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Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities Available-for-Sale by Sector
The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans, 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, 2025December 31, 2024
Amortized
Cost		Gross UnrealizedEstimated
Fair
Value		Amortized
Cost		Gross UnrealizedEstimated
Fair
Value
Sector
Allowance
for
 Credit Loss
(“ACL”)
GainsLosses
ACL
Gains
Losses
(In millions)
U.S. corporate$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 
RMBS41,371 (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 
Municipals11,131 — 167 1,394 9,904 11,205 — 166 1,498 9,873 
CMBS10,013 (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 
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 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 
Schedule of Unrealized Loss on Investments [Table Text Block]
The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.
March 31, 2025December 31, 2024
Less than 12 MonthsEqual to or Greater
than 12 Months		Less than 12 MonthsEqual to or Greater
than 12 Months
Sector & Credit QualityEstimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
(Dollars in millions)
U.S. corporate$15,654 $1,413 $36,179 $6,139 $17,222 $1,586 $35,940 $6,599 
Foreign corporate9,410 604 24,220 5,226 10,516 709 24,454 5,625 
Foreign government7,536 680 16,082 5,149 6,462 581 16,338 4,740 
RMBS7,230 220 13,788 2,248 10,152 358 13,922 2,619 
U.S. government and agency5,446 426 14,048 4,523 9,337 687 14,082 5,027 
ABS & CLO5,567 89 4,735 380 2,840 88 5,831 436 
Municipals1,617 205 4,585 1,189 2,012 226 4,621 1,272 
CMBS1,402 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 grade3,694 150 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 position6,766 10,128 7,220 10,468 
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		RMBSABS & CLOCMBSTotal
(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 ACL7 — — — 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 
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents equity securities by security type:
March 31, 2025December 31, 2024
CostNet Unrealized
Gains (Losses) (1)
Estimated
Fair Value
CostNet Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Security Type
(In millions)
Common stock (2)
$454 $185 $639 $451 $167 $618 
Non-redeemable preferred stock111 (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.
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, 2025December 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.
Disclosure of Mortgage Loans Net of Valuation Allowance
Mortgage loans are summarized as follows at:
 March 31, 2025December 31, 2024
Portfolio SegmentCarrying
Value (1)		% of
Total		Carrying
Value (1)		% of
Total
(Dollars in millions)
Commercial$55,018 62.6 %$56,310 63.3 %
Agricultural19,088 21.7 19,313 21.7 
Residential14,783 16.8 14,189 15.9 
Total amortized cost88,889 101.1 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.
Allowance for Loan and Lease Losses, Provision for Loss, Net
The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:
Three Months
Ended
March 31,
20252024
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(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 
Financing Receivable, Modified
These mortgage loan modifications are summarized as follows:
Three Months Ended March 31,
20252024
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%
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 March 31, 2025:
Credit Quality Indicator20252024202320222021PriorRevolving
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 Indicator20252024202320222021PriorRevolving
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 Indicator20252024202320222021PriorRevolving
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.
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 DuePast Due
 and Still Accruing Interest		Nonaccrual
Portfolio SegmentMarch 31, 2025December 31, 2024March 31, 2025December 31, 2024March 31, 2025December 31, 2024
(In millions)
Commercial$972 $773 $97 $— $1,399 $1,123 
Agricultural333 341 248 262 95 89 
Residential500 464 18 18 482 446 
Total$1,805 $1,578 $363 $280 $1,976 $1,658 
Disclosure Real Estate and Real Estate Joint Ventures Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:
 March 31, 2025December 31, 2024Three Months
Ended
March 31,
 20252024
Income TypeCarrying ValueIncome
(In millions)
Wholly-owned real estate:
Leased real estate$4,426 $4,283 $89 $84 
Other real estate660 650 75 47 
REJV
8,395 8,409 43 (121)
Total real estate and REJV
$13,481 $13,342 $207 $10 
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:
March 31, 2025December 31, 2024
(In millions)
Japan$18,845 $18,886 
South Korea$6,323 $6,078 
Mexico$3,841 $3,468 
Securities Lending and Repurchase Agreements
A summary of these transactions and agreements accounted for as secured borrowings were as follows:
March 31, 2025December 31, 2024
Securities (1)Securities (1)
Agreement TypeEstimated
Fair Value
Cash Collateral
Received from
Counterparties (2)
Reinvestment
Portfolio at
Estimated Fair
Value
Estimated
Fair Value
Cash Collateral
Received from
Counterparties (2)
Reinvestment
Portfolio at
Estimated Fair
Value
(In millions)
Securities lending
$11,534 $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 of these transactions and agreements accounted for as secured borrowings were as follows:
March 31, 2025December 31, 2024
Remaining MaturitiesRemaining Maturities
Security TypeOpen (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		TotalOpen (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		Total
(In millions)
Cash collateral liability by security type:
Securities lending:
U.S. government and agency
$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.
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, 2025December 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.
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:
March 31, 2025December 31, 2024
Asset TypeTotal
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, 2025December 31, 2024
Asset TypeCarrying
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 
OLPI13,285 17,572 13,529 17,991 
Other invested assets1,028 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.
Components of Net Investment Income
The composition of net investment income by asset type was as follows:
Three Months
Ended
March 31,
Asset Type20252024
(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 REJV207 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 income5,638 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.
Components of Net Investment Gains (Losses)
The composition of net investment gains (losses) by asset type and transaction type was as follows:
Three Months
Ended
March 31,
Asset Type20252024
(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 earnings14 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.
Schedule of Realized Gain (Loss)
The composition of net investment gains (losses) for these securities is as follows:
Three Months
Ended
March 31,
Fixed Maturity Securities AFS20252024
(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)$(2)
Unrealized net gains (losses) recognized in earnings10 30 
Net investment gains (losses)$(12)$28