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Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

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,
	2023										2022
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss		Gains		Losses						Allowance for Credit Loss		Gains		Losses
	(In millions)
U.S. corporate	$	85,563	$	(68)	$	1,894	$	6,672	$	80,717	$	88,466	$	(29)	$	1,133	$	9,540	$	80,030
Foreign corporate	59,123		(2)		1,750		5,427		55,444		59,696		(5)		1,213		8,332		52,572
Foreign government	48,260		(88)		1,754		4,437		45,489		50,047		(130)		1,876		5,046		46,747
U.S. government and agency	35,374		—		590		3,712		32,252		35,658		—		431		3,860		32,229
RMBS	31,479		(1)		353		2,735		29,096		29,496		—		187		3,518		26,165
ABS & CLO	17,910		(7)		54		663		17,294		17,991		—		23		1,192		16,822
Municipals	11,991		—		408		1,228		11,171		13,548		—		317		1,713		12,152
CMBS	10,855		(18)		73		961		9,949		11,123		(19)		59		1,100		10,063
Total fixed maturity securities AFS	$	300,555	$	(184)	$	6,876	$	25,835	$	281,412	$	306,025	$	(183)	$	5,239	$	34,301	$	276,780

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, 2023:


	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	$	9,644	$	48,922	$	51,837	$	129,750	$	60,218	$	300,371
Estimated fair value	$	9,677	$	48,325	$	50,598	$	116,473	$	56,339	$	281,412

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,
	2023								2022
	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		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
U.S. corporate	$	4,722	$	420	$	45,373	$	6,208	$	55,210	$	7,573	$	6,484	$	1,965
Foreign corporate	3,210		187		32,355		5,240		31,932		5,999		8,956		2,332
Foreign government	3,913		246		19,715		4,187		16,568		2,170		8,308		2,874
U.S. government and agency	7,856		368		13,960		3,344		20,436		2,784		4,177		1,076
RMBS	3,465		60		17,128		2,675		16,223		1,890		6,650		1,628
ABS & CLO	1,662		31		11,438		629		10,924		712		4,326		480
Municipals	483		34		5,449		1,194		7,277		1,514		482		199
CMBS	1,034		36		6,671		917		6,890		764		2,037		335
Total fixed maturity securities AFS	$	26,345	$	1,382	$	152,089	$	24,394	$	165,460	$	23,406	$	41,420	$	10,889
Investment grade	$	24,834	$	1,287	$	146,138	$	23,675	$	157,654	$	22,713	$	38,785	$	10,298
Below investment grade	1,511		95		5,951		719		7,806		693		2,635		591
Total fixed maturity securities AFS	$	26,345	$	1,382	$	152,089	$	24,394	$	165,460	$	23,406	$	41,420	$	10,889
Total number of securities in an unrealized loss position	2,922				13,049				15,204				4,303

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		RMBS		ABS & CLO		CMBS		Total
Year Ended December 31, 2023	(In millions)
Balance at January 1,	$	29	$	5	$	130	$	—	$	—	$	19	$	183

ACL not previously recorded	36		—		—		2		7		2		47

Changes for securities with previously recorded ACL	7		—		(23)		(1)		—		8		(9)

Securities sold or exchanged	(4)		(3)		(19)		—		—		(11)		(37)




Balance at December 31,	$	68	$	2	$	88	$	1	$	7	$	18	$	184


	U.S. Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		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)

Effect of foreign currency translation	—		1		(11)		—		—		—		(10)
Write-offs	(22)		—		—		—		—		—		(22)

Balance at December 31,	$	29	$	5	$	130	$	—	$	—	$	19	$	183

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, certain mutual funds and certain real estate investment trusts.


	December 31,
	2023						2022
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Security Type
			(In millions)
Common stock	$	424	$	239	$	663	$	1,347	$	195	$	1,542
Non-redeemable preferred stock	90		4		94		148		(6)		142
Total	$	514	$	243	$	757	$	1,495	$	189	$	1,684

__________________

(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,
	2023						2022
	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	$	7,770	$	1,112	$	8,882	$	7,945	$	288	$	8,233
FVO securities	972		477		1,449		1,161		274		1,435
Total	$	8,742	$	1,589	$	10,331	$	9,106	$	562	$	9,668

__________________

(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,
	2023				2022
Portfolio Segment	Carrying Value (1)		% of Total		Carrying Value		% of Total
	(Dollars in millions)

Commercial	$	60,326	65.2	%	$	52,502	62.7	%
Agricultural	19,805		21.4		19,306		23.0
Residential	13,096		14.2		12,482		14.9
Total amortized cost	93,227		100.8		84,290		100.6
Allowance for credit loss	(721)		(0.8)		(527)		(0.6)





Total mortgage loans	$	92,506	100.0	%	$	83,763	100.0	%

__________________

(1)Includes certain mortgage loans originated for third parties of $8.5 billion at amortized cost ($8.2 billion commercial and $246 million agricultural) and the related ACL of $73 million, with the corresponding mortgage loan secured financing liability of $8.5 billion included in other liabilities on the consolidated balance sheet. The investment income on these mortgage loans originated for third parties and the interest expense on the mortgage loan secured financing liability was $408 million for the year ended December 31, 2023, and recorded in investment income and investment expenses, within net investment income. See Note 1.

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,
	2023								2022								2021
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance at January 1,	$	218	$	119	$	190	$	527	$	340	$	88	$	206	$	634	$	252	$	106	$	232	$	590

Provision (release)	168		89		(8)		249		(2)		53		(8)		43		88		6		(27)		67
Initial credit losses on PCD loans (1)	—		—		—		—		—		—		—		—		—		—		3		3
Charge-offs, net of recoveries	(19)		(36)		—		(55)		(120)		(22)		(8)		(150)		—		(24)		(2)		(26)

Balance at December 31,	$	367	$	172	$	182	$	721	$	218	$	119	$	190	$	527	$	340	$	88	$	206	$	634

__________________

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

Financing Receivable, Modified

The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications, in materially impacted segments, where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means, principal forgiveness, interest rate reduction, other-than-insignificant payment delay or term extension. The amount, timing and extent of modifications granted are considered in determining any ACL recorded. Mortgage loans are summarized as follows at:

December 31, 2023

Maturity Extension

Weighted Average

Life Increase

% of Total BV

Amortized

Cost

Affected Loans

(in Years)

(Dollars in millions)

Commercial

522

Less than one year

1.0

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, 2023:


Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	2,592	$	2,724	$	3,392	$	1,787	$	4,220	$	13,082	$	2,698	$	30,495	50.6	%
65% to 75%	372		4,465		2,737		1,651		1,636		6,114		—		16,975		28.1
76% to 80%	58		846		335		377		1,367		1,692		—		4,675		7.7
Greater than 80%	46		794		977		899		1,392		4,073		—		8,181		13.6
Total	$	3,068	$	8,829	$	7,441	$	4,714	$	8,615	$	24,961	$	2,698	$	60,326	100.0	%
DSCR:
> 1.20x	$	2,088	$	7,387	$	6,880	$	4,372	$	7,243	$	21,644	$	2,698	$	52,312	86.7	%
1.00x - 1.20x	666		590		543		—		849		1,986		—		4,634		7.7
<1.00x	314		852		18		342		523		1,331		—		3,380		5.6
Total	$	3,068	$	8,829	$	7,441	$	4,714	$	8,615	$	24,961	$	2,698	$	60,326	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2023:


Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	1,123	$	2,796	$	2,650	$	2,725	$	1,728	$	5,953	$	1,394	$	18,369	92.8	%
65% to 75%	30		96		301		160		24		542		121		1,274		6.4
76% to 80%	—		—		—		—		—		—		—		—		—
Greater than 80%	4		—		—		5		133		14		6		162		0.8
Total	$	1,157	$	2,892	$	2,951	$	2,890	$	1,885	$	6,509	$	1,521	$	19,805	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2023:


Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	767	$	2,508	$	1,501	$	336	$	927	$	6,639	$	—	$	12,678	96.8	%
Nonperforming (1)	5		46		22		16		44		285		—		418		3.2
Total	$	772	$	2,554	$	1,523	$	352	$	971	$	6,924	$	—	$	13,096	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $140 million and $146 million at December 31, 2023 and 2022, 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 Interest				Nonaccrual
Portfolio Segment	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
	(In millions)
Commercial	$	75	$	6	$	3	$	6	$	427	$	169
Agricultural	40		124		—		21		206		131
Residential	418		473		16		12		402		462
Total	$	533	$	603	$	19	$	39	$	1,035	$	762

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,
	2023		2022		2023		2022		2021
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	4,446	$	4,523	$	366	$	392	$	429
Other real estate	507		487		297		252		199
Real estate joint ventures	8,379		8,127		(225)		556		326
Total real estate and real estate joint ventures	$	13,332	$	13,137	$	438	$	1,200	$	954

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,
	2023		2022		2023		2022		2021
Property Type	Carrying Value				Income
	(In millions)
Leased real estate investments:
Office	$	2,221	$	2,206	$	228	$	183	$	196
Retail	753		804		47		60		75
Apartment	641		625		47		56		66
Land	564		562		24		26		28
Industrial	200		254		15		62		58
Hotel	67		72		5		5		6
Total leased real estate investments	$	4,446	$	4,523	$	366	$	392	$	429

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,
	2023		2022
	(In millions)
Japan	$	22,606	$	24,295
South Korea	$	6,411	$	5,887
Mexico	$	3,778	$	3,463

Securities Lending and Repurchase Agreements

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


	December 31,
	2023						2022
	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	$	10,510	$	10,788	$	10,553	$	11,756	$	12,092	$	11,833
Repurchase agreements	$	3,029	$	2,975	$	2,913	$	3,176	$	3,125	$	3,057

__________________

(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at December 31, 2023 and within fixed maturity securities AFS and short-term investments at December 31, 2022.

(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,
	2023										2022
	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	$	1,393	$	4,106	$	3,919	$	—	$	9,418	$	1,945	$	5,448	$	3,101	$	—	$	10,494
Foreign government	—		483		624		—		1,107		—		422		922		—		1,344
Agency RMBS	—		88		175		—		263		—		63		191		—		254

Total	$	1,393	$	4,677	$	4,718	$	—	$	10,788	$	1,945	$	5,933	$	4,214	$	—	$	12,092
Repurchase agreements:
U.S. government and agency	$	—	$	2,975	$	—	$	—	$	2,975	$	—	$	3,125	$	—	$	—	$	3,125

__________________

(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

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,
	2023		2022
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,596	$	1,514
Invested assets held in trust (external reinsurance agreements) (1)	941		881
Invested assets pledged as collateral (2)	26,017		25,442
Total invested assets on deposit, held in trust and pledged as collateral	$	28,554	$	27,837

__________________

(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 $2.0 billion and $1.9 billion at December 31, 2023 and 2022, respectively.

(2)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 5), derivative transactions (see Note 12), secured debt and short-term debt related to repurchase agreements (see Note 16), and a collateral financing arrangement (see Note 17).

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,
	2023				2022
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Investment funds (primarily other invested assets)	$	282	$	1	$	266	$	1
Renewable energy partnership (primarily other invested assets)	64		—		76		—

Total	$	346	$	1	$	342	$	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,
	2023				2022
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	54,182	$	54,182	$	51,422	$	51,422



Other limited partnership interests	14,034		19,591		13,244		18,906
Other invested assets	1,206		1,275		1,310		1,387
Other investments (Real estate joint ventures and FVO securities)	1,039		1,055		945		948
Total	$	70,461	$	76,103	$	66,921	$	72,663

__________________

(1)The maximum exposure to loss relating to fixed maturity securities AFS and FVO securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests (“OLPI”) and real estate joint ventures (“REJV”) 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	2023		2022		2021
	(In millions)

Fixed maturity securities AFS	$	12,990	$	11,490	$	10,996
Equity securities	32		36		36
FVO securities	188		(127)		167
Mortgage loans	4,761		3,539		3,435
Policy loans	471		460		474
Real estate and REJV	438		1,200		954
OLPI	454		858		4,927
Cash, cash equivalents and short-term investments	1,011		358		103
Operating joint ventures	38		51		77
Other	604		633		223
Subtotal investment income	20,987		18,498		21,392
Less: Investment expenses	2,262		1,284		949
Subtotal, net	18,725		17,214		20,443
Unit-linked investments	1,183		(1,298)		952
Net investment income	$	19,908	$	15,916	$	21,395

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)	$	207	$	155	$	518
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)	1,168		(1,586)		616
Net realized and unrealized gains (losses) recognized in NII	$	1,375	$	(1,431)	$	1,134

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	$	1,119	$	(1,286)	$	730

Equity method investments NII (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures)	$	151	$	1,305	$	5,136

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	2023		2022		2021
	(In millions)
















Fixed maturity securities AFS (1)	$	(2,471)	$	(1,912)	$	66







Equity securities	81		(133)		108
Mortgage loans (1)	(270)		21		(18)
Real estate and REJV (excluding changes in estimated fair value)	69		653		502
OLPI (excluding changes in estimated fair value)	12		53		(6)
Other gains (losses) (2)	(158)		178		131
Subtotal	(2,737)		(1,140)		783
Change in estimated fair value of OLPI and REJV	(6)		(14)		45
Non-investment portfolio gains (losses)	(81)		(106)		715

Subtotal	(87)		(120)		760
Net investment gains (losses)	$	(2,824)	$	(1,260)	$	1,543

Transaction Type
Realized gains (losses) on investments sold or disposed (1)	$	(1,028)	$	(880)	$	711
Impairment (losses) (1), (2)	(1,498)		(40)		(24)
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings	(271)		(134)		(86)
Unrealized net gains (losses) recognized in earnings	54		(100)		227
Total recognized gains (losses)	(217)		(234)		141
Non-investment portfolio gains (losses)	(81)		(106)		715
Net investment gains (losses)	$	(2,824)	$	(1,260)	$	1,543

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	$	22	$	(89)	$	77

Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship	$	(7)	$	38	$	88
Gains (losses) on leveraged leases and renewable energy partnerships	$	24	$	33	$	12

Foreign currency gains (losses)	$	52	$	183	$	(9)

Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in NIGL	$	(1,028)	$	(880)	$	711
Recognized in NII	207		155		518
Net realized investment gains (losses) from sales and disposals of investments	$	(821)	$	(725)	$	1,229

__________________

(1)Includes a net loss of $1.2 billion during the year ended December 31, 2023 for investments disposed of in connection with a reinsurance transaction.The net loss was comprised of ($1.3) billion of impairments and $95 million of realized gains on disposal for fixed maturity securities AFS, ($56) million of adjustments to mortgage loans, reflected as impairments, (calculated at lower of amortized cost or estimated fair value), and ($2) million of realized losses on disposal for mortgage loans. See Note 9 for further information on this reinsurance transaction.

(2)See Note 3 for information regarding the Company’s pending disposition of MetLife Malaysia.

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	2023		2022		2021
	(In millions)
Proceeds	$	40,625	$	67,754	$	54,612
Gross investment gains	$	563	$	935	$	761
Gross investment (losses)	(1,732)		(2,704)		(656)
Realized gains (losses) on sales and disposals	(1,169)		(1,769)		105
Net credit loss (provision) release (change in ACL recognized in earnings)	(2)		(103)		(15)
Impairment (losses)	(1,300)		(40)		(24)
Net credit loss (provision) release and impairment (losses)	(1,302)		(143)		(39)
Net investment gains (losses)	$	(2,471)	$	(1,912)	$	66

Equity Securities
Realized gains (losses) on sales and disposals	$	21	$	(47)	$	(69)
Unrealized net gains (losses) recognized in earnings	60		(86)		177
Net investment gains (losses)	$	81	$	(133)	$	108