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Investments (excluding Consolidated Investment Entities) (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale and fair value option ("FVO") fixed maturities
Available-for-sale and FVO fixed maturities were as follows as of December 31, 2024:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries$524 $— $52 $— $— $472 
U.S. Government agencies and authorities29 1 — — — 30 
State, municipalities and political subdivisions697 — 117 — — 580 
U.S. corporate public securities7,938 124 1,054 — — 7,008 
U.S. corporate private securities5,275 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 securities3,709 27 261 (4)— 3,471 
Commercial mortgage-backed securities3,677 4 532 — 17 3,132 
Other asset-backed securities2,779 39 45 — 4 2,769 
Total fixed maturities, including securities pledged30,050 292 2,846 (4)38 27,454 
Less: Securities pledged1,665 — 149 — — 1,516 
Total fixed maturities$28,385 $292 $2,697 $(4)$38 $25,938 
(1) Primarily U.S. dollar denominated.
(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.
Available-for-sale and FVO fixed maturities were as follows as of December 31, 2023:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries$417 $7 $21 $— $— $403 
U.S. Government agencies and authorities54 3 1 — — 56 
State, municipalities and political subdivisions871 1 101 — — 771 
U.S. corporate public securities8,402 168 904 — — 7,666 
U.S. corporate private securities5,040 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 securities3,695 36 257 2 — 3,476 
Commercial mortgage-backed securities4,147 1 644 — 9 3,495 
Other asset-backed securities2,528 16 71 — 3 2,470 
Total fixed maturities, including securities pledged30,998 350 2,722 2 17 28,611 
Less: Securities pledged1,232 — 72 — — 1,160 
Total fixed maturities$29,766 $350 $2,650 $2 $17 $27,451 
(1) Primarily U.S. dollar denominated.
(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.
Investments Classified by Contractual Maturity Date
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 years3,946 3,819 
After five years through ten years3,723 3,590 
After ten years11,609 10,092 
Mortgage-backed securities7,386 6,603 
Other asset-backed securities2,779 2,769 
Fixed maturities, including securities pledged$30,050 $27,454 
Schedule of Securities Financing Transactions
The following table presents Securities pledged as of the dates indicated:
December 31, 2024December 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.
(2) Included in Securities pledged on the Consolidated Balance Sheets.
(3) See Collateral within the Derivative Financial Instruments Note to these Consolidated Financial Statements for more information.
Schedule of Securities Borrowed Under Securities Lending Transactions
The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:
December 31, 2024December 31, 2023
U.S. Treasuries$22 $14 
U.S. corporate public securities601 568 
Short-term investments241 55 
Foreign corporate public securities and foreign governments258 238 
Total(1)
$1,122 $875 
(1) As of December 31, 2024 and 2023, liabilities to return cash collateral were $736 and $660, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Consolidated Balance Sheets.
Allowance for Credit Loss on Available-for-sale Fixed Maturity Securities
Allowance for credit losses
The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:
Year Ended December 31, 2024
U.S. corporate private securities
Commercial mortgage-backed securitiesForeign corporate public securities and foreign governmentsForeign corporate private securitiesOther asset-backed securitiesTotal
Balance as of January 1$— $9 $3 $2 $3 $17 
Credit losses on securities for which credit losses were not previously recorded6 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 securitiesCommercial mortgage-backed securities
Foreign corporate public securities and foreign governments
Foreign corporate private securitiesOther asset-backed securitiesTotal
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 
Schedule of Unrealized Loss on Investments
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 ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized Capital Losses
U.S. Treasuries$304 $20 $133 $32 $437 $52 
U.S. Government agencies and authorities14 — — — 14 — 
State, municipalities and political subdivisions7 — 562 117 569 117 
U.S. corporate public securities818 35 4,215 1,019 5,033 1,054 
U.S. corporate private securities546 13 2,845 316 3,391 329 
Foreign corporate public securities and foreign governments450 17 1,285 270 1,735 287 
Foreign corporate private securities490 12 1,468 157 1,958 169 
Residential mortgage-backed311 8 1,210 253 1,521 261 
Commercial mortgage-backed 24 — 2,751 532 2,775 532 
Other asset-backed93 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 ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized 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 subdivisions20 — 731 101 751 101 
U.S. corporate public securities321 17 5,101 887 5,422 904 
U.S. corporate private securities176 7 3,365 317 3,541 324 
Foreign corporate public securities and foreign governments82 2 1,749 268 1,831 270 
Foreign corporate private securities189 5 2,101 124 2,290 129 
Residential mortgage-backed114 3 1,354 254 1,468 257 
Commercial mortgage-backed84 2 3,269 642 3,353 644 
Other asset-backed136 3 1,156 68 1,292 71 
Total$1,221 $42 $18,938 $2,680 $20,159 $2,722 
Mortgage Loans by Loan to Value Ratio
The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of December 31, 2024 and 2023, respectively.

As of December 31, 2024
Year of OriginationLoan-to-Value Ratios
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2024$138 $131 $15 $— $— $284 
202396 221 40 — — 357 
2022239 282 95 — — 616 
2021240 184 95 — — 519 
2020184 71 — — — 255 
Prior2,500 148 2 — 18 2,668 
Total$3,397 $1,037 $247 $— $18 $4,699 
As of December 31, 2023
Year of OriginationLoan-to-Value Ratios
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2023$150 $222 $— $— $— $372 
2022252 326 73 — — 651 
2021244 214 209 — — 667 
2020168 112 — 10 16 306 
2019238 68 28 — — 334 
Prior2,586 280 4 — 18 2,888 
Total$3,638 $1,222 $314 $10 $34 $5,218 
Mortgage Loans by Debt Service Coverage Ratio
The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of December 31, 2024 and 2023, respectively.
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 
2023118 180 48 11 357 
2022295 101 76 144 616 
2021258 16 97 148 519 
2020207 20 20 8 255 
Prior2,018 219 346 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 
2022204 68 192 187 651 
2021260 14 64 329 667 
2020211 24 21 50 306 
2019203 26 84 21 334 
Prior2,216 264 255 153 2,888 
Total$3,283 $512 $683 $740 $5,218 
(1) No commercial mortgage loans were secured by land or construction loans
Mortgage Loans by Geographic Location of Collateral
The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of December 31, 2024 and 2023, respectively.
As of December 31, 2024
Year of OriginationU.S. Region
PacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2024$58 $80 $41 $57 $20 $9 $7 $3 $9 $284 
202349 85 12 101 39 39 3 26 3 357 
2022140 122 49 98 89 92 5 1 20 616 
202195 51 113 93 96 47 9 15 — 519 
202061 118 17 10 12 15 — 7 15 255 
Prior707 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 OriginationU.S. Region
PacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2023$69 $77 $12 $101 $39 $42 $3 $26 $3 $372 
2022140 132 47 100 113 93 5 1 20 651 
202196 63 124 148 111 75 9 40 1 667 
202063 155 17 10 12 26 — 7 16 306 
201953 100 10 74 45 4 14 13 21 334 
Prior734 605 765 189 214 171 47 144 19 2,888 
Total$1,155 $1,132 $975 $622 $534 $411 $78 $231 $80 $5,218 
Mortgage Loans by Property Type of Collateral
The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of December 31, 2024 and 2023, respectively.
As of December 31, 2024
Year of OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2024$58 $154 $57 $15 $— $— $— $284 
2023124 172 13 16 32 — — 357 
202279 261 222 35 10 9 — 616 
202135 128 218 111 — 18 9 519 
202055 48 56 96 — — — 255 
Prior610 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 OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2023$125 $164 $33 $18 $32 $— $— $372 
202279 263 255 34 10 10 — 651 
202136 145 335 123 — 18 10 667 
202057 49 72 128 — — — 306 
201945 82 160 36 11 — — 334 
Prior780 755 618 463 60 163 49 2,888 
Total$1,122 $1,458 $1,473 $802 $113 $191 $59 $5,218 
Allowance for Credit Losses for Commercial Mortgage Loans
The following table summarizes activity in the allowance for losses for commercial mortgage loans for the periods indicated:
December 31, 2024December 31, 2023
Allowance for credit losses, beginning of period
$26 $18 
Credit losses on mortgage loans for which credit losses were not previously recorded1 2 
Increase (decrease) on mortgage loans with an allowance recorded in previous period
— 9 
Provision for expected credit losses27 29 
Write-offs(3)(3)
Allowance for credit losses, end of period$24 $26 
Financing Receivable, Past Due
The following table presents the payment status of commercial mortgage loans as of the dates indicated:
December 31, 2024December 31, 2023
Current$4,673 $5,202 
30-59 days past due— — 
60-89 days past due— — 
Greater than 90 days past due26 16 
Total$4,699 $5,218 
Net Investment Income
The following table summarizes Net investment income by investment type for the periods indicated:
Year Ended December 31,
202420232022
Fixed maturities$1,678 $1,766 $1,940 
Equity securities19 21 12 
Mortgage loans on real estate234 249 237 
Policy loans20 20 21 
Short-term investments and cash equivalents40 39 13 
Limited partnerships and other
159 135 118 
Gross investment income2,150 2,230 2,341 
Less: Investment expenses76 71 60 
Net investment income$2,074 $2,159 $2,281 
Realized Gain (Loss) on Investments
Net gains (losses) were as follows for the periods indicated:
Year Ended December 31,
202420232022
Fixed maturities, available-for-sale, including securities pledged$(48)$(31)$(30)
Fixed maturities, at fair value option(167)(100)(920)
Equity securities, at fair value6 3 (39)
Derivatives193 29 305 
Embedded derivatives - fixed maturities(6)(1)(9)
Other derivatives
2 — — 
Standalone derivatives(1)— (12)
Managed custody guarantees4 (2)(5)
Stabilizer
(14)(1)19 
Mortgage loans(1)(12)— 
Other investments5 43 5 
Net gains (losses)$(27)$(72)$(686)
Gain (Loss) on Securities
Proceeds from the sale of fixed maturities, available-for-sale, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
Year Ended December 31,
202420232022
Proceeds on sales$3,510 $5,393 $5,448 
Gross gains50 69 100 
Gross losses(62)78 109