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Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities Available-for-Sale 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, 2024																														December 31, 2023
						Amortized Cost												Gross Unrealized												Estimated Fair Value						Amortized Cost												Gross Unrealized												Estimated Fair Value
Sector												Allowance for Credit Loss (“ACL”)						Gains						Losses																		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 agency						37,727						—						589						3,640						34,676						35,374						—						590						3,712						32,252
RMBS						36,761						(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
Municipals						11,521						—						354						1,077						10,798						11,991						—						408						1,228						11,171
CMBS						10,167						(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

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 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

Schedule of Unrealized Loss on Investments [Table Text Block]

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, 2024																								December 31, 2023
						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						$	4,384					$	685					$	41,061					$	5,258					$	4,722					$	420					$	45,373					$	6,208
Foreign corporate						2,505						181						28,069						4,477						3,210						187						32,355						5,240
Foreign government						2,828						432						19,170						4,735						3,913						246						19,715						4,187
U.S. government and agency						3,426						159						15,987						3,481						7,856						368						13,960						3,344
RMBS						1,926						73						15,673						2,053						3,465						60						17,128						2,675
ABS & CLO						2,441						17						5,833						341						1,662						31						11,438						629
Municipals						209						87						5,241						990						483						34						5,449						1,194
CMBS						433						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 grade						2,348						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 position						2,855												11,063												2,922												13,049

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
			(In millions)
Three Months Ended September 30, 2024
Balance, at beginning of period			$	37					$	2					$	58											$	1					$	9					$	14					$	121
ACL not previously recorded			27						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						CMBS						Total
			(In millions)
Nine Months Ended September 30, 2024
Balance, at beginning of period			$	68					$	2					$	88											$	1					$	7					$	18					$	184
ACL not previously recorded			41						13						—												—						—						—						54
Changes for securities with previously recorded ACL			10						—						(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 recorded			36						—						—												1						7						2						46
Changes for securities with previously recorded ACL			6						—						(22)												—						—						6						(10)
Securities sold or exchanged			(4)						(3)						(19)												—						—						(11)						(37)


Balance, at end of period			$	67					$	2					$	89											$	1					$	7					$	16					$	182

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

The following table presents equity securities by security type:



						September 30, 2024																		December 31, 2023
						Cost						Net Unrealized Gains (Losses) (1)						Estimated Fair Value						Cost						Net Unrealized Gains (Losses) (1)						Estimated Fair Value
Security Type
						(In millions)
Common stock (2)						$	453					$	193					$	646					$	424					$	239					$	663
Non-redeemable preferred stock						100						—						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.

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, 2024																		December 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.

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:


						September 30, 2024												December 31, 2023
Portfolio Segment						Carrying Value (1)						% of Total						Carrying Value (1)						% of Total
						(Dollars in millions)
Commercial						$	57,949					64.1		%				$	60,326					65.2		%
Agricultural						19,469						21.5						19,805						21.4
Residential						13,844						15.3						13,096						14.2
Total amortized cost						91,262						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.

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

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


			Nine Months Ended September 30,
			2024																								2023
			Commercial						Agricultural						Residential						Total						Commercial						Agricultural						Residential						Total
			(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

Financing Receivable, Modified

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

%

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 September 30, 2024:


Credit Quality Indicator						2024						2023						2022						2021						2020						Prior						Revolving 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 Indicator						2024						2023						2022						2021						2020						Prior						Revolving 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 Indicator						2024						2023						2022						2021						2020						Prior						Revolving 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.

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						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
						(In millions)
Commercial						$	724					$	75					$	16					$	3					$	1,072					$	427
Agricultural						346						40						238						—						118						206
Residential						434						418						24						16						412						402
Total						$	1,504					$	533					$	278					$	19					$	1,602					$	1,035

Disclosure 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:


						September 30, 2024						December 31, 2023						Three Months Ended September 30,												Nine Months Ended September 30,
																		2024						2023						2024						2023
Income Type						Carrying Value												Income
						(In millions)
Wholly-owned real estate:
Leased real estate						$	4,536					$	4,446					$	88					$	89					$	255					$	271
Other real estate						687						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

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:


						September 30, 2024						December 31, 2023
						(In millions)
Japan						$	21,688					$	22,606
South Korea						$	6,654					$	6,411
Mexico						$	3,651					$	3,778

Securities Lending and Repurchase Agreements

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


									September 30, 2024																								December 31, 2023
									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									$	11,079					$	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 of these transactions and agreements accounted for as secured borrowings were as follows:


						September 30, 2024																																				December 31, 2023
						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						$	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.

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, 2024						December 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.

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:


						September 30, 2024												December 31, 2023
Asset Type						Total 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, 2024												December 31, 2023
Asset Type						Carrying 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 assets						1,061						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.

Components of 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 Type						2024						2023						2024						2023
						(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 REJV						178						96						268						259
OLPI						87						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 income						5,652						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 investments						146						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

Components of Net Investment Gains (Losses)

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 Type						2024						2023						2024						2023
						(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.

Schedule of Realized Gain (Loss)

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 AFS						2024						2023						2024						2023
						(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