Investments

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

10. Investments

Fixed Maturity Securities AFS

Fixed Maturity Securities AFS by Sector

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

	March 31, 2025										December 31, 2024
	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	$	87,408	$	(40)	$	1,402	$	7,575	$	81,195	$	86,315	$	(59)	$	1,331	$	8,213	$	79,374
Foreign corporate	59,798		(6)		1,569		5,834		55,527		58,646		(18)		1,478		6,347		53,759
Foreign government	45,951		(57)		1,191		5,832		41,253		44,377		(57)		1,256		5,326		40,250
RMBS	41,371		(2)		507		2,468		39,408		37,085		(1)		314		2,977		34,421
U.S. government and agency	38,531		—		293		4,949		33,875		38,963		—		179		5,714		33,428
ABS & CLO	21,271		(7)		203		469		20,998		20,973		(9)		153		526		20,591
Municipals	11,131		—		167		1,394		9,904		11,205		—		166		1,498		9,873
CMBS	10,013		(25)		97		510		9,575		9,857		(16)		104		598		9,347
Total fixed maturity securities AFS	$	315,474	$	(137)	$	5,429	$	29,031	$	291,735	$	307,421	$	(160)	$	4,981	$	31,199	$	281,043

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 March 31, 2025:

	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	$	12,288	$	48,556	$	53,248	$	128,624	$	72,621	$	315,337
Estimated fair value	$	12,275	$	48,436	$	51,736	$	109,307	$	69,981	$	291,735

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.

	March 31, 2025								December 31, 2024
	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	$	15,654	$	1,413	$	36,179	$	6,139	$	17,222	$	1,586	$	35,940	$	6,599
Foreign corporate	9,410		604		24,220		5,226		10,516		709		24,454		5,625
Foreign government	7,536		680		16,082		5,149		6,462		581		16,338		4,740
RMBS	7,230		220		13,788		2,248		10,152		358		13,922		2,619
U.S. government and agency	5,446		426		14,048		4,523		9,337		687		14,082		5,027
ABS & CLO	5,567		89		4,735		380		2,840		88		5,831		436
Municipals	1,617		205		4,585		1,189		2,012		226		4,621		1,272
CMBS	1,402		38		4,451		463		1,272		39		4,788		559
Total fixed maturity securities AFS	$	53,862	$	3,675	$	118,088	$	25,317	$	59,813	$	4,274	$	119,976	$	26,877
Investment grade	$	50,168	$	3,525	$	114,273	$	24,841	$	56,946	$	4,132	$	116,072	$	26,325
Below investment grade	3,694		150		3,815		476		2,867		142		3,904		552
Total fixed maturity securities AFS	$	53,862	$	3,675	$	118,088	$	25,317	$	59,813	$	4,274	$	119,976	$	26,877
Total number of securities in an unrealized loss position	6,766				10,128				7,220				10,468

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

See Note 11 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for a description of the Company’s Evaluation and Measurement Methodologies of Fixed Maturity Securities AFS for Credit Loss.

Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

Gross unrealized losses on securities without an ACL decreased $2.2 billion for the three months ended March 31, 2025 to $29.0 billion primarily due to a decrease in interest rates.

As shown in the table above, most of the gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater at March 31, 2025, relate to investment grade securities. These unrealized losses are principally due to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.

As of March 31, 2025, $476 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, transportation, and communications sectors within corporate securities and in foreign government securities. These unrealized losses are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty and, with respect to fixed-rate securities, rising interest rates since purchase.

At March 31, 2025, 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 March 31, 2025.

Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.

Rollforward of ACL for Fixed Maturity Securities AFS By Sector

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

	U.S.  Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
	(In millions)
Three Months Ended March 31, 2025
Balance, at beginning of period	$	59	$	18	$	57	$	1	$	9	$	16	$	160
ACL not previously recorded	—		—		—		1		—		7		8
Changes for securities with previously recorded ACL	7		—		—		—		1		2		10
Securities sold or exchanged	(26)		(12)		—		—		(3)		—		(41)
Balance, at end of period	$	40	$	6	$	57	$	2	$	7	$	25	$	137
Three Months Ended March 31, 2024
Balance, at beginning of period	$	68	$	2	$	88	$	1	$	7	$	18	$	184
ACL not previously recorded	—		—		—		—		—		—		—
Changes for securities with previously recorded ACL	—		—		(4)		—		2		2		—
Securities sold or exchanged	(53)		—		(18)		—		—		—		(71)
Balance, at end of period	$	15	$	2	$	66	$	1	$	9	$	20	$	113

Equity Securities

The following table presents equity securities by security type:

	March 31, 2025						December 31, 2024
	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)	$	454	$	185	$	639	$	451	$	167	$	618
Non-redeemable preferred stock	111		(3)		108		93		1		94
Total	$	565	$	182	$	747	$	544	$	168	$	712

________________

(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 include fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

	March 31, 2025						December 31, 2024
	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	$	7,625	$	1,493	$	9,118	$	7,398	$	1,699	$	9,097
FVO securities	940		667		1,607		886		689		1,575
Total	$	8,565	$	2,160	$	10,725	$	8,284	$	2,388	$	10,672

________________

(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:

	March 31, 2025				December 31, 2024
Portfolio Segment	Carrying Value (1)		% of Total		Carrying Value (1)		% of Total
	(Dollars in millions)
Commercial	$	55,018	62.6	%	$	56,310	63.3	%
Agricultural	19,088		21.7		19,313		21.7
Residential	14,783		16.8		14,189		15.9
Total amortized cost	88,889		101.1		89,812		100.9
ACL	(981)		(1.1)		(800)		(0.9)
Total mortgage loans	$	87,908	100.0	%	$	89,012	100.0	%

__________________

(1)Includes certain mortgage loans originated for third parties of $7.4 billion at amortized cost ($7.1 billion commercial and $309 million agricultural) and the related ACL of $110 million, with the corresponding mortgage loan secured financing liability of $7.4 billion included in other liabilities on the consolidated balance sheet at March 31, 2025. The consolidated balance sheet at December 31, 2024 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. The investment income on the mortgage loans originated for third parties and the interest expense on the mortgage loan secured financing liability was $81 million and $94 million for the three months ended March 31, 2025 and 2024, 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 ($850) million and ($879) million at March 31, 2025 and December 31, 2024, respectively. The accrued interest income for commercial, agricultural and residential mortgage loans at March 31, 2025 was $245 million, $162 million and $130 million, 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 related to mortgage loans is included in accrued investment income on the interim condensed consolidated balance sheets.

Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $912 million and $484 million for the three months ended March 31, 2025 and 2024, respectively.

Rollforward of ACL for Mortgage Loans by Portfolio Segment

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

	Three Months Ended March 31,
	2025								2024
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	537	$	84	$	179	$	800	$	367	$	172	$	182	$	721
Provision (release)	160		11		10		181		94		16		(17)		93
Charge-offs, net of recoveries	—		—		—		—		—		—		—		—
Balance, end of period	$	697	$	95	$	189	$	981	$	461	$	188	$	165	$	814

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. 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:

	Three Months Ended March 31,
	2025				2024
	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	$	250	5	<1%	$	80	Less than one year	<1%

For the three months ended March 31, 2025, all commercial mortgage loans which were modified to borrowers experiencing financial difficulties and still outstanding were current. For the three months ended March 31, 2025, all commercial mortgage loans which were previously extended over the past 12 months were current. For the three months ended March 31, 2024, commercial mortgage loans with an amortized cost of $182 million which were extended over the past 12 months became delinquent.

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 March 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	257	$	3,281	$	2,283	$	2,571	$	3,127	$	13,166	$	2,319	$	27,004	49.1	%
65% to 75%	—		788		492		3,135		1,775		4,684		—		10,874		19.8
76% to 80%	10		—		4		239		226		2,826		—		3,305		6.0
Greater than 80%	52		175		118		1,260		1,391		10,839		—		13,835		25.1
Total	$	319	$	4,244	$	2,897	$	7,205	$	6,519	$	31,515	$	2,319	$	55,018	100.0	%
DSCR:
> 1.20x	$	163	$	3,557	$	2,113	$	6,198	$	5,655	$	26,957	$	2,319	$	46,962	85.4	%
1.00x - 1.20x	—		398		452		386		716		2,343		—		4,295		7.8
<1.00x	156		289		332		621		148		2,215		—		3,761		6.8
Total	$	319	$	4,244	$	2,897	$	7,205	$	6,519	$	31,515	$	2,319	$	55,018	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	264	$	762	$	1,223	$	2,470	$	2,448	$	9,176	$	1,310	$	17,653	92.5	%
65% to 75%	—		8		51		268		316		608		80		1,331		7.0
76% to 80%	—		—		—		23		—		12		4		39		0.2
Greater than 80%	—		—		—		—		—		64		1		65		0.3
Total	$	264	$	770	$	1,274	$	2,761	$	2,764	$	9,860	$	1,395	$	19,088	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	61	$	2,093	$	891	$	2,371	$	1,778	$	7,089	$	—	$	14,283	96.6	%
Nonperforming (1)	—		27		44		92		34		303		—		500		3.4
Total	$	61	$	2,120	$	935	$	2,463	$	1,812	$	7,392	$	—	$	14,783	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $161 million and $140 million at March 31, 2025 and December 31, 2024, respectively.

Past Due and Nonaccrual Mortgage Loans

The Company has a high quality, well performing mortgage loan portfolio, with 98% of all mortgage loans classified as performing at both March 31, 2025 and December 31, 2024. 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	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
	(In millions)
Commercial	$	972	$	773	$	97	$	—	$	1,399	$	1,123
Agricultural	333		341		248		262		95		89
Residential	500		464		18		18		482		446
Total	$	1,805	$	1,578	$	363	$	280	$	1,976	$	1,658

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:

	March 31, 2025		December 31, 2024		Three Months Ended March 31,
					2025		2024
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	4,426	$	4,283	$	89	$	84
Other real estate	660		650		75		47
REJV	8,395		8,409		43		(121)
Total real estate and REJV	$	13,481	$	13,342	$	207	$	10

Depreciation expense on real estate investments was $29 million for both the three months ended March 31, 2025 and 2024. Real estate investments were net of accumulated depreciation of $1.1 billion and $1.0 billion at March 31, 2025 and December 31, 2024, respectively.

Leased Real Estate Investments - Operating Leases

The Company, as lessor, leases investment real estate, principally commercial real estate for office and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification and geographic diversification.

See Note 11 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for a summary of leased real estate investments and income earned, by property type.

Other Invested Assets

Tax Equity Investments

The Company invests in certain tax equity investments, including low income housing tax credit partnerships and renewable energy partnerships. The carrying value of tax equity investments, reported in other invested assets on the interim condensed consolidated balance sheets, was $688 million and $714 million at March 31, 2025 and December 31, 2024, respectively. For the three months ended March 31, 2025 and 2024, income tax credits and other income tax benefits of $28 million and $37 million, respectively, and amortized expense of $23 million and $33 million, respectively, were recognized net as a component of income tax expense in the Company’s interim condensed consolidated statement of operations.

Cash Equivalents

Cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $11.3 billion and $11.9 billion, at estimated fair value, at March 31, 2025 and December 31, 2024, 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:

	March 31, 2025		December 31, 2024
	(In millions)
Japan	$	18,845	$	18,886
South Korea	$	6,323	$	6,078
Mexico	$	3,841	$	3,468

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:

		March 31, 2025						December 31, 2024
		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		$	11,534	$	11,757	$	11,642	$	11,119	$	11,404	$	11,202
Repurchase agreements		$	3,041	$	2,975	$	2,934	$	3,019	$	2,975	$	2,925

__________________

(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at March 31, 2025 and within fixed maturity securities AFS at December 31, 2024.

(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:

	March 31, 2025										December 31, 2024
	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	$	3,434	$	3,495	$	3,472	$	—	$	10,401	$	2,987	$	4,986	$	2,089	$	—	$	10,062
Foreign government	—		1,054		139		—		1,193		—		677		493		—		1,170
Agency RMBS	—		101		62		—		163		—		108		64		—		172
Total	$	3,434	$	4,650	$	3,673	$	—	$	11,757	$	2,987	$	5,771	$	2,646	$	—	$	11,404
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:

	March 31, 2025		December 31, 2024
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,529	$	1,515
Invested assets held in trust (external reinsurance agreements) (1)	1,293		1,255
Invested assets pledged as collateral (2)	28,883		27,125
Total invested assets on deposit, held in trust and pledged as collateral	$	31,705	$	29,895

__________________

(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 at both March 31, 2025 and December 31, 2024.

(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 2024 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 11.

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements, and Note 9 for information regarding investments designated to the closed block. In addition, the Company’s investment in Federal Home Loan Bank of New York common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $699 million at redemption value at both March 31, 2025 and December 31, 2024

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:

	March 31, 2025				December 31, 2024
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Investment funds (primarily other invested assets)	$	707	$	133	$	635	$	143
Renewable energy partnership (primarily other invested assets)	59		1		57		—
Total	$	766	$	134	$	692	$	143

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:

	March 31, 2025				December 31, 2024
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	65,608	$	65,608	$	60,386	$	60,386
OLPI	13,285		17,572		13,529		17,991
Other invested assets	1,028		1,178		1,085		1,242
Other investments (REJV, FVO securities and mortgage loans)	1,645		1,685		1,660		1,701
Total	$	81,566	$	86,043	$	76,660	$	81,320

__________________

(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 Financial Group, 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 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for further information on this reinsurance transaction.

As described in Note 20, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs for either the three months ended March 31, 2025 or 2024.

Net Investment Income

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

	Three Months Ended March 31,
Asset Type	2025		2024
	(In millions)
Fixed maturity securities AFS (1)	$	3,467	$	3,288
Equity securities	9		7
FVO securities	(20)		85
Mortgage loans (1)	1,139		1,194
Policy loans	107		113
Real estate and REJV	207		10
OLPI (1)	220		301
Cash, cash equivalents and short-term investments (1)	250		291
Operating joint ventures	20		22
Other	239		151
Subtotal investment income	5,638		5,462
Less: Investment expenses	526		568
Subtotal, net	5,112		4,894
Unit-linked investments	(227)		542
Net investment income	$	4,885	$	5,436
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)	$	43	$	68
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)	(289)		580
Net realized and unrealized gains (losses) recognized in net investment income	$	(246)	$	648
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	$	(260)	$	537
Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures)	$	267	$	210

__________________

(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:

	Three Months Ended March 31,
Asset Type	2025		2024
	(In millions)
Fixed maturity securities AFS	$	(244)	$	(85)
Equity securities	(12)		28
Mortgage loans	(192)		(86)
Real estate and REJV (excluding changes in estimated fair value)	—		35
OLPI (excluding changes in estimated fair value) (1)	(1)		(50)
Other gains (losses)	(5)		6
Subtotal	(454)		(152)
Change in estimated fair value of OLPI and REJV	3		3
Non-investment portfolio gains (losses)	64		(226)
Subtotal	67		(223)
Net investment gains (losses)	$	(387)	$	(375)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)	$	(301)	$	(135)
Impairment (losses)	(5)		—
Recognized gains (losses):
Change in ACL recognized in earnings	(159)		(46)
Unrealized net gains (losses) recognized in earnings	14		32
Total recognized gains (losses)	(145)		(14)
Non-investment portfolio gains (losses)	64		(226)
Net investment gains (losses)	$	(387)	$	(375)
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)	$	(10)	$	31
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship	$	(1)	$	—
Foreign currency gains (losses)	$	75	$	(45)
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)	$	(301)	$	(135)
Recognized in net investment income	43		68
Net realized investment gains (losses) from sales and disposals of investments	$	(258)	$	(67)

__________________

(1)Includes a net loss of $2 million and $43 million for the three months ended March 31, 2025 and 2024, respectively, for private equity investments sold. For the three months ended March 31, 2025 and 2024, the Company sold $43 million and $741 million, respectively, in portfolios of investments to a fund for proceeds of $41 million and

$698 million, respectively, 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:

	Three Months Ended March 31,
Fixed Maturity Securities AFS	2025		2024
	(In millions)
Proceeds	$	7,241	$	6,352
Gross investment gains	$	86	$	156
Gross investment (losses)	(351)		(312)
Realized gains (losses) on sales and disposals	(265)		(156)
Net credit loss (provision) release (change in ACL recognized in earnings)	24		71
Impairment (losses)	(3)		—
Net credit loss (provision) release and impairment (losses)	21		71
Net investment gains (losses)	$	(244)	$	(85)
Equity Securities
Realized gains (losses) on sales and disposals	$	(22)	$	(2)
Unrealized net gains (losses) recognized in earnings	10		30
Net investment gains (losses)	$	(12)	$	28