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Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. RMBS includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans, 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

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

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

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

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


	December 31,
	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

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

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


	U.S. Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
Year Ended December 31, 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

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

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.

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.

Disclosure of Mortgage Loans Net of Valuation Allowance

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.

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

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


	Years Ended December 31,
	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

Financing Receivable, Modified

The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications, in materially impacted 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.

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

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

Schedule of Past Due and Non-Accrual Mortgage Loans

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


	Past Due				Past Due and Still Accruing Interest				Nonaccrual
Portfolio Segment	December 31, 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

Disclosure of Real Estate and Real Estate Joint Ventures

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


	December 31,				Years Ended December 31,
	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

Schedule of Operating Leases by Property Type

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


	December 31,				Years Ended December 31,
	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

Fair Value, Concentration of Risk

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


	December 31,
	2024		2023
	(In millions)
Japan	$	18,886	$	22,606
South Korea	$	6,078	$	6,411
Mexico	$	3,468	$	3,778

Securities Lending and Repurchase Agreements

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 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.

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).

Schedule of Variable Interest Entities

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


	December 31,
	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.

Components of 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

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

Components of Net Investment Gains (Losses)

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


	Years Ended December 31,
Asset Type	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)

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(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.

Schedule of Realized Gain (Loss)

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


	Years Ended December 31,
Fixed Maturity Securities AFS	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)