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Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Investments [Abstract]  
Investments by category and current or long-term classification
The following table summarizes the Company's investments by category and current or long-term classification:
June 30, 2024December 31, 2023
(In millions)CurrentLong-termTotalCurrentLong-termTotal
Debt securities$621 $8,729 $9,350 $590 $9,265 $9,855 
Equity securities26 1,582 1,608 31 3,331 3,362 
Commercial mortgage loans191 1,318 1,509 182 1,351 1,533 
Policy loans— 1,176 1,176 — 1,211 1,211 
Other long-term investments— 4,446 4,446 — 4,181 4,181 
Short-term investments324 — 324 206 — 206 
Total$1,162 $17,251 $18,413 $1,009 $19,339 $20,348 
Investments classified as assets of businesses held for sale (1)
(94)(1,307)(1,401)(84)(1,354)(1,438)
Investments per Consolidated Balance Sheets$1,068 $15,944 $17,012 $925 $17,985 $18,910 
(1) Investments related to the HCSC transaction that were held for sale as of June 30, 2024. These investments were primarily comprised of debt securities and commercial mortgage loans, and to a lesser extent, other long-term investments.
Debt Securities by Contractual Maturity
The amortized cost and fair value by contractual maturity periods for debt securities were as follows as of June 30, 2024:
(In millions)Amortized
Cost		Fair
Value
Due in one year or less$666 $643 
Due after one year through five years3,732 3,497 
Due after five years through ten years3,175 2,945 
Due after ten years2,137 1,913 
Mortgage and other asset-backed securities387 352 
Total$10,097 $9,350 
Gross Unrealized Appreciation (Depreciation) on Debt Securities
Gross unrealized appreciation (depreciation) on debt securities by type of issuer is shown below:
(In millions)Amortized
Cost		Allowance for Credit LossUnrealized
Appreciation		Unrealized
Depreciation		Fair
Value
June 30, 2024
Federal government and agency$288 $— $18 $(10)$296 
State and local government37 — 1 (1)37 
Foreign government353 — 6 (14)345 
Corporate9,032 (90)99 (721)8,320 
Mortgage and other asset-backed387 — — (35)352 
Total$10,097 $(90)$124 $(781)$9,350 
December 31, 2023
Federal government and agency$251 $— $24 $(8)$267 
State and local government37 — 2 (1)38 
Foreign government355 — 10 (13)352 
Corporate9,338 (33)158 (630)8,833 
Mortgage and other asset-backed398 — 1 (34)365 
Total$10,379 $(33)$195 $(686)$9,855 
Summary of Debt Securities with a Decline in Fair Value
The table below summarizes debt securities with a decline in fair value from amortized cost for which an allowance for credit losses has not been recorded, by investment grade and the length of time these securities have been in an unrealized loss position. Unrealized depreciation on these debt securities is primarily due to declines in fair value resulting from increasing interest rates since these securities were purchased.
June 30, 2024December 31, 2023
(Dollars in millions)Fair
Value		Amortized
Cost		Unrealized
Depreciation		Number
of Issues		Fair
Value		Amortized
Cost		Unrealized
Depreciation		Number
of Issues
One year or less
Investment grade$718 $730 $(12)301$330 $338 $(8)142 
Below investment grade123 127 (4)334161 170 (9)135 
More than one year
Investment grade5,273 5,971 (698)1,5305,441 6,036 (595)1,590 
Below investment grade598 665 (67)326701 775 (74)486 
Total$6,712 $7,493 $(781)2,491 $6,633 $7,319 $(686)2,353 
Equity Security Investments
The following table provides the values of the Company's equity security investments:
June 30, 2024 December 31, 2023
(In millions) CostCarrying Value CostCarrying Value
Equity securities with readily determinable fair values$655 $46 $656 $51 
Equity securities with no readily determinable fair value3,313 1,562 3,248 3,311 
Total$3,968 $1,608 $3,904 $3,362 
Summary of the Credit Risk Profile of the Commercial Mortgage Loan Portfolio
The following table summarizes the credit risk profile of the Company's commercial mortgage loan portfolio:
(Dollars in millions)June 30, 2024December 31, 2023
Loan-to-Value RatioCarrying ValueAverage Debt Service Coverage RatioAverage Loan-to-Value RatioCarrying ValueAverage Debt Service Coverage RatioAverage Loan-to-Value Ratio
Below 60%$685 2.15$802 2.13
60% to 79%619 1.76574 1.77
80% to 100%205 1.02157 0.65
Total$1,509 1.8265 %$1,533 1.8264 %
Carrying Value Information for Other Long-Term Investments
Other long-term investments include investments in unconsolidated entities, including certain limited partnerships and limited liability companies holding real estate, securities or loans. These investments are carried at cost plus the Company's ownership percentage of reporting income or loss, based on the financial statements of the underlying investments that are generally reported at fair value. Income or loss from these investments is reported on a one quarter lag due to the timing of when financial information is received from the general partner or manager of the investments.
Other long-term investments also include investment real estate carried at depreciated cost less any impairment write-downs to fair value when cash flow estimates indicate that the carrying value may not be recoverable. Additionally, statutory and other restricted deposits and foreign currency swaps carried at fair value are reported in the table below as Other. The following table provides the carrying value information for these investments:
Carrying Value as of
(In millions)June 30, 2024December 31, 2023
Real estate investments$1,724 $1,606 
Securities partnerships2,504 2,400 
Other218 175 
Total$4,446 $4,181 
Realized Gains and Losses on Investments
The following realized gains and losses on investments exclude realized gains and losses attributed to the Company's separate accounts because those gains and losses generally accrue directly to separate account policyholders:
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2024202320242023
Net realized investment gains (losses), excluding credit (loss)/recovery and other investment write-downs
$13 $31 $7 $(20)
Credit (loss)/recovery and other investment write-downs(61)(5)(1,891)(10)
Net realized investment (losses) gains, before income taxes
$(48)$26 $(1,884)$(30)