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Investments (Tables)
 12 Months Ended
Dec. 31, 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:
December 31, 2024December 31, 2023
(In millions)CurrentLong-TermTotalCurrentLong-TermTotal
Debt securities$463 $8,960 $9,423 $590 $9,265 $9,855 
Equity securities7 554 561 31 3,331 3,362 
Commercial mortgage loans108 1,243 1,351 182 1,351 1,533 
Policy loans— 1,156 1,156 — 1,211 1,211 
Other long-term investments— 4,576 4,576 — 4,181 4,181 
Short-term investments170 — 170 206 — 206 
Total$748 $16,489 $17,237 $1,009 $19,339 $20,348 
Investments classified as assets of businesses held for sale (1)
(83)(1,361)(1,444)(84)(1,354)(1,438)
Investments per Consolidated Balance Sheets$665 $15,128 $15,793 $925 $17,985 $18,910 
(1) Investments related to the HCSC transaction that were held for sale as of December 31, 2024. These investments were primarily comprised of debt securities.
Debt Securities by Contractual Maturity
The amortized cost and fair value by contractual maturity periods for debt securities were as follows as of December 31, 2024:
(In millions)Amortized
Cost		Fair
Value
Due in one year or less$622 $553 
Due after one year through five years3,927 3,759 
Due after five years through ten years3,164 2,960 
Due after ten years2,041 1,813 
Mortgage and other asset-backed securities371 338 
Total$10,125 $9,423 
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
December 31, 2024
Federal government and agency$276 $— $14 $(9)$281 
State and local government37 — 1 (1)37 
Foreign government350 — 5 (11)344 
Corporate9,091 (111)102 (659)8,423 
Mortgage and other asset-backed371 — 1 (34)338 
Total$10,125 $(111)$123 $(714)$9,423 
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.
December 31, 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$1,203 $1,227 $(24)545$330 $338 $(8)142 
Below investment grade245 250 (5)739161 170 (9)135 
More than one year
Investment grade4,687 5,319 (632)1,2975,441 6,036 (595)1,590 
Below investment grade416 469 (53)123701 775 (74)486 
Total$6,551 $7,265 $(714)2,704 $6,633 $7,319 $(686)2,353 
Equity Security Investments
The following table provides the values of the Company's equity security investments:
December 31, 2024 December 31, 2023
(In millions) CostCarrying Value CostCarrying Value
Equity securities with readily determinable fair values$635 $37 $656 $51 
Equity securities with no readily determinable fair value3,215 524 3,248 3,311 
Total$3,850 $561 $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)December 31, 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%$547 2.07$802 2.13
60% to 79%595 1.83574 1.77
80% to 100%209 0.51157 0.65
Total$1,351 1.7069 %$1,533 1.8264 %
Carrying Value Information for Other Long-Term Investments The following table provides unfunded commitment and carrying value information for these investments. The Company expects to disburse approximately 31% of the committed amounts in 2025.
Our limited partnership investments are reduced as the Company receives cash distributions for returns on its investment that were previously recognized in Net investment income. The amount of these cash distributions was $344 million in 2024, $253 million in 2023 and $487 million in 2022.
Unfunded Commitments as of
Carrying Value as of December 31,
(In millions)20242023December 31, 2024
Real estate investments$1,763 $1,606 $850 
Securities partnerships2,587 2,400 1,809 
Other226 175 — 
Total$4,576 $4,181 $2,659 
Summary of Derivative Instruments Held The following table summarizes the types and notional quantity of derivative instruments held by the Company:
Notional Value as of
(In millions)December 31, 2024December 31, 2023
Type of Instrument
Fair value hedge - Foreign currency swap contracts
$975 $1,026 
Fair value hedge - Interest rate swap contracts$2,700 $1,500 
Net investment hedge - Foreign currency swap contracts
$415 $415 
Components of Net Investment Income
The components of Net investment income were as follows:
For the Years Ended December 31,
(In millions)202420232022
Debt securities$492 $500 $572 
Equity securities (1)
(114)123 14 
Commercial mortgage loans61 65 59 
Policy loans56 60 59 
Other long-term investments75 123 390 
Short-term investments and cash447 339 115 
Total investment income1,017 1,210 1,209 
Less investment expenses44 44 54 
Net investment income$973 $1,166 $1,155 
(1)Includes a $182 million impairment of dividend receivable for the year ended December 31, 2024. See the Equity Securities section of Note 11A to the Consolidated Financial Statements for additional information.