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INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Available-for-Sale Debt Securities
The amortized cost and allowance for credit losses for the Company's investments in fixed maturity securities and the fair values of these investments as well as the fair value of the Company's investments in equity securities are shown in the following tables.
  
June 30, 2024
(In millions)
Amortized
Cost		Allowance
for Credit
Losses		Gross
Unrealized
Gains		Gross
Unrealized
Losses		  Fair
  Value
Securities available-for-sale, carried at fair
  value through other comprehensive income:
Fixed maturity securities:
  Yen-denominated:
Japan government and agencies$19,952 $0 $524 $2,376 $18,100 
Municipalities853 0 71 74 850 
Mortgage- and asset-backed securities345 0 4 22 327 
Public utilities2,821 0 220 94 2,947 
Sovereign and supranational326 0 17 7 336 
Banks/financial institutions5,258 0 294 332 5,220 
Other corporate5,189 0 611 287 5,513 
Total yen-denominated34,744 0 1,741 3,192 33,293 
  U.S. dollar-denominated:
U.S. government and agencies184 0 1 4 181 
Municipalities1,206 0 76 49 1,233 
Mortgage- and asset-backed securities3,064 0 356 44 3,376 
Public utilities3,603 0 426 150 3,879 
Sovereign and supranational93 0 34 3 124 
Banks/financial institutions3,090 0 439 50 3,479 
Other corporate18,619 0 2,898 823 20,694 
Total U.S. dollar-denominated29,859 0 4,230 1,123 32,966 
Total securities available-for-sale$64,603 $0 $5,971 $4,315 $66,259 
  
December 31, 2023
(In millions)Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
  Value
Securities available-for-sale, carried at fair
  value through other comprehensive income:
Fixed maturity securities:
  Yen-denominated:
Japan government and agencies$23,067 $0 $1,040 $1,696 $22,411 
Municipalities968 0 115 58 1,025 
Mortgage- and asset-backed securities215 0 6 11 210 
Public utilities3,757 0 325 82 4,000 
Sovereign and supranational373 0 24 7 390 
Banks/financial institutions5,896 0 320 365 5,851 
Other corporate5,898 0 699 294 6,303 
Total yen-denominated40,174 0 2,529 2,513 40,190 
  U.S. dollar-denominated:
U.S. government and agencies191 0 2 4 189 
Municipalities1,246 0 65 38 1,273 
Mortgage- and asset-backed securities2,748 0 184 56 2,876 
Public utilities3,346 0 360 114 3,592 
Sovereign and supranational122 0 33 8 147 
Banks/financial institutions2,676 0 359 51 2,984 
Other corporate20,186 0 2,518 665 22,039 
Total U.S. dollar-denominated30,515 0 3,521 936 33,100 
Total securities available-for-sale$70,689 $0 $6,050 $3,449 $73,290 
Held-to-maturity Securities
  
June 30, 2024
(In millions)
Amortized
Cost		Allowance
for Credit
Losses		Net Carrying AmountGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair  
Value  
Securities held-to-maturity, carried at
  amortized cost:
Fixed maturity securities:
  Yen-denominated:
Japan government and agencies$15,040 $2 $15,038 $834 $5 $15,867 
Municipalities232 0 232 24 0 256 
Public utilities31 0 31 1 0 32 
Sovereign and supranational371 3 368 30 0 398 
Other corporate16 0 16 1 0 17 
Total yen-denominated15,690 5 15,685 890 5 16,570 
Total securities held-to-maturity$15,690 $5 $15,685 $890 $5 $16,570 
  
December 31, 2023
(In millions)Amortized
Cost		Allowance for Credit LossesNet Carrying AmountGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair  
Value
Securities held-to-maturity, carried at
  amortized cost:
Fixed maturity securities:
  Yen-denominated:
Japan government and agencies$17,085 $2 $17,083 $1,746 $0 $18,829 
Municipalities266 0 266 41 0 307 
Public utilities34 0 34 4 0 38 
Sovereign and supranational421 3 418 44 0 462 
Other corporate18 0 18 3 0 21 
Total yen-denominated17,824 5 17,819 1,838 0 19,657 
Total securities held-to-maturity$17,824 $5 $17,819 $1,838 $0 $19,657 
Equity securities, FV-NI
June 30,
2024		December 31,
2023
(In millions)Fair ValueFair Value
Equity securities, carried at fair value through net earnings:
Equity securities:
      Yen-denominated$482 $751 
      U.S. dollar-denominated246 252 
Other currencies0 85 
Total equity securities$728 $1,088 
Investments Classified by Contractual Maturity Date
The contractual and economic maturities of the Company's investments in fixed maturity securities at June 30, 2024, were as follows:
(In millions)
Amortized
Cost (1)
Fair
Value
Available-for-sale:
Due in one year or less$1,214 $1,265 
Due after one year through five years6,729 7,665 
Due after five years through 10 years17,527 18,946 
Due after 10 years35,724 34,680 
Mortgage- and asset-backed securities3,409 3,703 
Total fixed maturity securities available-for-sale$64,603 $66,259 
Held-to-maturity:
Due in one year or less$0 $0 
Due after one year through five years33 34 
Due after five years through 10 years8,366 8,956 
Due after 10 years7,286 7,580 
Total fixed maturity securities held-to-maturity$15,685 $16,570 
(1) Net of allowance for credit losses
Investment Exposures Exceeding Ten Percent Shareholders Equity
Investment exposures that individually exceeded 10% of shareholders' equity were as follows:
June 30, 2024December 31, 2023
(In millions)Credit
Rating		Amortized
Cost		Fair
Value		Credit
Rating		Amortized
Cost		Fair
Value
Japan National Government(1)
A+$34,111$33,114A+$39,151$40,222
(1)Japan Government Bonds (JGBs) or JGB-backed securities
Gain (Loss) on Investments
Information regarding pretax net gains and losses from investments is as follows:
  
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2024202320242023
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available-for-sale:
Gross gains from sales$6 $7 $40 $8 
Gross losses from sales(27)(6)(309)(9)
Foreign currency gains (losses)71 26 487 85 
Other investments:
Gross gains (losses) from sales and redemptions5 (3)10 (3)
Total sales and redemptions55 24 228 81 
Equity securities11 

(9)87 (12)
Credit losses:
Fixed maturity securities held-to-maturity0 0 0 1 
Commercial mortgage and other loans(21)(2)(28)(33)
Impairment losses0 0 0 0 
Loan commitments2 1 3 4 
Reinsurance recoverables and other0 0 5 (3)
Total credit losses(19)(1)(20)(31)
Derivatives and other:
Derivative gains (losses)(275)(594)(490)(577)
Foreign currency gains (losses)924 1,135 1,842 1,217 
Total derivatives and other649 541 1,352 640 
Total net investment gains (losses)$696 $555 $1,647 $678 
Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities
The net effect on shareholders’ equity of unrealized gains and losses from fixed maturity securities was as follows:
(In millions)June 30,
2024		December 31,
2023
Unrealized gains (losses) on securities available-for-sale$1,656 $2,601 
Deferred income taxes(1,255)(1,462)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities$401 $1,139 
Investments Gross Unrealized Loss Aging
The following tables show the fair values and gross unrealized losses of the Company's available-for-sale investments for the periods ended June 30, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
  
June 30, 2024
  
TotalLess than 12 months12 months or longer
(In millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed maturity securities available-
   for-sale:
  U.S. government and
      agencies:
  U.S. dollar-denominated$114 $4 $38 $1 $76 $3 
  Japan government and
      agencies:
  Yen-denominated8,156 2,376 2,577 574 5,579 1,802 
  Municipalities:
  U.S. dollar-denominated670 49 29 1 641 48 
  Yen-denominated339 74 123 4 216 70 
Mortgage- and asset-
    backed securities:
  U.S. dollar-denominated684 44 167 1 517 43 
  Yen-denominated223 22 41 0 182 22 
  Public utilities:
  U.S. dollar-denominated1,438 150 445 15 993 135 
      Yen-denominated951 94 492 18 459 76 
  Sovereign and supranational:
  U.S. dollar-denominated14 3 0 0 14 3 
  Yen-denominated25 7 0 1 25 6 
  Banks/financial institutions:
  U.S. dollar-denominated753 50 345 8 408 42 
  Yen-denominated3,132 332 450 23 2,682 309 
  Other corporate:
  U.S. dollar-denominated6,336 823 1,473 43 4,863 780 
  Yen-denominated 1,719 287 429 19 1,290 268 
  Total$24,554 $4,315 $6,609 $708 $17,945 $3,607 
  
December 31, 2023
  
TotalLess than 12 months12 months or longer
(In millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed maturity securities available-
   for-sale:
  U.S. government and
      agencies:
  U.S. dollar-denominated$123 $4 $53 $1 $70 $3 
  Japan government and
      agencies:
  Yen-denominated8,393 1,696 1,657 303 6,736 1,393 
  Municipalities:
  U.S. dollar-denominated703 38 31 1 672 37 
  Yen-denominated301 58 34 0 267 58 
Mortgage- and asset-
    backed securities:
  U.S. dollar-denominated925 56 340 6 585 50 
  Yen-denominated58 11 0 0 58 11 
  Public utilities:
  U.S. dollar-denominated1,120 114 228 4 892 110 
  Yen-denominated1,028 82 444 13 584 69 
  Sovereign and supranational:
  U.S. dollar-denominated35 8 0 0 35 8 
Yen-denominated60 7 0 0 60 7 
  Banks/financial institutions:
  U.S. dollar-denominated655 51 159 4 496 47 
  Yen-denominated3,673 365 186 4 3,487 361 
  Other corporate:
  U.S. dollar-denominated6,380 665 799 19 5,581 646 
  Yen-denominated1,948 294 308 9 1,640 285 
  Total $25,402 $3,449 $4,239 $364 $21,163 $3,085 
Composition of the Carrying Value for Commercial Mortgage and Other Loans by Property Type
The following table reflects the composition of the carrying value for commercial mortgage and other loans by property type as of the periods presented.
(In millions)June 30, 2024December 31, 2023
Amortized
Cost		% of
Total		Amortized
Cost		% of
Total
Commercial Mortgage and other loans:
Transitional real estate loans:
Office$1,635 13.6 %$1,807 14.1 %
Retail337 2.8 473 3.7 
Apartments/Multi-Family2,438 20.3 2,608 20.4 
Industrial115 1.0 157 1.2 
Hospitality712 5.9 814 6.4 
Other432 3.6 255 2.0 
Total transitional real estate loans5,669 47.2 6,114 47.8 
Commercial mortgage loans:
Office354 2.9 359 2.8 
Retail218 1.8 301 2.4 
Apartments/Multi-Family579 4.8 586 4.6 
Industrial442 3.7 463 3.6 
Other15 .1 0 0.0 
Total commercial mortgage loans1,608 13.3 1,709 13.4 
Middle market loans4,489 37.3 4,677 36.5 
Other loans267 2.2 301 2.3 
Total commercial mortgage and other loans$12,033 100.0 %$12,801 100.0 %
Allowance for credit losses(238)(274)
Total net commercial mortgage and other loans$11,795 $12,527 
Financing Receivable Nonaccrual
The following tables present an aging of past due and nonaccrual loans at amortized cost, before allowance for credit losses, as of the periods presented.
June 30, 2024
(In millions)Current Less Than
90 Days
Past Due
90 Days
or More
 Past Due(1)
Total Past
Due		Total
Loans		Nonaccrual
Status
Transitional real estate loans$4,934 $217 $518 $735 $5,669 $475 
Commercial mortgage loans1,587 0 21 21 1,608 21 
Middle market loans4,384 62 43 105 4,489 43 
Other loans247 0 20 20 267 0 
Total$11,152 $279 $602 $881 $12,033 $539 
(1) As of June 30, 2024, there were $106 of loans that were 90 days or more past due that continued to accrue interest.

December 31, 2023
(In millions)Current Less Than
90 Days
Past Due
90 Days
or More
 Past Due(1)
Total Past
Due		Total
Loans		Nonaccrual
Status
Transitional real estate loans$5,481 $108 $525 $633 $6,114 $633 
Commercial mortgage loans1,676 33 0 33 1,709 0 
Middle market loans4,592 0 85 85 4,677 85 
Other loans301 0 0 0 301 0 
Total$12,050 $141 $610 $751 $12,801 $718 
(1) As of December 31, 2023, there were no loans that were 90 days or more past due that continued to accrue interest.
Allowance for Loan Losses by Portfolio Segment
The following table presents the roll forward of the allowance for credit losses by portfolio segment for loans and by accounting classification for securities.
(In millions)Transitional
Real Estate
Loans		Commercial
Mortgage Loans		Middle Market
Loans		Other Loans
and Loan
Commitments		Held-to-
Maturity
Securities		Available-
for-Sale
Securities		Total
Three Months Ended June 30, 2024:
Balance at March 31, 2024
$(114)$(19)$(99)$(15)$(5)$0 $(252)
(Addition to) release of allowance for credit losses(24)2 1 2 0 0 (19)
Writeoffs, net of recoveries15 0 0 0 0 0 15 
Change in foreign exchange0 0 0 0 0 0 0 
Balance at June 30, 2024
$(123)$(17)$(98)$(13)$(5)$0 $(256)
Three Months Ended June 30, 2023:
Balance at March 31, 2023
$(65)$(9)$(149)$(21)$(6)$0 $(250)
(Addition to) release of allowance for credit losses(11)0 9 1 0 0 (1)
Writeoffs, net of recoveries0 0 0 0 0 0 0 
Change in foreign exchange0 0 0 0 1 0 1 
Balance at June 30, 2023
$(76)$(9)$(140)$(20)$(5)$0 $(250)
Six Months Ended June 30, 2024:
Balance at December 31, 2023
$(112)$(16)$(146)$(16)$(5)$0 $(295)
(Addition to) release of allowance for credit losses
(26)(1)(2)3 0 0 (26)
Writeoffs, net of recoveries15 0 50 0 0 0 65 
Change in foreign exchange0 0 0 0 0 0 0 
Balance at June 30, 2024
$(123)$(17)$(98)$(13)$(5)$0 $(256)
Six Months Ended June 30, 2023:
Balance at December 31, 2022
$(54)$(9)$(129)$(24)$(7)$0 $(223)
(Addition to) release of allowance for credit losses(22)0 (11)4 1 0 (28)
Writeoffs, net of recoveries0 0 0 0 0 0 0 
Change in foreign exchange0 0 0 0 1 0 1 
Balance at June 30, 2023
$(76)$(9)$(140)$(20)$(5)$0 $(250)
Other Investments
The table below reflects the composition of the carrying value for other investments as of the periods presented.
(In millions)June 30,
2024		December 31, 2023
Other investments:
Policy loans$195 $214 
Short-term investments (1)
3,380 1,304 
Limited partnerships (2)
2,983 2,750 
Real estate owned497 227 
Other47 35 
Total other investments$7,102 $4,530 
(1) Includes securities lending collateral
(2) Includes tax credit investments and asset classes such as private equity and real estate funds
Securities Lending Transactions Accounted for as Secured Borrowings
Details of collateral by loaned security type and remaining maturity of the agreements were as follows:
Securities Lending Transactions Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
June 30, 2024December 31, 2023
(In millions)
Overnight
and
Continuous(1)
Up to 30
days		Total
Overnight
and
Continuous(1)
Up to 30
days		Total
Securities lending
  transactions:
Fixed maturity securities:
Japan government and agencies$0 $3,583 $3,583 $0 $737 $737 
Public utilities51 0 51 19 0 19 
Banks/financial institutions145 0 145 72 0 72 
Other corporate714 0 714 675 0 675 
          Total borrowings$910 $3,583 $4,493 $766 $737 $1,503 
Gross amount of recognized liabilities for securities
   lending transactions		$4,493 $1,503 
(1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous.
Variable Interest Entity, Consolidated  
Investments in Variable Interest Entities
The following table presents carrying value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported.

Investments in Consolidated Variable Interest Entities
(In millions)June 30,
2024		December 31,
2023
Assets:
Fixed maturity securities, available-for-sale$3,677 $3,712 
Commercial mortgage and other loans9,454 10,150 
Other investments (1)
2,571 2,381 
Other assets (2)
58 55 
Total assets of consolidated VIEs$15,760 $16,298 
Liabilities:
Other liabilities (2)
$700 $507 
Total liabilities of consolidated VIEs$700 $507 
(1) Consists entirely of alternative investments in limited partnerships
(2) Consists entirely of derivatives
Variable Interest Entity, Not Consolidated  
Investments in Variable Interest Entities
The table below reflects the carrying value and balance sheet caption in which the Company's investments in VIEs that are not consolidated are reported.
Investments in Variable Interest Entities Not Consolidated
(In millions)June 30,
2024		December 31,
2023
Assets:
Fixed maturity securities, available-for-sale$6,552 $6,424 
Other investments (1)
412 369 
Total investments in VIEs not consolidated$6,964 $6,793 
(1) Consists entirely of alternative investments in limited partnerships
Transitional real estate loans  
Financing Receivable Credit Quality Indicators
Transitional Real Estate Loans
(In millions)20242023202220212020PriorTotal
Loan-to-Value Ratio:
0%-59.99%$0 $0 $615 $513 $36 $143 $1,307 
60%-69.99%0 114 394 673 18 605 1,804 
70%-79.99%0 14 814 812 83 173 1,896 
80% or greater0 0 219 214 80 149 662 
Total$0 $128 $2,042 $2,212 $217 $1,070 $5,669 
Current-period gross
  writeoffs:		$0 $0 $0 $5 $0 $10 $15 
Commercial mortgage loans  
Financing Receivable Credit Quality Indicators
Commercial Mortgage Loans
(In millions)20242023202220212020PriorTotalWeighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%$0 $33 $0 $294 $58 $952 $1,337 2.64
60%-69.99%13 0 0 0 0 39 52 1.31
70%-79.99%0 0 0 0 0 86 86 1.26
80% or greater0 0 0 0 0 133 133 0.51
Total$13 $33 $0 $294 $58 $1,210 $1,608 2.34
Weighted Average DSCR1.212.580.002.932.612.20
Current-period gross
  writeoffs:		$0 $0 $0 $0 $0 $0 $0 
Middle market loans  
Financing Receivable Credit Quality Indicators
Middle Market Loans
(In millions)20242023202220212020PriorRevolving LoansTotal
Credit Ratings:
BBB$10 $15 $62 $103 $94 $93 $16 $393 
BB85 41 367 415 280 499 81 1,768 
B111 45 246 563 249 620 42 1,876 
CCC0 0 22 78 90 140 16 346 
CC0 0 0 0 0 8 0 8 
C and lower0 0 0 6 0 90 2 98 
Total$206 $101 $697 $1,165 $713 $1,450 $157 $4,489 
Current-period gross
  writeoffs:		$0 $0 $0 $27 $0 $23 $0 $50 
Other loans  
Financing Receivable Credit Quality Indicators
Other Loans
(In millions)20242023202220212020PriorRevolving LoansTotal
Credit Ratings:
A$0 $22 $76 $0 $0 $0 $0 $98 
AA0 0 22 3 0 0 0 25 
BBB5 64 0 0 0 0 0 69 
BB0 0 75 0 0 0 0 75 
Total$5 $86 $173 $3 $0 $0 $0 $267 
Current-period gross
  writeoffs:
$0 $0 $0 $0 $0 $0 $0 $0