70 million at December 31, 2022 and 2021, respectively.

Schedule of Past Due and Non-Accrual Mortgage Loans

The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:

	Past Due				Past Due and Still Accruing				Nonaccrual
Portfolio Segment	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
	(In millions)
Commercial	$	6	$	13	$	6	$	13	$	169	$	155
Agricultural	124		124		21		16		131		225
Residential	473		450		12		8		462		442
Total	$	603	$	587	$	39	$	37	$	762	$	822

Purchased Financial Assets with Credit Deterioration

The following table reconciles the contractual principal to the purchase price of PCD investments:

	Year Ended December 31, 2022
	Contractual Principal		ACL at Acquisition		Non-Credit (Discount) Premium		Purchase Price
	(In millions)
PCD residential mortgage loans	$	48	$	—	$	(3)	$	45

Disclosure of Real Estate and Real Estate Joint Ventures

Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:

	December 31,				Years Ended December 31,
	2022		2021		2022		2021		2020
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	4,523	$	5,146	$	392	$	429	$	435
Other real estate	487		474		252		199		133
Real estate joint ventures	8,127		6,596		556		326		(36)
Total real estate and real estate joint ventures	$	13,137	$	12,216	$	1,200	$	954	$	532

Schedule of Operating Leases by Property Type

Leased real estate investments and income earned, by property type, were as follows at and for the periods indicated:

	December 31,				Years Ended December 31,
	2022		2021		2022		2021		2020
Property Type	Carrying Value				Income
	(In millions)
Leased real estate investments:
Office	$	2,206	$	2,322	$	183	$	196	$	188
Retail	804		938		60		75		93
Apartment	625		828		56		66		62
Land	562		635		26		28		25
Industrial	254		339		62		58		56
Hotel	72		84		5		6		5
Other	—		—		—		—		6
Total leased real estate investments	$	4,523	$	5,146	$	392	$	429	$	435

Components of Leveraged and Direct Financing Leases

Investment in leveraged and direct financing leases consisted of the following at:

	December 31,
	2022				2021
	Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases
	(In millions)
Lease receivables, net (1)	$	477	$	1,750	$	542	$	1,755
Estimated residual values	517		39		560		39
Subtotal	994		1,789		1,102		1,794
Unearned income	(245)		(586)		(284)		(642)
Investment in leases, before ACL	749		1,203		818		1,152
ACL	(18)		(8)		(31)		(9)
Investment in leases, net of ACL	$	731	$	1,195	$	787	$	1,143

__________________

(1)Future contractual receipts under direct financing leases at December 31, 2022 were $122 million in 2023, $92 million in 2024, $91 million in 2025, $117 million in 2026, $101 million in 2027, $1.2 billion thereafter and, in total, were $1.8 billion.

Schedule of Net Income From Investment In Leveraged and Direct Financing Leases

The components of income from investment in leveraged and direct financing leases, excluding net investment gains (losses), were as follows:

	Years Ended December 31,
	2022				2021				2020
	Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases
	(In millions)
Lease investment income	$	35	$	129	$	34	$	96	$	39	$	106
Less: Income tax expense	7		27		7		20		8		22
Lease investment income, net of income tax	$	28	$	102	$	27	$	76	$	31	$	84

Fair Value, Concentration of Risk

Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies:

	December 31,
	2022		2021
	(In millions)
Japan	$	24,295	$	32,723
South Korea	$	5,887	$	7,117
Mexico	$	3,463	N/A

Securities Lending and Repurchase Agreements

A summary of these transactions and agreements accounted for as secured borrowings were as follows:

	December 31,
	2022						2021
	Securities (1)						Securities (1)
Agreement Type	Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value
	(In millions)
Securities lending	$	11,756	$	12,092	$	11,833	$	20,654	$	21,055	$	21,319
Repurchase agreements	$	3,176	$	3,125	$	3,057	$	3,416	$	3,325	$	3,357

__________________

(1)These securities were included within fixed maturity securities AFS and short-term investments at December 31, 2022 and within fixed maturity securities AFS at December 31, 2021.

(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.

Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:

	December 31,
	2022										2021
	Remaining Maturities										Remaining Maturities
Security Type	Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total		Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Cash collateral liability by security type:
Securities lending:
U.S. government and agency	$	1,945	$	5,448	$	3,101	$	—	$	10,494	$	5,900	$	7,052	$	7,055	$	—	$	20,007
Foreign government	—		422		922		—		1,344		—		285		762		—		1,047
Agency RMBS	—		63		191		—		254		—		—		—		—		—
U.S. corporate	—		—		—		—		—		1		—		—		—		1
Total	$	1,945	$	5,933	$	4,214	$	—	$	12,092	$	5,901	$	7,337	$	7,817	$	—	$	21,055
Repurchase agreements:
U.S. government and agency	$	—	$	3,125	$	—	$	—	$	3,125	$	—	$	3,325	$	—	$	—	$	3,325

__________________

(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Certain subsidiaries have also entered into funding agreements with FHLBNY and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in policyholder account balances. Information related to such funding agreements was as follows at:

	Liability				Collateral
	December 31,
	2022		2021		2022			2021
	(In millions)
FHLBNY (1)	$	14,940	$	15,750	$	17,857	(2)	$	17,981	(2)
Farmer Mac (3)	$	2,050	$	2,050	$	2,148		$	2,159

__________________

(1)Represents funding agreements issued to FHLBNY in exchange for cash and for which it has been granted a lien on certain assets, some of which are in the custody of FHLBNY, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under such funding agreements. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of FHLBNY as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by such subsidiary, FHLBNY’s recovery on the collateral is limited to the amount of such subsidiary’s liability to FHLBNY.

(2)Advances are collateralized primarily by mortgage-backed securities presented at estimated fair value. The remaining collateral is mortgage loans presented at carrying value.

(3)Represents funding agreements issued to a subsidiary of Farmer Mac. The obligations under these funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value.

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value and were as follows at:

	December 31,
	2022		2021
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,514	$	1,872
Invested assets held in trust (external reinsurance agreements) (1)	881		1,114
Invested assets pledged as collateral (2)	25,442		24,261
Total invested assets on deposit, held in trust and pledged as collateral	$	27,837	$	27,247

__________________

(1)Represents assets held in trust related to third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $1.9 billion and $2.1 billion at December 31, 2022 and 2021, respectively.

(2)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4), derivative transactions (see Note 9), secured debt and short-term debt related to repurchase agreements (see Note 13), and a collateral financing arrangement (see Note 14).

Schedule of Variable Interest Entities

The following table presents the total assets and total liabilities relating to investment related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:

	December 31,
	2022				2021
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Investment funds (primarily other invested assets)	$	266	$	1	$	292	$	1
Renewable energy partnership (primarily other invested assets)	76		—		79		—
Other investments (primarily other assets)	—		—		1		—
Total	$	342	$	1	$	372	$	1

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:

	December 31,
	2022				2021
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	51,422	$	51,422	$	62,654	$	62,654
Other limited partnership interests	13,244		18,906		13,287		20,720
Other invested assets	1,310		1,387		1,257		1,314
Other investments	945		948		776		926
Total	$	66,921	$	72,663	$	77,974	$	85,614

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(1)The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.

Components of Net Investment Income

The composition of net investment income by asset type was as follows:

	Years Ended December 31,
Asset Type	2022		2021		2020
	(In millions)
Fixed maturity securities AFS	$	11,490	$	10,996	$	11,304
Equity securities	36		36		50
FVO Securities	(127)		167		140
Mortgage loans	3,539		3,435		3,518
Policy loans	460		474		498
Real estate and real estate joint ventures	1,200		954		532
Other limited partnership interests	858		4,927		1,000
Cash, cash equivalents and short-term investments	358		103		213
Operating joint ventures	51		77		93
Other	633		223		255
Subtotal investment income	18,498		21,392		17,603
Less: Investment expenses	1,284		949		1,054
Subtotal, net	17,214		20,443		16,549
Unit-linked investments	(1,298)		952		568
Net investment income	$	15,916	$	21,395	$	17,117
Net Investment Income (“NII”) Information
Net realized and unrealized gains (losses) recognized in NII:
Net realized gains (losses) from sales and disposals (primarily FVO Securities and Unit-linked investments)	$	155	$	518	$	422
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO Securities and Unit-linked investments)	(1,586)		616		233
Net realized and unrealized gains (losses) recognized in NII	$	(1,431)	$	1,134	$	655
Changes in estimated fair value subsequent to purchase of FVO Securities and Unit-linked investments still held at the end of the respective periods and recognized in NII	$	(1,286)	$	730	$	489
Equity method investments NII (primarily real estate joint ventures, other limited partnership interests, tax credit and renewable energy partnerships and operating joint ventures)	$	1,305	$	5,136	$	829

Components of Net Investment Gains (Losses)

The composition of net investment gains (losses) by asset type and transaction type was as follows:

	Years Ended December 31,
Asset Type	2022		2021		2020
	(In millions)
Fixed maturity securities AFS	$	(1,912)	$	66	$	297
Equity securities	(133)		108		(137)
Mortgage loans	21		(18)		(213)
Real estate and real estate joint ventures (excluding changes in estimated fair value)	653		502		7
Other limited partnership interests (excluding changes in estimated fair value)	53		(6)		(15)
Other gains (losses)	178		131		198
Subtotal	(1,140)		783		137
Change in estimated fair value of other limited partnership interests and real estate joint ventures	(14)		45		(4)
Non-investment portfolio gains (losses) (1)	(108)		701		(243)
Subtotal	(122)		746		(247)
Net investment gains (losses)	$	(1,262)	$	1,529	$	(110)
Transaction Type
Realized gains (losses) on investments sold or disposed	$	(880)	$	711	$	634
Impairment (losses)	(40)		(24)		(63)
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings	(134)		(86)		(280)
Unrealized net gains (losses) recognized in earnings	(100)		227		(158)
Total recognized gains (losses)	(234)		141		(438)
Non-investment portfolio gains (losses) (1)	(108)		701		(243)
Net investment gains (losses)	$	(1,262)	$	1,529	$	(110)
Net Investment Gains (Losses) (“NIGL”) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in NIGL	$	(89)	$	77	$	(127)
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship	$	38	$	88	$	129
Gains (losses) on leveraged leases and renewable energy partnerships	$	33	$	12	$	87
Foreign currency gains (losses)	$	182	$	(10)	$	79
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in NIGL	$	(880)	$	711	$	634
Recognized in NII	155		518		422
Net realized investment gains (losses) from sales and disposals of investments	$	(725)	$	1,229	$	1,056

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(1)See Note 3 for information regarding the Company’s business dispositions.

Schedule of Realized Gain (Loss)

The composition of net investment gains (losses) for these securities is as follows:

	Years Ended December 31,
Fixed Maturity Securities AFS	2022		2021		2020
	(In millions)
Proceeds	$	67,754	$	54,612	$	40,809
Gross investment gains	$	935	$	761	$	1,125
Gross investment (losses)	(2,704)		(656)		(674)
Realized gains (losses) on sales and disposals	(1,769)		105		451
Net credit loss (provision) release (change in ACL recognized in earnings)	(103)		(15)		(91)
Impairment (losses)	(40)		(24)		(63)
Net credit loss (provision) release and impairment (losses)	(143)		(39)		(154)
Net investment gains (losses)	$	(1,912)	$	66	$	297
Equity Securities
Realized gains (losses) on sales and disposals	$	(47)	$	(69)	$	16
Unrealized net gains (losses) recognized in earnings	(86)		177		(153)
Net investment gains (losses)	$	(133)	$	108	$	(137)