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INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
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.
  
March 31, 2025
(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$20,005 $0 $145 $2,608 $17,542 
Municipalities919 0 50 105 864 
Mortgage- and asset-backed securities342 0 2 29 315 
Public utilities2,771 0 155 155 2,771 
Sovereign and supranational349 0 9 10 348 
Banks/financial institutions5,553 0 225 448 5,330 
Other corporate5,655 0 475 413 5,717 
Total yen-denominated35,594 0 1,061 3,768 32,887 
  U.S. dollar-denominated:
U.S. government and agencies275 0 2 2 275 
Municipalities1,190 0 69 68 1,191 
Mortgage- and asset-backed securities3,574 0 205 46 3,733 
Public utilities4,162 0 376 142 4,396 
Sovereign and supranational58 0 20 0 78 
Banks/financial institutions3,673 0 388 30 4,031 
Other corporate18,938 0 2,224 689 20,473 
Total U.S. dollar-denominated31,870 0 3,284 977 34,177 
Other currencies:
Public utilities55 0 0 1 54 
Other corporate
26 0 0 0 26 
Total other currencies
81 0 0 1 80 
Total securities available-for-sale$67,545 $0 $4,345 $4,746 $67,144 
  
December 31, 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$19,409 $0 $465 $2,234 $17,640 
Municipalities869 0 65 79 855 
Mortgage- and asset-backed securities327 0 4 23 308 
Public utilities2,746 0 202 108 2,840 
Sovereign and supranational330 0 16 8 338 
Banks/financial institutions5,376 0 267 342 5,301 
Other corporate5,329 0 568 305 5,592 
Total yen-denominated34,386 0 1,587 3,099 32,874 
  U.S. dollar-denominated:
U.S. government and agencies208 0 1 3 206 
Municipalities1,167 0 65 53 1,179 
Mortgage- and asset-backed securities2,987 0 302 34 3,255 
Public utilities3,938 0 418 151 4,205 
Sovereign and supranational57 0 21 0 78 
Banks/financial institutions3,271 0 420 36 3,655 
Other corporate18,050 0 2,493 752 19,791 
Total U.S. dollar-denominated29,678 0 3,720 1,029 32,369 
Other currencies:
Other corporate25 0 1 0 26 
Total other currencies25 0 1 0 26 
Total securities available-for-sale$64,089 $0 $5,308 $4,128 $65,269 
Held-to-maturity Securities
  
March 31, 2025
(In millions)Amortized
Cost		Allowance
for Credit
Losses		Net
Carrying
Amount		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Securities held-to-maturity, carried at
  amortized cost:
Fixed maturity securities:
  Yen-denominated:
Japan government and agencies$16,195 $2 $16,193 $368 $155 $16,406 
Municipalities249 0 249 11 0 260 
Public utilities33 0 33 0 0 33 
Sovereign and supranational399 3 396 22 0 418 
Other corporate17 0 17 1 0 18 
Total yen-denominated16,893 5 16,888 402 155 17,135 
Total securities held-to-maturity$16,893 $5 $16,888 $402 $155 $17,135 
  
December 31, 2024
(In millions)Amortized
Cost		Allowance
for Credit
Losses		Net
Carrying
Amount		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Securities held-to-maturity, carried at
  amortized cost:
Fixed maturity securities:
  Yen-denominated:
Japan government and agencies$15,311 $2 $15,309 $759 $9 $16,059 
Municipalities235 0 235 22 0 257 
Public utilities32 0 32 1 0 33 
Sovereign and supranational377 3 374 31 0 405 
Other corporate16 0 16 2 0 18 
Total yen-denominated15,971 5 15,966 815 9 16,772 
Total securities held-to-maturity$15,971 $5 $15,966 $815 $9 $16,772 
Equity securities, FV-NI
March 31,
2025		December 31, 2024
(In millions)Fair ValueFair Value
Equity securities, carried at fair value through net earnings:
Equity securities:
Yen-denominated$491 $484 
U.S. dollar-denominated273 312 
Total equity securities$764 $796 
Investments Classified by Contractual Maturity Date
The contractual and economic maturities of the Company's investments in fixed maturity securities at March 31, 2025, were as follows:
(In millions)
Amortized
Cost (1)
Fair
Value
Available-for-sale:
Due in one year or less$1,572 $1,728 
Due after one year through five years8,158 8,943 
Due after five years through 10 years15,563 16,267 
Due after 10 years38,336 36,158 
Mortgage- and asset-backed securities3,916 4,048 
Total fixed maturity securities available-for-sale$67,545 $67,144 
Held-to-maturity:
Due in one year or less$33 $35 
Due after one year through five years2 2 
Due after five years through 10 years9,008 9,346 
Due after 10 years7,845 7,752 
Total fixed maturity securities held-to-maturity$16,888 $17,135 
(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:
March 31, 2025December 31, 2024
(In millions)Credit
Rating		Amortized
Cost		Fair
Value		Credit
Rating		Amortized
Cost		Fair
Value
Japan National Government(1)
A+$35,251$33,082A+$33,822$32,844
(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 March 31,
(In millions)20252024
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available-for-sale:
Gross gains from sales$114 $34 
Gross losses from sales(235)(282)
Foreign currency gains (losses)161 416 
Other investments:
Gross gains (losses) from sales and redemptions1 5 
Total sales and redemptions41 173 
Equity securities(61)76 
Credit losses:
Fixed maturity securities held-to-maturity0 0 
Commercial mortgage and other loans(53)(7)
Impairment losses0 0 
Loan commitments(2)1 
Reinsurance recoverables and other0 5 
Total credit losses(55)(1)
Derivatives and other:
Derivative gains (losses)(45)(215)
Foreign currency gains (losses)(843)918 
Total derivatives and other(888)703 
Total net investment gains (losses)$(963)$951 
Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities
The net effect on shareholders’ equity of unrealized gains and losses from fixed maturity securities was as follows:
(In millions)March 31,
2025		December 31,
2024
Unrealized gains (losses) on securities available-for-sale$(401)$1,180 
Deferred income taxes(832)(1,156)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities$(1,233)$24 
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 March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
  
March 31, 2025
  
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$68 $2 $33 $0 $35 $2 
Japan government and
    agencies:
Yen-denominated11,951 2,608 6,090 179 5,861 2,429 
Municipalities:
U.S. dollar-denominated656 68 72 3 584 65 
Yen-denominated339 105 96 8 243 97 
Mortgage- and asset-
    backed securities:
U.S. dollar-denominated1,091 46 697 20 394 26 
Yen-denominated208 29 22 0 186 29 
Public utilities:
U.S. dollar-denominated1,689 142 816 17 873 125 
Yen-denominated1,037 155 258 23 779 132 
Other currencies53 1 53 1 0 0 
Sovereign and supranational:
U.S. dollar-denominated0 0 0 0 0 0 
Yen-denominated49 10 0 0 49 10 
Banks/financial institutions:
U.S. dollar-denominated749 30 544 7 205 23 
Yen-denominated3,576 448 472 14 3,104 434 
Other corporate:
U.S. dollar-denominated6,596 689 2,690 58 3,906 631 
Yen-denominated 2,302 413 810 53 1,492 360 
Total$30,364 $4,746 $12,653 $383 $17,711 $4,363 
  
December 31, 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$106 $3 $59 $1 $47 $2 
Japan government and
    agencies:
Yen-denominated8,136 2,234 2,070 57 6,066 2,177 
Municipalities:
U.S. dollar-denominated666 53 67 3 599 50 
Yen-denominated341 79 96 2 245 77 
Mortgage- and asset-
    backed securities:
U.S. dollar-denominated567 34 173 2 394 32 
Yen-denominated196 23 12 0 184 23 
Public utilities:
U.S. dollar-denominated1,570 151 699 19 871 132 
Yen-denominated1,020 108 368 11 652 97 
Sovereign and supranational:
Yen-denominated47 8 0 0 47 8 
Banks/financial institutions:
U.S. dollar-denominated625 36 376 7 249 29 
Yen-denominated3,197 342 471 22 2,726 320 
Other corporate:
U.S. dollar-denominated6,097 752 2,036 59 4,061 693 
Yen-denominated1,733 305 289 14 1,444 291 
Total$24,301 $4,128 $6,716 $197 $17,585 $3,931 
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.
March 31, 2025December 31, 2024
(In millions)Amortized
Cost		% of
Total		Amortized
Cost		% of
Total
Commercial Mortgage and other loans:
Transitional real estate loans:
Office$1,238 11.2 %$1,361 12.1 %
Retail350 3.2 349 3.1 
Apartments/Multi-Family2,158 19.6 2,201 19.6 
Industrial100 .9 117 1.1 
Hospitality526 4.8 556 5.0 
Other306 2.8 318 2.8 
Total transitional real estate loans4,678 42.5 4,902 43.7 
Commercial mortgage loans:
Office298 2.7 300 2.7 
Retail212 1.9 214 1.9 
Apartments/Multi-Family569 5.1 572 5.1 
Industrial433 3.9 436 3.9 
Other14 .1 15 .1 
Total commercial mortgage loans1,526 13.7 1,537 13.7 
Middle market loans4,451 40.4 4,423 39.4 
Other loans369 3.4 362 3.2 
Total commercial mortgage and other loans$11,024 100.0 %$11,224 100.0 %
Allowance for credit losses(368)(355)
Total net commercial mortgage and other loans$10,656 $10,869 
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.
March 31, 2025
(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$4,193 $18 $467 $485 $4,678 $467 
Commercial mortgage loans1,526 0 0 0 1,526 0 
Middle market loans4,301 70 80 150 4,451 128 
Other loans369 0 0 0 369 0 
Total$10,389 $88 $547 $635 $11,024 $595 
(1) As of March 31, 2025, there were no loans that were 90 days or more past due that continued to accrue interest.

December 31, 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$4,364 $195 $343 $538 $4,902 $378 
Commercial mortgage loans1,537 0 0 0 1,537 0 
Middle market loans4,295 63 65 128 4,423 108 
Other loans362 0 0 0 362 0 
Total$10,558 $258 $408 $666 $11,224 $486 
(1) As of December 31, 2024, there were no loans that were 90 days or more past due that continued to accrue interest.
Effect of Loan Modifications
The following tables present the amortized cost basis of modified loans to borrowers experiencing financial difficulty and the financial effect of the modifications, disaggregated by loan classification and type of modification.
Three Months Ended
March 31, 2025
(In millions)
Amortized Cost (1)
% of TotalFinancial Effect
Middle Market Loans:
Principal forgiveness$1 0.0 %
Reduction in the amortized cost basis of $3 million
Term extension33 1.0 
Term extension of six months on average
Other-than-insignificant
  payment delays		47 1.0 
Delay in principal and interest payments of 23 months on average
(1) Net of allowance for credit losses

Three Months Ended
March 31, 2024
(In millions)
Amortized Cost (1)
% of TotalFinancial Effect
Transitional Real Estate Loans:
Other-than-insignificant payment
  delays and interest rate
  reduction
$210 3.0 %
Delay in payments of 51 months on average and reduction in the weighted-average contractual interest rate from 8.3% to 6.9%
(1) Net of allowance for credit losses
Loan Performance After Modifications
The following table presents an aging of loans that received modifications in the 12 months preceding the period presented, at amortized cost.
March 31, 2025
(In millions)Current Less Than
90 Days
Past Due		90 Days
or More
Past Due		Nonaccrual
Status
Transitional real estate loans$347 $0 $0 $0 
Middle market loans96 0 0 20 
Total$443 $0 $0 $20 
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 March 31, 2025:
Balance at December 31, 2024
$(199)$(14)$(140)$(17)$(5)$0 $(375)
(Addition to) release of allowance
   for credit losses
(28)(1)(24)(2)0 0 (55)
Writeoffs, net of recoveries24 0 14 0 0 0 38 
Change in foreign exchange0 0 0 0 0 0 0 
Balance at March 31, 2025
$(203)$(15)$(150)$(19)$(5)$0 $(392)
Three Months Ended March 31, 2024:
Balance at December 31, 2023
$(112)$(16)$(146)$(16)$(5)$0 $(295)
(Addition to) release of allowance
   for credit losses
(2)(3)(3)1 0 0 (7)
Writeoffs, net of recoveries0 0 50 0 0 0 50 
Change in foreign exchange0 0 0 0 0 0 0 
Balance at March 31, 2024
$(114)$(19)$(99)$(15)$(5)$0 $(252)
Other Investments
The table below reflects the composition of the carrying value for other investments as of the periods presented.
(In millions)March 31,
2025		December 31,
2024
Other investments:
Policy loans$211 $203 
Short-term investments (1)
2,259 1,599 
Limited partnerships (2)
3,482 3,435 
Real estate owned774 682 
Other37 39 
Total other investments$6,763 $5,958 
(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
March 31, 2025December 31, 2024
(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 $2,303 $2,303 $0 $1,027 $1,027 
Public utilities39 0 39 34 0 34 
Banks/financial institutions131 0 131 193 0 193 
Other corporate669 0 669 783 0 783 
          Total borrowings$839 $2,303 $3,142 $1,010 $1,027 $2,037 
Gross amount of recognized liabilities for securities
   lending transactions		$3,142 $2,037 
(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
VIEs - Consolidated

If the Company determines that it is the VIE’s primary beneficiary, it consolidates the VIE. Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company except to the extent of the unfunded commitments referenced above, as the Company’s obligation to each VIE is limited to the amount of its committed investment.

The following table presents the 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)March 31,
2025		December 31,
2024
Assets:
Fixed maturity securities, available-for-sale$3,597 $3,428 
Commercial mortgage and other loans8,540 8,693 
Other investments (1)
2,151 2,176 
Other assets (2)
49 53 
Total assets of consolidated VIEs$14,337 $14,350 
Liabilities:
Other liabilities (2)
$642 $604 
Total liabilities of consolidated VIEs$642 $604 
(1) Consists entirely of alternative investments in limited partnerships, which represent VIEs where the Company is not the primary beneficiary and, therefore, are not consolidated
(2) Consists entirely of derivatives
Variable Interest Entity, Not Consolidated  
Investments in Variable Interest Entities
VIEs - Not Consolidated
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)March 31,
2025		December 31,
2024
Assets:
Fixed maturity securities, available-for-sale$6,624 $6,243 
Other investments (1)
1,194 1,124 
Total investments in VIEs not consolidated$7,818 $7,367 
(1) Consists entirely of alternative investments in limited partnerships
Transitional real estate loans  
Financing Receivable Credit Quality Indicators
The following tables present as of March 31, 2025 the amortized cost basis of TREs, CMLs, MMLs, and other loans by year of origination and credit quality indicator.
Transitional Real Estate Loans
(In millions)20252024202320222021PriorTotal
Loan-to-Value Ratio:
0%-59.99%$0 $0 $0 $371 $390 $47 $808 
60%-69.99%0 0 77 431 442 396 1,346 
70%-79.99%14 0 14 823 625 64 1,540 
80% or greater0 0 0 335 353 296 984 
Total$14 $0 $91 $1,960 $1,810 $803 $4,678 
Current-period gross
  writeoffs:		$0 $0 $0 $0 $0 $24 $24 
Commercial mortgage loans  
Financing Receivable Credit Quality Indicators
Commercial Mortgage Loans
(In millions)20252024202320222021PriorTotalWeighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%$0 $0 $32 $0 $265 $1,009 $1,306 2.72
60%-69.99%0 0 0 0 25 47 72 2.11
70%-79.99%0 0 0 0 0 55 55 1.69
80% or greater0 13 0 0 0 80 93 0.57
Total$0 $13 $32 $0 $290 $1,191 $1,526 2.52
Weighted Average DSCR0.001.132.620.003.162.38
Current-period gross
  writeoffs:		$0 $0 $0 $0 $0 $0 $0 
Middle market loans  
Financing Receivable Credit Quality Indicators
Middle Market Loans
(In millions)20252024202320222021PriorRevolving LoansTotal
Credit Ratings:
BBB$0 $30 $29 $0 $78 $108 $12 $257 
BB61 425 43 426 374 607 76 2,012 
B34 226 53 234 480 662 46 1,735 
CCC0 5 0 14 61 223 19 322 
CC0 0 0 13 0 16 5 34 
C and lower0 0 0 0 0 87 4 91 
Total$95 $686 $125 $687 $993 $1,703 $162 $4,451 
Current-period gross
  writeoffs:		$0 $0 $0 $0 $11 $3 $0 $14 
Other loans  
Financing Receivable Credit Quality Indicators
Other Loans
(In millions)20252024202320222021PriorRevolving LoansTotal
Credit Ratings:
A$0 $0 $0 $79 $0 $0 $0 $79 
AA0 0 0 8 3 0 0 11 
BBB0 184 68 27 0 0 0 279 
BB0 0 0 0 0 0 0 0 
Total$0 $184 $68 $114 $3 $0 $0 $369 
Current-period gross
  writeoffs:		$0 $0 $0 $0 $0 $0 $0 $0