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Investments
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments 10. Investments
Fixed Maturity Securities AFS
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. Residential mortgage-backed securities (“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.”
September 30, 2024December 31, 2023
Amortized
Cost		Gross UnrealizedEstimated
Fair
Value		Amortized
Cost		Gross UnrealizedEstimated
Fair
Value
Sector
Allowance
for
Credit Loss
(“ACL”)
GainsLosses
ACL
Gains
Losses
(In millions)
U.S. corporate$88,612 $(60)$2,275 $5,976 $84,851 $85,563 $(68)$1,894 $6,672 $80,717 
Foreign corporate
59,282 (15)2,164 4,679 56,752 59,123 (2)1,750 5,427 55,444 
Foreign government
47,586 (62)1,776 5,168 44,132 48,260 (88)1,754 4,437 45,489 
U.S. government and agency37,727 — 589 3,640 34,676 35,374 — 590 3,712 32,252 
RMBS36,761 (1)630 2,126 35,264 31,479 (1)353 2,735 29,096 
ABS & CLO
17,750 (10)138 358 17,520 17,910 (7)54 663 17,294 
Municipals11,521 — 354 1,077 10,798 11,991 — 408 1,228 11,171 
CMBS10,167 (14)167 534 9,786 10,855 (18)73 961 9,949 
Total fixed maturity securities AFS
$309,406 $(162)$8,093 $23,558 $293,779 $300,555 $(184)$6,876 $25,835 $281,412 
Maturities of Fixed Maturity Securities AFS
The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at September 30, 2024:
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$11,313 $48,735 $54,449 $130,094 $64,653 $309,244 
Estimated fair value$11,361 $48,895 $54,079 $116,874 $62,570 $293,779 
Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.
Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector
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.
September 30, 2024December 31, 2023
Less than 12 MonthsEqual to or Greater
than 12 Months		Less than 12 MonthsEqual to or Greater
than 12 Months
Sector & Credit QualityEstimated
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$4,384 $685 $41,061 $5,258 $4,722 $420 $45,373 $6,208 
Foreign corporate2,505 181 28,069 4,477 3,210 187 32,355 5,240 
Foreign government2,828 432 19,170 4,735 3,913 246 19,715 4,187 
U.S. government and agency3,426 159 15,987 3,481 7,856 368 13,960 3,344 
RMBS1,926 73 15,673 2,053 3,465 60 17,128 2,675 
ABS & CLO2,441 17 5,833 341 1,662 31 11,438 629 
Municipals209 87 5,241 990 483 34 5,449 1,194 
CMBS433 15 5,433 517 1,034 36 6,671 917 
Total fixed maturity securities AFS
$18,152 $1,649 $136,467 $21,852 $26,345 $1,382 $152,089 $24,394 
Investment grade$15,804 $1,577 $131,959 $21,256 $24,834 $1,287 $146,138 $23,675 
Below investment grade2,348 72 4,508 596 1,511 95 5,951 719 
Total fixed maturity securities AFS
$18,152 $1,649 $136,467 $21,852 $26,345 $1,382 $152,089 $24,394 
Total number of securities in an unrealized loss position2,855 11,063 2,922 13,049 

Evaluation of Fixed Maturity Securities AFS for Credit Loss
Evaluation and Measurement Methodologies
See Note 11 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a description of the Company’s Evaluation and Measurement Methodologies of Fixed Maturity Securities AFS for Credit Loss.
Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position
Gross unrealized losses on securities without an ACL decreased $2.3 billion for the nine months ended September 30, 2024 to $23.5 billion primarily due to a decrease in interest rates.
As shown in the table above, most of the gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater at September 30, 2024, relate to investment grade securities. These unrealized losses are principally due to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.
As of September 30, 2024, $596 million of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater on below investment grade securities were concentrated in the utility, consumer, and communications sectors within corporate securities and in foreign government securities. These unrealized losses are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty and, with respect to fixed-rate securities, rising interest rates since purchase.
At September 30, 2024, the Company did not intend to sell its securities in an unrealized loss position without an ACL, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost. Therefore, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at September 30, 2024.
Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.
Rollforward of ACL for Fixed Maturity Securities AFS By Sector
The rollforward of ACL for fixed maturity securities AFS by sector is as follows:
U.S.
 Corporate		Foreign
Corporate		Foreign
Government		RMBSABS & CLOCMBSTotal
(In millions)
Three Months Ended September 30, 2024
Balance, at beginning of period$37 $2 $58 $1 $9 $14 $121 
ACL not previously recorded27 13 — — — — 40 
Changes for securities with previously recorded ACL(1)— 4 — 1 — 4 
Securities sold or exchanged(3)— — — — — (3)
Balance, at end of period$60 $15 $62 $1 $10 $14 $162 
Three Months Ended September 30, 2023
Balance, at beginning of period$69 $2 $115 $— $— $11 $197 
ACL not previously recorded— — — 1 7 2 10 
Changes for securities with previously recorded ACL— — (7)— — 3 (4)
Securities sold or exchanged(2)— (19)— — — (21)
Balance, at end of period$67 $2 $89 $1 $7 $16 $182 

U.S.
 Corporate		Foreign
Corporate		Foreign
Government
RMBS
ABS & CLO
CMBSTotal
(In millions)
Nine Months Ended September 30, 2024
Balance, at beginning of period$68 $2 $88 $1 $7 $18 $184 
ACL not previously recorded41 13 — — — — 54 
Changes for securities with previously recorded ACL10 — (1)— 3 2 14 
Securities sold or exchanged(59)— (25)— — (6)(90)
Balance, at end of period$60 $15 $62 $1 $10 $14 $162 
Nine Months Ended September 30, 2023
Balance, at beginning of period$29 $5 $130 $— $— $19 $183 
ACL not previously recorded36 — — 1 7 2 46 
Changes for securities with previously recorded ACL6 — (22)— — 6 (10)
Securities sold or exchanged(4)(3)(19)— — (11)(37)
Balance, at end of period$67 $2 $89 $1 $7 $16 $182 
Equity Securities
The following table presents equity securities by security type:
September 30, 2024December 31, 2023
CostNet Unrealized
Gains (Losses) (1)
Estimated
Fair Value
CostNet Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Security Type
(In millions)
Common stock (2)
$453 $193 $646 $424 $239 $663 
Non-redeemable preferred stock100 — 100 90 4 94 
Total
$553 $193 $746 $514 $243 $757 
________________
(1)    Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.
(2)    Includes common stock, exchange traded funds, certain mutual funds and certain real estate investment trusts.
Contractholder-Directed Equity Securities and FVO Securities
The following table presents these investments by asset type. Unit-linked investments are primarily equity securities (including mutual funds). FVO securities include fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.
September 30, 2024December 31, 2023
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
$6,263 $1,345 $7,608 $7,770 $1,112 $8,882 
FVO securities
1,025 656 1,681 972 477 1,449 
Total
$7,288 $2,001 $9,289 $8,742 $1,589 $10,331 
________________
(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.
Mortgage Loans
Mortgage Loans by Portfolio Segment
Mortgage loans are summarized as follows at:
 September 30, 2024December 31, 2023
Portfolio SegmentCarrying
Value (1)		% of
Total		Carrying
Value (1)		% of
Total
(Dollars in millions)
Commercial$57,949 64.1 %$60,326 65.2 %
Agricultural19,469 21.5 19,805 21.4 
Residential13,844 15.3 13,096 14.2 
Total amortized cost91,262 100.9 93,227 100.8 
ACL
(847)(0.9)(721)(0.8)
Total mortgage loans$90,415 100.0 %$92,506 100.0 %
__________________
(1)Includes certain mortgage loans originated for third parties of $7.7 billion at amortized cost ($7.5 billion commercial and $259 million agricultural) and the related ACL of $88 million, with the corresponding mortgage loan secured financing liability of $7.7 billion included in other liabilities on the consolidated balance sheet at September 30, 2024. The consolidated balance sheet at December 31, 2023 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. The investment income on the mortgage loans originated for third parties and the interest expense on the related mortgage loan secured financing liability was $87 million and $272 million for the three months and nine months ended September 30, 2024, respectively, and were recorded in investment income and investment expenses, both within net investment income.
The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($863) million and ($736) million at September 30, 2024 and December 31, 2023, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at September 30, 2024 was $269 million, $189 million and $104 million, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2023 was $277 million, $204 million and $95 million, respectively.
Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $753 million and $1.5 billion for the three months and nine months ended September 30, 2024, respectively, and $221 million and $1.2 billion for the three months and nine months ended September 30, 2023, respectively.
Sales of mortgage loans, consisting primarily of commercial mortgage loans, to an equity method investee were $168 million for both the three months and nine months ended September 30, 2024.
For the nine months ended September 30, 2024, the Company contributed commercial mortgage loans with an amortized cost of $218 million to REJVs which subsequently completed foreclosure on those mortgage loans. See “— Real Estate and REJV” for the carrying value of wholly-owned real estate acquired through foreclosure.
Rollforward of ACL for Mortgage Loans by Portfolio Segment
The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:
Nine Months
Ended
September 30,
20242023
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Balance, beginning of period
$367 $172 $182 $721 $218 $119 $190 $527 
Provision (release)212 40 (21)231 147 52 2 201 
Charge-offs, net of recoveries
(28)(77)— (105)(10)(13)— (23)
Balance, end of period
$551 $135 $161 $847 $355 $158 $192 $705 
ACL Methodology
The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).
Commercial and Agricultural Mortgage Loan Portfolio Segments
Within each loan portfolio segment, commercial and agricultural loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. The Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.
Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.
For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio.
For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.
After commercial and agricultural mortgage loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that is not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.
Residential Mortgage Loan Portfolio Segment
The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company reverts to industry historical loss experience using a straight-line basis over one year.
For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.
Modifications to Borrowers Experiencing Financial Difficulty
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 mortgage 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 and subsequent performance are considered in determining any ACL recorded.
These mortgage loan modifications are summarized as follows:
Three Months Ended September 30,
2024
2023
Maturity
Extension
Weighted Average
 Life Increase
Maturity
Extension
Weighted Average
 Life Increase
Amortized
Cost
Affected Loans
 (in Years)
% of Book
Value
Amortized
Cost
Affected Loans
 (in Years)
% of Book
Value
(Dollars in millions)
Commercial$39 Less than one year<1%$145 Less than one year<1%
Nine Months Ended September 30,
2024
2023
Maturity
Extension
Weighted Average
 Life Increase
Maturity
Extension
Weighted Average
 Life Increase
Amortized
Cost
Affected Loans
 (in Years)
% of Book
Value
Amortized
Cost
Affected Loans
 (in Years)
% of Book
Value
(Dollars in millions)
Commercial$236 Less than one year<1 %$367 Less than one year <1 %
For the three months ended September 30, 2024 and for both the three months and nine months ended September 30, 2023, all commercial mortgage loans which were modified to borrowers experiencing financial difficulties were current. For the nine months ended September 30, 2024, commercial mortgage loans with an amortized cost of $182 million which were extended over the past 12 months became delinquent and foreclosed.
Credit Quality of Mortgage Loans by Portfolio Segment
The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2024:
Credit Quality Indicator20242023202220212020PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
LTV ratios:
Less than 65%
$2,007 $2,545 $2,668 $3,168 $1,495 $13,882 $2,398 $28,163 48.6 %
65% to 75%
462 374 4,012 2,267 297 4,230 — 11,642 20.1 
76% to 80%
2 16 611 287 428 2,789 — 4,133 7.1 
Greater than 80%
37 57 1,119 1,412 1,679 9,707 — 14,011 24.2 
Total
$2,508 $2,992 $8,410 $7,134 $3,899 $30,608 $2,398 $57,949 100.0 %
DSCR:
> 1.20x
$2,284 $1,983 $7,448 $6,496 $3,715 $25,911 $2,398 $50,235 86.7 %
1.00x - 1.20x
148 603 711 490 105 2,485 — 4,542 7.8 
<1.00x
76 406 251 148 79 2,212 — 3,172 5.5 
Total
$2,508 $2,992 $8,410 $7,134 $3,899 $30,608 $2,398 $57,949 100.0 %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2024:
Credit Quality Indicator20242023202220212020PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
LTV ratios:
Less than 65%
$459 $1,177 $2,792 $2,602 $2,639 $7,090 $1,427 $18,186 93.4 %
65% to 75%
9 56 44 306 119 512 104 1,150 5.9 
76% to 80%
— — 24 — 3 — 3 30 0.2 
Greater than 80%
— — — 14 29 46 14 103 0.5 
Total
$468 $1,233 $2,860 $2,922 $2,790 $7,648 $1,548 $19,469 100.0 %
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2024:
Credit Quality Indicator20242023202220212020PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
Performance indicators:
Performing
$805 $927 $2,493 $1,747 $326 $7,112 $— $13,410 96.9 %
Nonperforming (1)
2 34 75 24 15 284 — 434 3.1 
Total
$807 $961 $2,568 $1,771 $341 $7,396 $— $13,844 100.0 %
__________________
(1)Includes residential mortgage loans in process of foreclosure of $136 million and $140 million at September 30, 2024 and December 31, 2023, respectively.
Past Due and Nonaccrual Mortgage Loans
The Company has a high quality, well performing mortgage loan portfolio, with 98% and 99% of all mortgage loans classified as performing at September 30, 2024 and December 31, 2023, respectively. The Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL by portfolio segment, were as follows:
Past DuePast Due
 and Still Accruing Interest		Nonaccrual
Portfolio SegmentSeptember 30, 2024December 31, 2023September 30, 2024December 31, 2023September 30, 2024December 31, 2023
(In millions)
Commercial$724 $75 $16 $3 $1,072 $427 
Agricultural346 40 238 — 118 206 
Residential434 418 24 16 412 402 
Total$1,504 $533 $278 $19 $1,602 $1,035 
Real Estate and REJV
The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method REJV. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:
 September 30, 2024December 31, 2023Three Months
Ended
September 30,		Nine Months
Ended
September 30,
 2024202320242023
Income TypeCarrying ValueIncome
(In millions)
Wholly-owned real estate:
Leased real estate$4,536 $4,446 $88 $89 $255 $271 
Other real estate687 507 79 71 204 206 
REJV
8,508 8,379 11 (64)(191)(218)
Total real estate and REJV
$13,731 $13,332 $178 $96 $268 $259 
The carrying value of wholly-owned real estate acquired through foreclosure was $264 million and $190 million at September 30, 2024 and December 31, 2023, respectively. Depreciation expense on real estate investments was $32 million and $91 million for the three months and nine months ended September 30, 2024, respectively, and $26 million and $84 million for the three months and nine months ended September 30, 2023, respectively. Real estate investments were net of accumulated depreciation of $1.0 billion and $952 million at September 30, 2024 and December 31, 2023, respectively.
Leased Real Estate Investments - Operating Leases
The Company, as lessor, leases investment real estate, principally commercial real estate for office and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification and geographic diversification.
See Note 11 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a summary of leased real estate investments and income earned, by property type.
Tax Equity Investments
The Company invests in certain tax equity investments, including low income housing tax credit partnerships and renewable energy partnerships. The carrying value of tax equity investments, reported in other invested assets on the interim condensed consolidated balance sheet, was $737 million and $1.0 billion at September 30, 2024 and December 31, 2023, respectively. Beginning January 1, 2024, tax equity investments that meet certain criteria are accounted for using the proportional amortization method, where the initial cost of the investment is amortized in proportion to the tax credits received and recognized as a component of income tax expense (benefit) in the interim condensed consolidated statements of operations. Investments which do not meet the qualification criteria for the proportional amortization method are accounted for using the equity method of accounting. For the three months and nine months ended September 30, 2024, income tax credits and other income tax benefits of $37 million and $112 million, respectively, and amortized expense of $33 million and $100 million, respectively, were recognized net as a component of income tax expense in the Company’s interim condensed consolidated statement of operations.
Cash Equivalents
Cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $12.1 billion and $10.8 billion, principally at estimated fair value, at September 30, 2024 and December 31, 2023, respectively.
Concentrations of Credit 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:
September 30, 2024December 31, 2023
(In millions)
Japan$21,688 $22,606 
South Korea$6,654 $6,411 
Mexico$3,651 $3,778 
Securities Lending Transactions and Repurchase Agreements
Securities, Collateral and Reinvestment Portfolio
A summary of these transactions and agreements accounted for as secured borrowings were as follows:
September 30, 2024December 31, 2023
Securities (1)Securities (1)
Agreement TypeEstimated
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
$11,079 $11,257 $11,178 $10,510 $10,788 $10,553 
Repurchase agreements
$3,010 $2,975 $2,895 $3,029 $2,975 $2,913 
__________________
(1)These securities were included within fixed maturity securities AFS and cash equivalents at September 30, 2024 and within fixed maturity securities AFS, short-term investments and cash equivalents at December 31, 2023.
(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.
Contractual Maturities
Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:
September 30, 2024December 31, 2023
Remaining MaturitiesRemaining Maturities
Security TypeOpen (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		TotalOpen (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
$2,295 $6,077 $1,459 $— $9,831 $1,393 $4,106 $3,919 $— $9,418 
Foreign government
— 232 1,018 — 1,250 — 483 624 — 1,107 
Agency RMBS— 176 — — 176 — 88 175 — 263 
Total
$2,295 $6,485 $2,477 $— $11,257 $1,393 $4,677 $4,718 $— $10,788 
Repurchase agreements:
U.S. government and agency
$— $2,975 $— $— $2,975 $— $2,975 $— $— $2,975 
__________________
(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.
If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell investments to meet the return obligation, it may have difficulty selling such collateral that is invested in a timely manner, be forced to sell investments in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both.
The securities lending and repurchase agreement reinvestment portfolios consist principally of high quality, liquid, publicly traded fixed maturity securities AFS, short-term investments, cash equivalents or cash. If the securities in the reinvestment portfolio become less liquid, liquidity resources within the general account are available to meet any potential cash demands when securities are put back by the counterparty.
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:
September 30, 2024December 31, 2023
(In millions)
Invested assets on deposit (regulatory deposits)
$1,584 $1,596 
Invested assets held in trust (external reinsurance agreements) (1)989 941 
Invested assets pledged as collateral (2)29,423 26,017 
Total invested assets on deposit, held in trust and pledged as collateral
$31,996 $28,554 
__________________
(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 at both September 30, 2024 and December 31, 2023.
(2)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, repurchase agreements and a collateral financing arrangement (see Notes 5, 16 and 17 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 11.
See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements, and Note 9 for information regarding investments designated to the closed block. In addition, the Company’s investment in Federal Home Loan Bank of New York common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $715 million and $714 million, at redemption value, at September 30, 2024 and December 31, 2023, respectively.
Variable Interest Entities
The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity.
Consolidated VIEs
Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.
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:
September 30, 2024December 31, 2023
Asset TypeTotal
Assets		Total
Liabilities		Total
Assets		Total
Liabilities
(In millions)
Investment funds (primarily other invested assets and REJV)
$691 $181 $282 $1 
Renewable energy partnership (primarily other invested assets)64 — 64 — 
Total
$755 $181 $346 $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:
September 30, 2024December 31, 2023
Asset TypeCarrying
Amount		Maximum
Exposure
to Loss (1)		Carrying
Amount		Maximum
Exposure
to Loss (1)
(In millions)
Fixed maturity securities AFS (2)$60,218 $60,218 $54,182 $54,182 
Other limited partnership interests (“OLPI”)
13,300 17,937 14,034 19,591 
Other investments (REJV, FVO securities and mortgage loans)
1,307 1,324 1,039 1,055 
Other invested assets1,061 1,197 1,206 1,275 
Total$75,886 $80,676 $70,461 $76,103 
__________________
(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 OLPI, REJV and mortgage loans is equal to the carrying amounts plus any unrecognized 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.
As described in Note 19, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs for either the nine months ended September 30, 2024 or 2023.
Net Investment Income
The composition of net investment income by asset type was as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
Asset Type2024202320242023
(In millions)
Fixed maturity securities AFS
$3,457 $3,314 $10,100 $9,681 
Equity securities
4 5 18 27 
FVO securities
76 (17)183 81 
Mortgage loans
1,184 1,189 3,565 3,536 
Policy loans
116 120 339 358 
Real estate and REJV178 96 268 259 
OLPI87 206 713 456 
Cash, cash equivalents and short-term investments
299 268 840 733 
Operating joint ventures
92 4 136 36 
Other
159 180 502 458 
Subtotal investment income5,652 5,365 16,664 15,625 
Less: Investment expenses
571 544 1,703 1,686 
Subtotal, net
5,081 4,821 14,961 13,939 
Unit-linked investments146 4 907 603 
Net investment income
$5,227 $4,825 $15,868 $14,542 
Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals (primarily FVO securities and Unit-linked investments)
$65 $47 $199 $126 
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)
121 (80)840 572 
Net realized and unrealized gains (losses) recognized in net investment income
$186 $(33)$1,039 $698 
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 net investment income
$209 $(63)$813 $506 
Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures)
$201 $95 $687 $174 
Net Investment Gains (Losses)
Net Investment Gains (Losses) by Asset Type and Transaction Type
The composition of net investment gains (losses) by asset type and transaction type was as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
Asset Type2024202320242023
(In millions)
Fixed maturity securities AFS
$(157)$(698)$(488)$(2,274)
Equity securities
(31)(14)(22)66 
Mortgage loans
(151)11 (246)(194)
Real estate and REJV (excluding changes in estimated fair value)
128 1 175 32 
OLPI (excluding changes in estimated fair value) (1)
4 — (55)12 
Other gains (losses)
(57)(161)(28)(141)
Subtotal
(264)(861)(664)(2,499)
Change in estimated fair value of OLPI and REJV
(1)(3)5 (6)
Non-investment portfolio gains (losses)
188 (63)(214)(145)
Subtotal
187 (66)(209)(151)
Net investment gains (losses)$(77)$(927)$(873)$(2,650)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)
$(39)$(281)$(369)$(847)
Impairment (losses)
(17)(591)(17)(1,496)
Recognized gains (losses):
Change in ACL recognized in earnings
(150)25 (231)(199)
Unrealized net gains (losses) recognized in earnings(59)(17)(42)37 
Total recognized gains (losses)(209)8 (273)(162)
Non-investment portfolio gains (losses)188 (63)(214)(145)
Net investment gains (losses)$(77)$(927)$(873)$(2,650)
Net Investment Gains (Losses) Information
Changes in estimated fair value subsequent to purchase of equity securities
still held at the end of the respective periods and recognized in net investment gains (losses)
$(36)$(10)$(23)$9 
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedging relationship
$— $2 $— $(20)
Foreign currency gains (losses)$170 $(21)$5 $(7)
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)
$(39)$(281)$(369)$(847)
Recognized in net investment income
65 47 199 126 
Net realized investment gains (losses) from sales and disposals of investments$26 $(234)$(170)$(721)
__________________
(1)Includes a net loss of $46 million for the nine months ended September 30, 2024 for private equity investments sold. For the nine months ended September 30, 2024, the Company sold $798 million in portfolios of investments to a fund for proceeds of $752 million in cash and receivables secured by the value of the fund. The Company’s investment
management business has entered into an agreement to serve as the investment manager of the fund for which it will receive a management fee.
Fixed Maturity Securities AFS and Equity Securities – Composition of Net Investment Gains (Losses)
The composition of net investment gains (losses) for these securities is as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
Fixed Maturity Securities AFS2024202320242023
(In millions)
Proceeds$6,815 $9,263 $21,273 $32,719 
Gross investment gains$111 $63 $388 $429 
Gross investment (losses)(228)(334)(898)(1,403)
Realized gains (losses) on sales and disposals(117)(271)(510)(974)
Net credit loss (provision) release (change in ACL recognized in earnings)(40)17 22 — 
Impairment (losses)— (444)— (1,300)
Net credit loss (provision) release and impairment (losses)(40)(427)22 (1,300)
Net investment gains (losses)$(157)$(698)$(488)$(2,274)
Equity Securities
Realized gains (losses) on sales and disposals$27 $— $25 $22 
Unrealized net gains (losses) recognized in earnings(58)(14)(47)44 
Net investment gains (losses)$(31)$(14)$(22)$66