
	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	524	$	—	$	52	$	—	$	—	$	472
U.S. Government agencies and authorities	29		1		—		—		—		30
State, municipalities and political subdivisions	697		—		117		—		—		580
U.S. corporate public securities	7,938		124		1,054		—		—		7,008
U.S. corporate private securities	5,275		43		329		—		6		4,983
Foreign corporate public securities and foreign governments(1)	2,729		32		287		—		2		2,472
Foreign corporate private securities(1)	2,693		22		169		—		9		2,537
Residential mortgage-backed securities	3,709		27		261		(4)		—		3,471
Commercial mortgage-backed securities	3,677		4		532		—		17		3,132
Other asset-backed securities	2,779		39		45		—		4		2,769
Total fixed maturities, including securities pledged	30,050		292		2,846		(4)		38		27,454
Less: Securities pledged	1,665		—		149		—		—		1,516
Total fixed maturities	$	28,385	$	292	$	2,697	$	(4)	$	38	$	25,938

(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Consolidated Statements of Operations.


	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	417	$	7	$	21	$	—	$	—	$	403
U.S. Government agencies and authorities	54		3		1		—		—		56
State, municipalities and political subdivisions	871		1		101		—		—		771
U.S. corporate public securities	8,402		168		904		—		—		7,666
U.S. corporate private securities	5,040		44		324		—		—		4,760
Foreign corporate public securities and foreign governments(1)	2,928		47		270		—		3		2,702
Foreign corporate private securities(1)	2,916		27		129		—		2		2,812
Residential mortgage-backed securities	3,695		36		257		2		—		3,476
Commercial mortgage-backed securities	4,147		1		644		—		9		3,495
Other asset-backed securities	2,528		16		71		—		3		2,470
Total fixed maturities, including securities pledged	30,998		350		2,722		2		17		28,611
Less: Securities pledged	1,232		—		72		—		—		1,160
Total fixed maturities	$	29,766	$	350	$	2,650	$	2	$	17	$	27,451

The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2024, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. MBS and Other ABS are shown separately because they are not due at a single maturity date.


	Amortized Cost		Fair Value
Due to mature:
One year or less	$	607	$	581
After one year through five years	3,946		3,819
After five years through ten years	3,723		3,590
After ten years	11,609		10,092
Mortgage-backed securities	7,386		6,603
Other asset-backed securities	2,779		2,769
Fixed maturities, including securities pledged	$	30,050	$	27,454

As of December 31, 2024 and 2023, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company's Total shareholders' equity.

As of December 31, 2024 and 2023, the Company did not have any securities pledged in dollar rolls or reverse repurchase agreements. As of December 31, 2024, Securities pledged included fixed maturity securities and other investments of $1,516 and $7, respectively. As of December 31, 2023, Securities pledged included fixed maturities of $1,160.

The Company engages in securities lending whereby the initial collateral is required at a rate of at least 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in high quality liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss.

In the normal course of business, the Company receives cash collateral and non-cash collateral in the form of securities. If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. Securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected on the Company’s Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools.


	December 31, 2024		December 31, 2023
Securities pledged/obligations under repurchase agreements(1)	$	281	$	117
Securities loaned to lending agent(2)	1,083		842
Securities pledged as collateral(2)(3)	159		201
Total	$	1,523	$	1,160

(1) Comprised of other asset-backed securities and included in Securities pledged and Payables under securities loan and repurchase agreements, including collateral held on the Consolidated Balance Sheets.


	December 31, 2024		December 31, 2023
U.S. Treasuries	$	22	$	14

U.S. corporate public securities	601		568

Short-term investments	241		55
Foreign corporate public securities and foreign governments	258		238
Total(1)	$	1,122	$	875

(1) As of December 31, 2024 and 2023, liabilities to return cash collateral were $736 and $660, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Consolidated Balance Sheets.

The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program.


Allowance for credit losses

The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:
	Year Ended December 31, 2024
	U.S. corporate private securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	—	$	9	$	3	$	2	$	3	$	17
Credit losses on securities for which credit losses were not previously recorded	6		9		—		8		1		24

Reductions for securities sold during the period	—		—		(1)		—		—		(1)


Increase (decrease) on securities with allowance recorded in previous period	—		(1)		—		(1)		—		(2)


Balance as of December 31	$	6	$	17	$	2	$	9	$	4	$	38


	Year Ended December 31, 2023
	U.S. corporate private securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	—	$	—	$	9	$	2	$	1	$	12
Credit losses on securities for which credit losses were not previously recorded	—		9		—		—		2		11

Reductions for securities sold during the period	—		—		(5)		—		—		(5)


Increase (decrease) on securities with allowance recorded in previous period	—		—		(1)		—		—		(1)


Balance as of December 31	$	—	$	9	$	3	$	2	$	3	$	17

For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to these Consolidated Financial Statements.

The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:


	As of December 31, 2024
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost	Total
	Fair Value		Unrealized Capital Losses				Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	304	$	20			$	133	$	32	$	437	$	52
U.S. Government agencies and authorities	14		—				—		—		14		—
State, municipalities and political subdivisions	7		—				562		117		569		117
U.S. corporate public securities	818		35				4,215		1,019		5,033		1,054
U.S. corporate private securities	546		13				2,845		316		3,391		329
Foreign corporate public securities and foreign governments	450		17				1,285		270		1,735		287
Foreign corporate private securities	490		12				1,468		157		1,958		169
Residential mortgage-backed	311		8				1,210		253		1,521		261
Commercial mortgage-backed	24		—				2,751		532		2,775		532
Other asset-backed	93		2				315		43		408		45
Total	$	3,057	$	107			$	14,784	$	2,739	$	17,841	$	2,846


	As of December 31, 2023
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost					Total
	Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	99	$	3		$	109	$	18		$	208	$	21
U.S. Government agencies and authorities	—		—			3		1			3		1
State, municipalities and political subdivisions	20		—			731		101			751		101
U.S. corporate public securities	321		17			5,101		887			5,422		904
U.S. corporate private securities	176		7			3,365		317			3,541		324
Foreign corporate public securities and foreign governments	82		2			1,749		268			1,831		270
Foreign corporate private securities	189		5			2,101		124			2,290		129
Residential mortgage-backed	114		3			1,354		254			1,468		257
Commercial mortgage-backed	84		2			3,269		642			3,353		644
Other asset-backed	136		3			1,156		68			1,292		71
Total	$	1,221	$	42		$	18,938	$	2,680		$	20,159	$	2,722

As of December 31, 2024 and 2023, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities, in accordance with its impairment policy in order to evaluate whether such investments are impaired. For the years ended December 31, 2024, 2023 and 2022, intent impairments were $13, $27 and $23, respectively.

The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses.

The Company evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the years ended December 31, 2024 and 2023, the Company had no material debt modifications that require such disclosure.

The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

LTV and DSC ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property at origination. An LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that a property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above.


	As of December 31, 2024
Year of Origination	Loan-to-Value Ratios
	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2024	$	138	$	131	$	15	$	—	$	—	$	284
2023	96		221		40		—		—		357
2022	239		282		95		—		—		616
2021	240		184		95		—		—		519
2020	184		71		—		—		—		255
Prior	2,500		148		2		—		18		2,668

Total	$	3,397	$	1,037	$	247	$	—	$	18	$	4,699

	As of December 31, 2023
Year of Origination	Loan-to-Value Ratios
	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2023	$	150	$	222	$	—	$	—	$	—	$	372
2022	252		326		73		—		—		651
2021	244		214		209		—		—		667
2020	168		112		—		10		16		306
2019	238		68		28		—		—		334
Prior	2,586		280		4		—		18		2,888
Total	$	3,638	$	1,222	$	314	$	10	$	34	$	5,218


	As of December 31, 2024
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total(1)
2024	$	161	$	93	$	28	$	2	$	284
2023	118		180		48		11		357
2022	295		101		76		144		616
2021	258		16		97		148		519
2020	207		20		20		8		255
Prior	2,018		219		346		85		2,668

Total	$	3,057	$	629	$	615	$	398	$	4,699
(1) No commercial mortgage loans were secured by land or construction loans


	As of December 31, 2023
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total(1)
2023	$	189	$	116	$	67	$	—	$	372
2022	204		68		192		187		651
2021	260		14		64		329		667
2020	211		24		21		50		306
2019	203		26		84		21		334
Prior	2,216		264		255		153		2,888
Total	$	3,283	$	512	$	683	$	740	$	5,218
(1) No commercial mortgage loans were secured by land or construction loans


	As of December 31, 2024
Year of Origination	U.S. Region
	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2024	$	58	$	80	$	41	$	57	$	20	$	9	$	7	$	3	$	9	$	284
2023	49		85		12		101		39		39		3		26		3		357
2022	140		122		49		98		89		92		5		1		20		616
2021	95		51		113		93		96		47		9		15		—		519
2020	61		118		17		10		12		15		—		7		15		255
Prior	707		632		619		176		211		134		51		109		29		2,668

Total	$	1,110	$	1,088	$	851	$	535	$	467	$	336	$	75	$	161	$	76	$	4,699

	As of December 31, 2023
Year of Origination	U.S. Region
	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2023	$	69	$	77	$	12	$	101	$	39	$	42	$	3	$	26	$	3	$	372
2022	140		132		47		100		113		93		5		1		20		651
2021	96		63		124		148		111		75		9		40		1		667
2020	63		155		17		10		12		26		—		7		16		306
2019	53		100		10		74		45		4		14		13		21		334
Prior	734		605		765		189		214		171		47		144		19		2,888
Total	$	1,155	$	1,132	$	975	$	622	$	534	$	411	$	78	$	231	$	80	$	5,218


	As of December 31, 2024
Year of Origination	Property Type
	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2024	$	58	$	154	$	57	$	15	$	—	$	—	$	—	$	284
2023	124		172		13		16		32		—		—		357
2022	79		261		222		35		10		9		—		616
2021	35		128		218		111		—		18		9		519
2020	55		48		56		96		—		—		—		255
Prior	610		713		640		437		67		155		46		2,668


Total	$	961	$	1,476	$	1,206	$	710	$	109	$	182	$	55	$	4,699







	As of December 31, 2023
Year of Origination	Property Type
	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2023	$	125	$	164	$	33	$	18	$	32	$	—	$	—	$	372
2022	79		263		255		34		10		10		—		651
2021	36		145		335		123		—		18		10		667
2020	57		49		72		128		—		—		—		306
2019	45		82		160		36		11		—		—		334
Prior	780		755		618		463		60		163		49		2,888

Total	$	1,122	$	1,458	$	1,473	$	802	$	113	$	191	$	59	$	5,218


	December 31, 2024		December 31, 2023
Allowance for credit losses, beginning of period	$	26	$	18
Credit losses on mortgage loans for which credit losses were not previously recorded	1		2


Increase (decrease) on mortgage loans with an allowance recorded in previous period	—		9
Provision for expected credit losses	27		29
Write-offs	(3)		(3)

Allowance for credit losses, end of period	$	24	$	26

Commercial mortgage loans are placed on non-accrual status when 90 days in arrears, when the Company has concerns regarding the collectability of future payments, or when a loan has matured without being paid off or extended. As of

December 31, 2024 and 2023, the Company had $26 and $16, respectively, of commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the years ended December 31, 2024 and 2023 was immaterial.


	Year Ended December 31,
	2024		2023		2022
Fixed maturities	$	1,678	$	1,766	$	1,940
Equity securities	19		21		12
Mortgage loans on real estate	234		249		237
Policy loans	20		20		21
Short-term investments and cash equivalents	40		39		13
Limited partnerships and other	159		135		118
Gross investment income	2,150		2,230		2,341
Less: Investment expenses	76		71		60
Net investment income	$	2,074	$	2,159	$	2,281

For the years ended December 31, 2024 and 2023, the Company had $18 and $10, respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.

Net gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related impairment of investments. Net gains (losses) are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net gains (losses) also include changes in fair value of trading debt securities and changes in fair value of equity securities. The cost of the investments on disposal is generally determined based on FIFO methodology.


	Year Ended December 31,
	2024		2023		2022
Fixed maturities, available-for-sale, including securities pledged	$	(48)	$	(31)	$	(30)
Fixed maturities, at fair value option	(167)		(100)		(920)
Equity securities, at fair value	6		3		(39)
Derivatives	193		29		305
Embedded derivatives - fixed maturities	(6)		(1)		(9)
Other derivatives	2		—		—
Standalone derivatives	(1)		—		(12)
Managed custody guarantees	4		(2)		(5)
Stabilizer	(14)		(1)		19
Mortgage loans	(1)		(12)		—
Other investments	5		43		5
Net gains (losses)	$	(27)	$	(72)	$	(686)