Investments

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

11. Investments

See Note 13 for information about the fair value hierarchy for investments and the related valuation methodologies.

Investment Risks and Uncertainties

Investments are exposed to the following primary sources of risk: credit, interest rate, liquidity, market valuation, currency and real estate risk. The financial statement risks, stemming from such investment risks, are those associated with the determination of estimated fair values, the diminished ability to sell certain investments in times of strained market conditions, the recognition of ACL and impairments, the recognition of income on certain investments and the potential consolidation of VIEs. The use of different methodologies, assumptions and inputs relating to these financial statement risks may have a material effect on the amounts presented within the consolidated financial statements.

The determination of ACL and impairments is highly subjective and is based upon quarterly evaluations and assessments of known and inherent risks associated with the respective asset class. Such evaluations and assessments are revised as conditions change and new information becomes available.

The recognition of income on certain investments (e.g. structured securities, including mortgage-backed securities, ABS & CLO, certain structured investment transactions and FVO securities) is dependent upon certain factors such as prepayments and defaults, and changes in such factors could result in changes in amounts to be earned.

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. 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, broadly syndicated bank loans, and other assets. 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,
	2024										2023
	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	$	86,315	$	(59)	$	1,331	$	8,213	$	79,374	$	85,563	$	(68)	$	1,894	$	6,672	$	80,717
Foreign corporate	58,646		(18)		1,478		6,347		53,759		59,123		(2)		1,750		5,427		55,444
Foreign government	44,377		(57)		1,256		5,326		40,250		48,260		(88)		1,754		4,437		45,489
RMBS	37,085		(1)		314		2,977		34,421		31,479		(1)		353		2,735		29,096
U.S. government and agency	38,963		—		179		5,714		33,428		35,374		—		590		3,712		32,252
ABS & CLO	20,973		(9)		153		526		20,591		17,910		(7)		54		663		17,294
Municipals	11,205		—		166		1,498		9,873		11,991		—		408		1,228		11,171
CMBS	9,857		(16)		104		598		9,347		10,855		(18)		73		961		9,949
Total fixed maturity securities AFS	$	307,421	$	(160)	$	4,981	$	31,199	$	281,043	$	300,555	$	(184)	$	6,876	$	25,835	$	281,412

Methodology for Amortization of Premium and Accretion of Discount on Structured Products

Amortization of premium and accretion of discount on Structured Products considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for Structured Products are estimated using inputs obtained from third-party specialists and based on management’s knowledge of the current market. For credit-sensitive and certain prepayment-sensitive Structured Products, the effective yield is recalculated on a prospective basis. For all other Structured Products, the effective yield is recalculated on a retrospective basis.

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 December 31, 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	$	10,989	$	49,265	$	52,614	$	126,504	$	67,889	$	307,261
Estimated fair value	$	10,987	$	48,816	$	50,454	$	106,427	$	64,359	$	281,043

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.

	December 31,
	2024								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	$	17,222	$	1,586	$	35,940	$	6,599	$	4,722	$	420	$	45,373	$	6,208
Foreign corporate	10,516		709		24,454		5,625		3,210		187		32,355		5,240
Foreign government	6,462		581		16,338		4,740		3,913		246		19,715		4,187
RMBS	10,152		358		13,922		2,619		3,465		60		17,128		2,675
U.S. government and agency	9,337		687		14,082		5,027		7,856		368		13,960		3,344
ABS & CLO	2,840		88		5,831		436		1,662		31		11,438		629
Municipals	2,012		226		4,621		1,272		483		34		5,449		1,194
CMBS	1,272		39		4,788		559		1,034		36		6,671		917
Total fixed maturity securities AFS	$	59,813	$	4,274	$	119,976	$	26,877	$	26,345	$	1,382	$	152,089	$	24,394
Investment grade	$	56,946	$	4,132	$	116,072	$	26,325	$	24,834	$	1,287	$	146,138	$	23,675
Below investment grade	2,867		142		3,904		552		1,511		95		5,951		719
Total fixed maturity securities AFS	$	59,813	$	4,274	$	119,976	$	26,877	$	26,345	$	1,382	$	152,089	$	24,394
Total number of securities in an unrealized loss position	7,220				10,468				2,922				13,049

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the credit loss evaluation process include, but are not limited to: (i) the extent to which the estimated fair value has been below amortized cost, (ii) adverse conditions specifically related to a security, an industry sector or sub-sector, or an economically depressed geographic area, adverse change in the financial condition of the issuer of the security, changes in technology, discontinuance of a segment of the business that may affect future earnings, and changes in the quality of credit enhancement, (iii) payment structure of the security and likelihood of the issuer being able to make payments, (iv) failure of the issuer to make scheduled interest and principal payments, (v) whether the issuer, or series of issuers or an industry has suffered a catastrophic loss or has exhausted natural resources, (vi) whether the Company has the intent to sell or will more likely than not be required to sell, including transfers in connection with reinsurance transactions, a particular security before the decline in estimated fair value below amortized cost recovers, (vii) with respect to Structured Products, changes in forecasted cash flows after considering the changes in the financial condition of the underlying loan obligors and quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security, (viii) changes in the rating of the security by a rating agency, and (ix) other subjective factors, including concentrations and information obtained from regulators.

The methodology and significant inputs used to determine the amount of credit loss are as follows:

•The Company calculates the recovery value by performing a discounted cash flow analysis based on the present value of future cash flows. The discount rate is generally the effective interest rate of the security at the time of purchase for fixed-rate securities and the spot rate at the date of evaluation of credit loss for floating-rate securities.

•When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall credit loss evaluation process which incorporates information regarding the specific security, fundamentals of the industry and geographic area in which the security issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from management’s single best estimate, the most likely outcome in a range of possible outcomes, after giving consideration to a variety of variables that include, but are not limited to: payment terms of the security, the likelihood that the issuer can service the interest and principal payments, the quality and amount of any credit enhancements, the security’s position within the capital structure of the issuer, possible corporate restructurings or asset sales by the issuer, any private and public sector programs to restructure foreign government securities and municipals, and changes to the rating of the security or the issuer by rating agencies.

•Additional considerations are made when assessing the features that apply to certain Structured Products including, but not limited to: the quality of underlying collateral, historical performance of the underlying loan obligors, historical rent and vacancy levels, changes in the financial condition of the underlying loan obligors, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, changes in the quality of credit enhancement and the payment priority within the tranche structure of the security.

With respect to securities that have attributes of debt and equity (“perpetual hybrid securities”), consideration is given in the credit loss analysis as to whether there has been any deterioration in the credit of the issuer and the likelihood of recovery in value of the securities that are in a severe unrealized loss position. Consideration is also given as to whether any perpetual hybrid securities with an unrealized loss, regardless of credit rating, have deferred any dividend payments.

In periods subsequent to the recognition of an initial ACL on a security, the Company reassesses credit loss quarterly. Subsequent increases or decreases in the expected cash flow from the security result in corresponding decreases or increases in the ACL which are recognized in earnings and reported within net investment gains (losses); however, the previously recorded ACL is not reduced to an amount below zero. Full or partial write-offs are deducted from the ACL in the period the security, or a portion thereof, is considered uncollectible. Recoveries of amounts previously written off are recorded to the ACL in the period received. When the Company has the intent-to-sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, any ACL is written off and the amortized cost is written down to estimated fair value through a charge within net investment gains (losses), which becomes the new amortized cost of the security.

Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

Gross unrealized losses on securities without an ACL increased $5.4 billion for the year ended December 31, 2024 to $31.2 billion primarily due to an increase in interest rates and the impact of weakening foreign currencies on certain non-functional currency denominated fixed maturity securities.

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 December 31, 2024 relate to investment grade securities. These unrealized losses are principally due to narrowing credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.

As of December 31, 2024, $552 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 consumer, communications, and finance 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 December 31, 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 December 31, 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 Allowance for Credit Loss 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		RMBS		ABS & CLO		CMBS		Total
Year Ended December 31, 2024	(In millions)
Balance at January 1,	$	68	$	2	$	88	$	1	$	7	$	18	$	184
ACL not previously recorded	41		19		—		—		—		—		60
Changes for securities with previously recorded ACL	9		—		(6)		—		2		4		9
Securities sold or exchanged	(59)		(3)		(25)		—		—		(6)		(93)
Balance at December 31,	$	59	$	18	$	57	$	1	$	9	$	16	$	160

	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

Equity Securities

The following table presents equity securities by security type:

	December 31,
	2024						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)	$	451	$	167	$	618	$	424	$	239	$	663
Non-redeemable preferred stock	93		1		94		90		4		94
Total	$	544	$	168	$	712	$	514	$	243	$	757

__________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings.

(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 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,
	2024						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	$	7,398	$	1,699	$	9,097	$	7,770	$	1,112	$	8,882
FVO securities	886		689		1,575		972		477		1,449
Total	$	8,284	$	2,388	$	10,672	$	8,742	$	1,589	$	10,331

__________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:

	December 31,
	2024				2023
Portfolio Segment	Carrying Value (1)		% of Total		Carrying Value (1)		% of Total
	(Dollars in millions)
Commercial	$	56,310	63.3	%	$	60,326	65.2	%
Agricultural	19,313		21.7		19,805		21.4
Residential	14,189		15.9		13,096		14.2
Total amortized cost	89,812		100.9		93,227		100.8
ACL	(800)		(0.9)		(721)		(0.8)
Total mortgage loans	$	89,012	100.0	%	$	92,506	100.0	%

__________________

(1)Includes certain mortgage loans originated for third parties of $7.5 billion at amortized cost ($7.2 billion commercial and $283 million agricultural) and the related ACL of $77 million, with the corresponding mortgage loan secured financing liability of $7.5 billion included in other liabilities on the consolidated balance sheet at December 31, 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 these mortgage loans originated for third parties and the interest expense on the mortgage loan secured financing liability was $355 million and $408 million for the years ended December 31, 2024 and 2023, respectively, and recorded in investment income and investment expenses, 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 ($879) million and ($736) million at December 31, 2024 and 2023, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at December 31, 2024 was $249 million, $199 million, and $117 million, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at December 31, 2023 was $277 million, $204 million and $95 million, respectively. The accrued interest income related to mortgage loans is included in accrued investment income on the consolidated balance sheets.

Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $2.2 billion, $1.5 billion and $3.1 billion for the years ended December 31, 2024, 2023 and 2022, respectively.

Sales of mortgage loans, consisting primarily of commercial mortgage loans, were $168 million, $254 million and $0 for the years ended December 31, 2024, 2023 and 2022, respectively.

For the years ended December 31, 2024, 2023 and 2022, the Company contributed commercial mortgage loans with an amortized cost of $218 million, $15 million and $489 million, respectively, to REJVs which subsequently completed foreclosure on those mortgage loans.

For the year ended December 31, 2024, the Company acquired wholly-owned real estate by completing foreclosures on commercial mortgage loans with an amortized cost of $61 million.

Rollforward of ACL for Mortgage Loans by Portfolio Segment

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

	Years Ended December 31,
	2024								2023								2022
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance at January 1,	$	367	$	172	$	182	$	721	$	218	$	119	$	190	$	527	$	340	$	88	$	206	$	634
Provision (release) (1)	198		34		(3)		229		168		89		(8)		249		(2)		53		(8)		43
Charge-offs, net of recoveries	(28)		(122)		—		(150)		(19)		(36)		—		(55)		(120)		(22)		(8)		(150)
Balance at December 31,	$	537	$	84	$	179	$	800	$	367	$	172	$	182	$	721	$	218	$	119	$	190	$	527

__________________

(1)Includes releases totaling $58 million for the year ended December 31, 2024 related to discounted payoff losses on commercial mortgage loans reclassified to realized gains (losses) on investments sold or disposed.

The gross charge-offs of mortgage loans by origination year and portfolio segment for the year ended December 31, 2024 is as follows:

	2024		2023		2022		2021		2020		Prior		Total
	(In millions)
Commercial	$	—	$	—	$	—	$	—	$	5	$	23	$	28
Agricultural	—		—		—		16		29		77		122
Total	$	—	$	—	$	—	$	16	$	34	$	100	$	150

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 such 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:

	Years Ended December 31,
	2024					2023
	Maturity Extension (1)		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	$	641	2 years	1.1	%	$	522	Less than one year	1.0	%

__________________

(1)Includes commercial mortgage loans with an amortized cost of $206 million that received interest rate reductions from 7.6% to 6.5% in addition to maturity extensions.

For the years ended December 31, 2024 and 2023, all commercial mortgage loans which were modified to borrowers experiencing financial difficulties and still outstanding were current. For the year ended December 31, 2024, commercial mortgage loans with an amortized cost of $182 million, which were previously extended, became delinquent and foreclosed within 12 months of modification.

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 December 31, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	3,094	$	2,276	$	2,675	$	3,102	$	1,193	$	12,422	$	2,440	$	27,202	48.3	%
65% to 75%	788		487		3,714		1,789		306		4,473		—		11,557		20.5
76% to 80%	206		4		250		347		427		2,304		—		3,538		6.3
Greater than 80%	127		116		1,302		1,512		1,558		9,398		—		14,013		24.9
Total	$	4,215	$	2,883	$	7,941	$	6,750	$	3,484	$	28,597	$	2,440	$	56,310	100.0	%
DSCR:
> 1.20x	$	3,284	$	1,960	$	6,841	$	6,018	$	3,256	$	24,755	$	2,440	$	48,554	86.2	%
1.00x - 1.20x	438		591		540		633		190		1,949		—		4,341		7.7
<1.00x	493		332		560		99		38		1,893		—		3,415		6.1
Total	$	4,215	$	2,883	$	7,941	$	6,750	$	3,484	$	28,597	$	2,440	$	56,310	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	703	$	1,202	$	2,557	$	2,569	$	2,486	$	6,938	$	1,448	$	17,903	92.7	%
65% to 75%	47		60		232		321		113		511		22		1,306		6.8
76% to 80%	—		—		24		—		5		—		9		38		0.2
Greater than 80%	—		—		—		—		14		51		1		66		0.3
Total	$	750	$	1,262	$	2,813	$	2,890	$	2,618	$	7,500	$	1,480	$	19,313	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	1,398	$	881	$	2,414	$	1,809	$	313	$	6,910	$	—	$	13,725	96.7	%
Nonperforming (1)	15		45		86		29		17		272		—		464		3.3
Total	$	1,413	$	926	$	2,500	$	1,838	$	330	$	7,182	$	—	$	14,189	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $140 million at both December 31, 2024 and 2023.

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 December 31, 2024 and 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 Due				Past Due  and Still Accruing Interest				Nonaccrual
Portfolio Segment	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
	(In millions)
Commercial	$	773	$	75	$	—	$	3	$	1,123	$	427
Agricultural	341		40		262		—		89		206
Residential	464		418		18		16		446		402
Total	$	1,578	$	533	$	280	$	19	$	1,658	$	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:

	December 31,				Years Ended December 31,
	2024		2023		2024		2023		2022
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	4,283	$	4,446	$	341	$	366	$	392
Other real estate	650		507		291		297		252
REJV	8,409		8,379		(192)		(225)		556
Total real estate and REJV	$	13,342	$	13,332	$	440	$	438	$	1,200

Depreciation expense on real estate investments was $124 million, $112 million and $118 million for the years ended December 31, 2024, 2023 and 2022, respectively. Real estate investments were net of accumulated depreciation of $1.0 billion and $952 million at December 31, 2024 and 2023, respectively.

Leases

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. 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,
	2024		2023		2024		2023		2022
Property Type	Carrying Value				Income
	(In millions)
Leased real estate investments:
Office	$	2,138	$	2,221	$	206	$	228	$	183
Retail	766		753		45		47		60
Apartment	596		641		46		47		56
Land	522		564		24		24		26
Industrial	190		200		15		15		62
Hotel	71		67		5		5		5
Total leased real estate investments	$	4,283	$	4,446	$	341	$	366	$	392

Future contractual receipts under operating leases at December 31, 2024 were $254 million in 2025, $196 million in 2026, $160 million in 2027, $138 million in 2028, $111 million in 2029, $817 million thereafter and, in total, were $1.7 billion.

Other Invested Assets

Other invested assets is comprised primarily of freestanding derivatives with positive estimated fair values (see Note 12), direct financing and leveraged leases (see Note 1), annuities funding structured settlement claims (see Note 1), operating joint ventures (see Note 1), COLI (see Note 1), tax credit and renewable energy partnerships (see Note 1) and FHLBNY common stock (see “— Invested Assets on Deposit, Held in Trust and Pledged as Collateral”).

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 consolidated balance sheets, was $714 million and $1.0 billion at December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, income tax credits and other income tax benefits of $149 million and amortized expense of $134 million were recognized net as a component of income tax expense in the Company’s 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 $11.9 billion and $10.8 billion, at estimated fair value, at December 31, 2024 and 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:

	December 31,
	2024		2023
	(In millions)
Japan	$	18,886	$	22,606
South Korea	$	6,078	$	6,411
Mexico	$	3,468	$	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:

	December 31,
	2024						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	$	11,119	$	11,404	$	11,202	$	10,510	$	10,788	$	10,553
Repurchase agreements	$	3,019	$	2,975	$	2,925	$	3,029	$	2,975	$	2,913

__________________

(1)These securities were included within fixed maturity securities AFS at December 31, 2024 and within fixed maturity securities AFS and 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:

	December 31,
	2024										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	$	2,987	$	4,986	$	2,089	$	—	$	10,062	$	1,393	$	4,106	$	3,919	$	—	$	9,418
Foreign government	—		677		493		—		1,170		—		483		624		—		1,107
Agency RMBS	—		108		64		—		172		—		88		175		—		263
Total	$	2,987	$	5,771	$	2,646	$	—	$	11,404	$	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:

	December 31,
	2024		2023
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,515	$	1,596
Invested assets held in trust (external reinsurance agreements) (1)	1,255		941
Invested assets pledged as collateral (2)	27,125		26,017
Total invested assets on deposit, held in trust and pledged as collateral	$	29,895	$	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 $1.9 billion and $2.0 billion at December 31, 2024 and 2023, 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).

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements and Note 10 for information regarding investments designated to the closed block. In addition, the Company’s investment in FHLBNY common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $699 million and $714 million, at redemption value, at December 31, 2024 and 2023, respectively.

Collectively Significant Equity Method Investments

The Company held equity method investments of $24.9 billion at December 31, 2024, comprised primarily of OLPI (private equity funds and hedge funds), REJV and real estate funds, tax equity and renewable energy partnerships and operating joint ventures. The Company’s maximum exposure to loss related to these equity method investments was limited to the carrying value of these investments plus $5.8 billion of unfunded commitments at December 31, 2024.

As described in Note 1, the Company generally recognizes its share of earnings in its equity method investments within net investment income using a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. Aggregate net investment income from these equity method investments exceeded 10% of the Company’s consolidated pre-tax income (loss) for two of the three most recent annual periods: 2024 and 2022.

The following aggregated summarized financial data reflects the latest available financial information and does not represent the Company’s proportionate share of the assets, liabilities, or earnings of such entities. Aggregate total assets of these entities totaled $1.3 trillion and $1.2 trillion at December 31, 2024 and 2023, respectively. Aggregate total liabilities of these entities totaled $154.1 billion and $148.0 billion at December 31, 2024 and 2023, respectively. Aggregate net income (loss) of these entities totaled $63.7 billion, $32.8 billion and ($11.8) billion for the years ended December 31, 2024, 2023 and 2022, respectively. Aggregate net income (loss) from the underlying entities in which the Company invests is primarily comprised of investment income, including recurring investment income (loss) and realized and unrealized investment gains (losses).

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:

	December 31,
	2024				2023
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Investment funds (primarily other invested assets)	$	635	$	143	$	282	$	1
Renewable energy partnership (primarily other invested assets)	57		—		64		—
Total	$	692	$	143	$	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:

	December 31,
	2024				2023
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	60,386	$	60,386	$	54,182	$	54,182
OLPI	13,529		17,991		14,034		19,591
Other invested assets	1,085		1,242		1,206		1,275
Other investments (REJV, FVO securities and mortgage loans)	1,660		1,701		1,039		1,055
Total	$	76,660	$	81,320	$	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 generally issued by trusts that do not have substantial equity.

In connection with the reinsurance transaction with subsidiaries of Global Atlantic, collateral securing the reinsurance transaction was transferred to trusts that do not have substantial equity. The Company does not have a carrying amount related to the trusts but does manage a portion of the invested assets. For managing these assets, the Company will receive an investment management fee which represents a variable interest. The Company’s maximum exposure to loss is limited to the investment management fee revenue that has been earned but not yet received. See Note 9 for further information on this reinsurance transaction.

As described in Note 24, 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 each of the years ended December 31, 2024, 2023 and 2022

Net Investment Income

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

	Years Ended December 31,
Asset Type	2024		2023		2022
	(In millions)
Fixed maturity securities AFS (1)	$	13,598	$	12,990	$	11,490
Equity securities	23		32		36
FVO securities	205		188		(127)
Mortgage loans (1)	4,734		4,761		3,539
Policy loans	453		471		460
Real estate and REJV	440		438		1,200
OLPI (1)	965		454		858
Cash, cash equivalents and short-term investments (1)	1,122		1,011		358
Operating joint ventures	175		38		51
Other	715		604		633
Subtotal investment income	22,430		20,987		18,498
Less: Investment expenses	2,248		2,262		1,284
Subtotal, net	20,182		18,725		17,214
Unit-linked investments	1,091		1,183		(1,298)
Net investment income	$	21,273	$	19,908	$	15,916
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)	$	270	$	207	$	155
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)	931		1,168		(1,586)
Net realized and unrealized gains (losses) recognized in net investment income	$	1,201	$	1,375	$	(1,431)
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	$	925	$	1,119	$	(1,286)
Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures)	$	988	$	151	$	1,305

__________________

(1)Includes net investment income related to invested assets and cash and cash equivalents that are subject to ceded reinsurance with third parties.

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:

	Years Ended December 31,
Asset Type	2024		2023		2022
	(In millions)
Fixed maturity securities AFS (1)	$	(731)	$	(2,471)	$	(1,912)
Equity securities	(18)		81		(133)
Mortgage loans (1)	(289)		(270)		21
Real estate and REJV (excluding changes in estimated fair value)	245		69		653
OLPI (excluding changes in estimated fair value) (2)	(55)		12		53
Other gains (losses)	(3)		(158)		178
Subtotal	(851)		(2,737)		(1,140)
Change in estimated fair value of OLPI and REJV	4		(6)		(14)
Non-investment portfolio gains (losses)	(337)		(81)		(106)
Subtotal	(333)		(87)		(120)
Net investment gains (losses)	$	(1,184)	$	(2,824)	$	(1,260)
Transaction Type
Realized gains (losses) on investments sold or disposed (1), (2)	$	(436)	$	(1,028)	$	(880)
Impairment (losses) (1)	(101)		(1,498)		(40)
Recognized gains (losses):
Change in ACL recognized in earnings	(248)		(271)		(134)
Unrealized net gains (losses) recognized in earnings	(62)		54		(100)
Total recognized gains (losses)	(310)		(217)		(234)
Non-investment portfolio gains (losses)	(337)		(81)		(106)
Net investment gains (losses)	$	(1,184)	$	(2,824)	$	(1,260)
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)	$	(39)	$	22	$	(89)
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship	$	(3)	$	(7)	$	38
Gains (losses) on leveraged leases and renewable energy partnerships	$	12	$	24	$	33
Foreign currency gains (losses)	$	(79)	$	52	$	183
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)	$	(436)	$	(1,028)	$	(880)
Recognized in net investment income	270		207		155
Net realized investment gains (losses) from sales and disposals of investments	$	(166)	$	(821)	$	(725)

__________________

(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)Includes a net loss of $46 million during the year ended December 31, 2024 for private equity investments sold. For the year ended December 31, 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 institutional 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:

	Years Ended December 31,
Fixed Maturity Securities AFS	2024		2023		2022
	(In millions)
Proceeds	$	28,690	$	40,625	$	67,754
Gross investment gains	$	489	$	563	$	935
Gross investment (losses)	(1,178)		(1,732)		(2,704)
Realized gains (losses) on sales and disposals	(689)		(1,169)		(1,769)
Net credit loss (provision) release (change in ACL recognized in earnings)	23		(2)		(103)
Impairment (losses)	(65)		(1,300)		(40)
Net credit loss (provision) release and impairment (losses)	(42)		(1,302)		(143)
Net investment gains (losses)	$	(731)	$	(2,471)	$	(1,912)
Equity Securities
Realized gains (losses) on sales and disposals	$	47	$	21	$	(47)
Unrealized net gains (losses) recognized in earnings	(65)		60		(86)
Net investment gains (losses)	$	(18)	$	81	$	(133)