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Investments (Tables)
 6 Months Ended
Jun. 30, 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.”
June 30, 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$88,484 $(62)$1,509 $7,398 $82,533 $86,315 $(59)$1,331 $8,213 $79,374 
Foreign corporate
61,640 — 2,201 4,598 59,243 58,646 (18)1,478 6,347 53,759 
Foreign government
47,874 (57)1,216 6,551 42,482 44,377 (57)1,256 5,326 40,250 
RMBS43,004 (2)526 2,453 41,075 37,085 (1)314 2,977 34,421 
U.S. government and agency
38,002 — 279 5,655 32,626 38,963 — 179 5,714 33,428 
ABS & CLO
21,409 (5)253 433 21,224 20,973 (9)153 526 20,591 
Municipals11,314 — 138 1,515 9,937 11,205 — 166 1,498 9,873 
CMBS10,008 (25)107 473 9,617 9,857 (16)104 598 9,347 
Total fixed maturity securities AFS
$321,735 $(151)$6,229 $29,076 $298,737 $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 June 30, 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$13,174 $48,581 $53,881 $131,559 $74,389 $321,584 
Estimated fair value$13,291 $49,010 $53,426 $111,094 $71,916 $298,737 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
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.
June 30, 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$14,604 $1,408 $35,147 $5,950 $17,222 $1,586 $35,940 $6,599 
Foreign corporate6,014 452 23,035 4,146 10,516 709 24,454 5,625 
Foreign government6,698 601 16,231 5,948 6,462 581 16,338 4,740 
RMBS8,042 266 12,844 2,187 10,152 358 13,922 2,619 
U.S. government and agency5,811 591 13,618 5,064 9,337 687 14,082 5,027 
ABS & CLO4,175 93 4,142 337 2,840 88 5,831 436 
Municipals2,244 259 4,493 1,256 2,012 226 4,621 1,272 
CMBS1,053 46 4,202 418 1,272 39 4,788 559 
Total fixed maturity securities AFS$48,641 $3,716 $113,712 $25,306 $59,813 $4,274 $119,976 $26,877 
Investment grade$46,418 $3,612 $110,383 $24,850 $56,946 $4,132 $116,072 $26,325 
Below investment grade2,223 104 3,329 456 2,867 142 3,904 552 
Total fixed maturity securities AFS$48,641 $3,716 $113,712 $25,306 $59,813 $4,274 $119,976 $26,877 
Total number of securities in an unrealized loss position6,118 9,686 7,220 10,468 
Debt Securities, Available-for-sale, Allowance for Credit Loss
The rollforward of ACL for fixed maturity securities AFS by sector was as follows:
U.S.
 Corporate		Foreign
Corporate		Foreign
Government		RMBSABS & CLOCMBSTotal
(In millions)
Three Months Ended June 30, 2025
Balance, at beginning of period$40 $6 $57 $2 $7 $25 $137 
ACL not previously recorded16 — — — — — 16 
Changes for securities with previously recorded ACL6 (2)— — (2)— 2 
Securities sold or exchanged— (4)— — — — (4)
Balance, at end of period$62 $— $57 $2 $5 $25 $151 
Three Months Ended June 30, 2024
Balance, at beginning of period$15 $2 $66 $1 $9 $20 $113 
ACL not previously recorded14 — — — — — 14 
Changes for securities with previously recorded ACL11 — (1)— — — 10 
Securities sold or exchanged(3)— (7)— — (6)(16)
Balance, at end of period$37 $2 $58 $1 $9 $14 $121 
U.S.
 Corporate		Foreign
Corporate		Foreign
Government		RMBSABS & CLOCMBSTotal
(In millions)
Six Months Ended June 30, 2025
Balance, at beginning of period$59 $18 $57 $1 $9 $16 $160 
ACL not previously recorded16 — — 1 — 7 24 
Changes for securities with previously recorded ACL13 (2)— — (1)2 12 
Securities sold or exchanged(26)(16)— — (3)— (45)
Balance, at end of period$62 $— $57 $2 $5 $25 $151 
Six Months Ended June 30, 2024
Balance, at beginning of period$68 $2 $88 $1 $7 $18 $184 
ACL not previously recorded14 — — — — — 14 
Changes for securities with previously recorded ACL11 — (5)— 2 2 10 
Securities sold or exchanged(56)— (25)— — (6)(87)
Balance, at end of period$37 $2 $58 $1 $9 $14 $121 
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents equity securities by security type:
June 30, 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)
$411 $250 $661 $451 $167 $618 
Non-redeemable preferred stock130 (1)129 93 1 94 
Total
$541 $249 $790 $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.
June 30, 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
$8,031 $1,935 $9,966 $7,398 $1,699 $9,097 
FVO securities
968 760 1,728 886 689 1,575 
Total
$8,999 $2,695 $11,694 $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:
 June 30, 2025December 31, 2024
Portfolio SegmentCarrying
Value (1)		% of
Total		Carrying
Value (1)		% of
Total
(Dollars in millions)
Commercial$53,455 61.5 %$56,310 63.3 %
Agricultural19,323 22.3 19,313 21.7 
Residential15,286 17.6 14,189 15.9 
Total amortized cost88,064 101.4 89,812 100.9 
ACL
(1,196)(1.4)(800)(0.9)
Total mortgage loans$86,868 100.0 %$89,012 100.0 %
__________________
(1)Includes certain mortgage loans originated for third parties of $7.0 billion at amortized cost ($6.7 billion commercial and $330 million agricultural) and the related ACL of $91 million, with the corresponding mortgage loan secured financing liability of $7.0 billion included in other liabilities on the consolidated balance sheet at June 30, 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 $77 million and $158 million for the three months and six months ended June 30, 2025, 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, was as follows:
Six Months
Ended
June 30,
20252024
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Balance, beginning of period
$537 $84 $179 $800 $367 $172 $182 $721 
Provision (release)410 10 27 447 155 6 (41)120 
Charge-offs, net of recoveries
(51)— — (51)(28)(7)— (35)
Balance, end of period
$896 $94 $206 $1,196 $494 $171 $141 $806 
The gross charge-offs of mortgage loans by origination year and portfolio segment for the six months ended June 30, 2025 was as follows:
20252024202320222021PriorTotal
(In millions)
Commercial
$— $— $— $— $— $51 $51 
Financing Receivable, Modified
These mortgage loan modifications are summarized as follows:
Three Months Ended June 30,
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$339 5<1%$156 Less than one year<1%
Six Months Ended June 30,
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$589 51.1 %$236 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 June 30, 2025:
Credit Quality Indicator20252024202320222021PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
LTV ratios:
Less than 65%
$1,398 $3,257 $2,301 $2,147 $3,020 $12,231 $2,218 $26,572 49.7 %
65% to 75%
130 790 496 2,908 1,837 4,292 — 10,453 19.6 
76% to 80%
— — 4 173 175 2,636 — 2,988 5.6 
Greater than 80%
187 178 119 1,260 1,289 10,409 — 13,442 25.1 
Total
$1,715 $4,225 $2,920 $6,488 $6,321 $29,568 $2,218 $53,455 100.0 %
DSCR:
> 1.20x
$1,384 $3,457 $2,141 $5,546 $5,029 $23,903 $2,218 $43,678 81.7 %
1.00x - 1.20x
136 475 493 471 932 3,054 — 5,561 10.4 
<1.00x
195 293 286 471 360 2,611 — 4,216 7.9 
Total
$1,715 $4,225 $2,920 $6,488 $6,321 $29,568 $2,218 $53,455 100.0 %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2025:
Credit Quality Indicator20252024202320222021PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
LTV ratios:
Less than 65%
$628 $769 $1,228 $2,489 $2,428 $9,020 $1,353 $17,915 92.7 %
65% to 75%
5 8 51 227 316 620 79 1,306 6.8 
76% to 80%
— — — 24 — 9 4 37 0.2 
Greater than 80%
— — — — — 64 1 65 0.3 
Total
$633 $777 $1,279 $2,740 $2,744 $9,713 $1,437 $19,323 100.0 %
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2025:
Credit Quality Indicator20252024202320222021PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
Performance indicators:
Performing
$505 $2,405 $847 $2,299 $1,749 $6,984 $— $14,789 96.7 %
Nonperforming (1)
2 35 49 98 36 277 — 497 3.3 
Total
$507 $2,440 $896 $2,397 $1,785 $7,261 $— $15,286 100.0 %
__________________
(1)Includes residential mortgage loans in process of foreclosure with an amortized cost of $179 million and $140 million at June 30, 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 SegmentJune 30, 2025December 31, 2024June 30, 2025December 31, 2024June 30, 2025December 31, 2024
(In millions)
Commercial$1,158 $773 $122 $— $1,743 $1,123 
Agricultural409 341 326 262 94 89 
Residential497 464 21 18 481 446 
Total$2,064 $1,578 $469 $280 $2,318 $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:
 June 30, 2025December 31, 2024Three Months
Ended
June 30,		Six Months
Ended
June 30,
 2025202420252024
Income TypeCarrying ValueIncome
(In millions)
Wholly-owned real estate:
Leased real estate$4,679 $4,283 $89 $83 $178 $167 
Other real estate677 650 96 78 171 125 
REJV
8,651 8,409 54 (81)97 (202)
Total real estate and REJV
$14,007 $13,342 $239 $80 $446 $90 
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:
June 30, 2025December 31, 2024
(In millions)
Japan$18,695 $18,886 
South Korea$6,754 $6,078 
Mexico$4,024 $3,468 
Securities Lending and Repurchase Agreements
A summary of these transactions and agreements accounted for as secured borrowings were as follows:
June 30, 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$12,257 $12,520 $12,485 $11,119 $11,404 $11,202 
Repurchase agreements$2,995 $2,925 $2,909 $3,019 $2,975 $2,925 
__________________
(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at June 30, 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:
June 30, 2025December 31, 2024
Remaining MaturitiesRemaining Maturities
Cash collateral liability by security type:Open (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)
Securities lending:
U.S. government and agency
$2,823 $3,485 $4,796 $— $11,104 $2,987 $4,986 $2,089 $— $10,062 
Foreign government
— 798 458 — 1,256 — 677 493 — 1,170 
Agency RMBS— 99 61 — 160 — 108 64 — 172 
Total
$2,823 $4,382 $5,315 $— $12,520 $2,987 $5,771 $2,646 $— $11,404 
Repurchase agreements:
U.S. government and agency
$— $2,925 $— $— $2,925 $— $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:
June 30, 2025December 31, 2024
(In millions)
Invested assets on deposit (regulatory deposits)
$1,568 $1,515 
Invested assets held in trust (external reinsurance agreements) (1)1,344 1,255 
Invested assets pledged as collateral (2)29,965 27,125 
Total invested assets on deposit, held in trust and pledged as collateral
$32,877 $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 $2.5 billion and $1.9 billion at June 30, 2025 and December 31, 2024, respectively.
(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:
June 30, 2025December 31, 2024
Asset TypeTotal
Assets		Total
Liabilities		Total
Assets		Total
Liabilities
(In millions)
Investment funds (primarily other invested assets)
$731 $165 $635 $143 
Renewable energy partnership (primarily other invested assets)54 — 57 — 
Total
$785 $165 $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:
June 30, 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)$67,298 $67,298 $60,386 $60,386 
OLPI13,413 17,947 13,529 17,991 
Other invested assets1,066 1,210 1,085 1,242 
Other investments (REJV, FVO securities and mortgage loans)
2,189 2,254 1,660 1,701 
Total$83,966 $88,709 $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.
Components of Net Investment Income
The composition of net investment income by asset type was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
Asset Type2025202420252024
(In millions)
Fixed maturity securities AFS
$3,608 $3,355 $7,075 $6,643 
Equity securities
3 7 12 14 
FVO securities
107 22 87 107 
Mortgage loans
1,104 1,187 2,243 2,381 
Policy loans
113 110 220 223 
Real estate and REJV239 80 446 90 
OLPI
124 325 344 626 
Cash, cash equivalents and short-term investments
254 250 504 541 
Operating joint ventures
38 22 58 44 
Other
100 192 339 343 
Subtotal investment income5,690 5,550 11,328 11,012 
Less: Investment expenses
527 564 1,053 1,132 
Subtotal, net
5,163 4,986 10,275 9,880 
Unit-linked investments498 219 271 761 
Net investment income
$5,661 $5,205 $10,546 $10,641 
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)
$102 $66 $145 $134 
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)
452 139 163 719 
Net realized and unrealized gains (losses) recognized in net investment income
$554 $205 $308 $853 
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
$532 $151 $248 $663 
Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures)
$238 $276 $505 $486 
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
June 30,		Six Months
Ended
June 30,
Asset Type2025202420252024
(In millions)
Fixed maturity securities AFS
$(124)$(246)$(368)$(331)
Equity securities
45 (19)33 9 
Mortgage loans
(269)(9)(461)(95)
Real estate and REJV (excluding changes in estimated fair value)
3 12 3 47 
OLPI (excluding changes in estimated fair value) (1)
21 (9)20 (59)
Other gains (losses)
(33)23 (38)29 
Subtotal
(357)(248)(811)(400)
Change in estimated fair value of OLPI and REJV
(3)3 — 6 
Non-investment portfolio gains (losses)
87 (176)151 (402)
Subtotal
84 (173)151 (396)
Net investment gains (losses)$(273)$(421)$(660)$(796)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)
$(145)$(195)$(446)$(330)
Impairment (losses)
(2)— (7)— 
Recognized gains (losses):
Change in ACL recognized in earnings
(272)(35)(431)(81)
Unrealized net gains (losses) recognized in earnings59 (15)73 17 
Total recognized gains (losses)(213)(50)(358)(64)
Non-investment portfolio gains (losses)87 (176)151 (402)
Net investment gains (losses)$(273)$(421)$(660)$(796)
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)
$46 $(15)$38 $17 
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship
$10 $— $9 $— 
Foreign currency gains (losses)$70 $(120)$145 $(165)
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)
$(145)$(195)$(446)$(330)
Recognized in net investment income
102 66 145 134 
Net realized investment gains (losses) from sales and disposals of investments$(43)$(129)$(301)$(196)
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(1)Includes a net loss of $3 million for the three months ended June 30, 2024 for private equity investments sold. For the three months ended June 30, 2024, the Company sold a $57 million portfolio of investments to a fund for proceeds of $54 million in cash and receivables secured by the value of the fund. Includes a net loss of $2 million and $46 million
for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, the Company sold $43 million and $798 million, respectively, in portfolios of investments to a fund for proceeds of $41 million and $752 million, respectively, in cash and receivables secured by the value of the fund. The Company has entered into an agreement to serve as the investment manager of the fund for which it receives a management fee.
Schedule of Realized Gain (Loss)
The composition of net investment gains (losses) for these securities was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
Fixed Maturity Securities AFS2025202420252024
(In millions)
Proceeds$6,143 $8,106 $13,384 $14,458 
Gross investment gains$63 $121 $149 $277 
Gross investment (losses)(171)(358)(522)(670)
Realized gains (losses) on sales and disposals(108)(237)(373)(393)
Net credit loss (provision) release (change in ACL recognized in earnings)(14)(9)10 62 
Impairment (losses)(2)— (5)— 
Net credit loss (provision) release and impairment (losses)(16)(9)5 62 
Net investment gains (losses)$(124)$(246)$(368)$(331)
Equity Securities
Realized gains (losses) on sales and disposals$(18)$— $(40)$(2)
Unrealized net gains (losses) recognized in earnings63 (19)73 11 
Net investment gains (losses)$45 $(19)$33 $9