
	As of December 31, 2024
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	75,556	$	563	$	9,655	$	14	$	66,450
U.S. government bonds	429		3		41		–		391
State and municipal bonds	2,798		18		445		–		2,371
Foreign government bonds	282		11		56		–		237
RMBS	2,066		24		220		7		1,863
CMBS	1,817		4		156		–		1,665
ABS	14,226		99		421		24		13,880
Hybrid and redeemable preferred securities	241		25		11		1		254
Total fixed maturity AFS securities	$	97,415	$	747	$	11,005	$	46	$	87,111


	As of December 31, 2023
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	77,085	$	852	$	8,272	$	8	$	69,657
U.S. government bonds	416		6		29		–		393
State and municipal bonds	3,106		101		417		–		2,790
Foreign government bonds	314		16		47		–		283
RMBS	1,948		28		197		6		1,773
CMBS	1,622		5		203		–		1,424
ABS	12,698		62		585		4		12,171
Hybrid and redeemable preferred securities	244		21		17		1		247
Total fixed maturity AFS securities	$	97,433	$	1,091	$	9,767	$	19	$	88,738


	Amortized Cost		Fair Value
Due in one year or less	$	3,526	$	3,508
Due after one year through five years	17,958		17,453
Due after five years through ten years	13,928		12,867
Due after ten years	43,894		35,875
Subtotal	79,306		69,703
Structured securities (RMBS, CMBS, ABS)	18,109		17,408
Total fixed maturity AFS securities	$	97,415	$	87,111

The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:


	As of December 31, 2024
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	24,657	$	4,054	$	29,786	$	5,601	$	54,443	$	9,655
U.S. government bonds	86		3		224		38		310		41
State and municipal bonds	1,087		228		760		217		1,847		445
Foreign government bonds	32		5		118		51		150		56
RMBS	795		76		760		144		1,555		220
CMBS	579		50		777		106		1,356		156
ABS	2,907		118		3,827		303		6,734		421
Hybrid and redeemable
preferred securities	23		3		93		8		116		11
Total fixed maturity AFS securities	$	30,166	$	4,537	$	36,345	$	6,468	$	66,511	$	11,005

Total number of fixed maturity AFS securities in an unrealized loss position											6,985


	As of December 31, 2023
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	14,005	$	3,270	$	34,595	$	5,002	$	48,600	$	8,272
U.S. government bonds	65		6		195		23		260		29
State and municipal bonds	371		72		874		345		1,245		417
Foreign government bonds	111		31		57		16		168		47
RMBS	360		20		886		177		1,246		197
CMBS	583		56		589		147		1,172		203
ABS	1,900		68		7,217		517		9,117		585
Hybrid and redeemable
preferred securities	32		3		95		14		127		17
Total fixed maturity AFS securities	$	17,427	$	3,526	$	44,508	$	6,241	$	61,935	$	9,767

Total number of fixed maturity AFS securities in an unrealized loss position											7,605

(1) As of December 31, 2024 and 2023, we recognized $23 million and $8 million of gross unrealized losses, respectively, in OCI for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:


	As of December 31, 2024
	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	5,405	$	1,621	799
Six months or greater, but less than nine months	371		198		216
Nine months or greater, but less than twelve months	71		28		37
Twelve months or greater	4,440		2,218		741
Total	$	10,287	$	4,065	1,793


	As of December 31, 2023
	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	2,492	$	927	533
Six months or greater, but less than nine months	343		96		79
Nine months or greater, but less than twelve months	336		109		90
Twelve months or greater	4,094		2,922		997
Total	$	7,265	$	4,054	1,699

Our gross unrealized losses on fixed maturity AFS securities increased by $1.2 billion for the year ended December 31, 2024. As discussed further below, we do not believe the unrealized loss position as of December 31, 2024, required an impairment recognized in earnings as: (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of December 31, 2024, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities.

As of December 31, 2024, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond and foreign government bond securities were attributable primarily to rising interest rates and widening credit spreads since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security.

Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by S&P Global Ratings (“S&P”) or Baa3 or higher by Moody’s Investors Service (“Moody’s”)) are generally considered by the rating agencies and market participants to be low credit risk. As of December 31, 2024 and 2023, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of December 31, 2024 and 2023, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $2.9 billion and $3.0 billion, respectively, and a fair value of $2.8 billion. Based upon the analysis discussed above, we believe that as of December 31, 2024 and 2023, we would have recovered the amortized cost of each corporate bond.

As of December 31, 2024, the unrealized losses associated with our MBS and ABS were attributable primarily to rising interest rates and widening credit spreads since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security.

As of December 31, 2024, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each impaired security.

We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. See Note 1 for a discussion regarding our accounting policy relating to the allowance for credit losses on our fixed maturity AFS securities.


	For the Year Ended December 31, 2024
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-year	$	8	$	6	$	4	$	1	$	19
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	10		–		15		–		25
Additions (reductions) for securities for which
credit losses were previously recognized	11		1		5		–		17

Reductions for securities charged off	(15)		–		–		–		(15)
Balance as of end-of-year (2)	$	14	$	7	$	24	$	1	$	46


	For the Year Ended December 31, 2023
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-year	$	9	$	7	$	5	$	1	$	22
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	25		1		–		–		26
Additions (reductions) for securities for which
credit losses were previously recognized	(2)		(2)		(1)		–		(5)
Reductions for securities disposed	(2)		–		–		–		(2)
Reductions for securities charged off	(22)		–		–		–		(22)
Balance as of end-of-year (2)	$	8	$	6	$	4	$	1	$	19


	For the Year Ended December 31, 2022
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-year	$	17	$	1	$	1	$	–	$	19
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	4		3		–		1		8
Additions (reductions) for securities for which
credit losses were previously recognized	2		3		4		–		9
Reductions for securities disposed	(2)		–		–		–		(2)
Reductions for securities charged off	(12)		–		–		–		(12)
Balance as of end-of-year (2)	$	9	$	7	$	5	$	1	$	22

(2) As of December 31, 2024, 2023 and 2022, accrued investment income on fixed maturity AFS securities totaled $876 million, $908 million and $1.1 billion, respectively, and was excluded from the estimate of credit losses.


	As of December 31,
	2024		2023
Fixed maturity securities:
Corporate bonds	$	1,409	$	1,653

State and municipal bonds	13		21
Foreign government bonds	41		46
RMBS	63		62
CMBS	109		104
ABS	371		455
Hybrid and redeemable preferred securities	19		18
Total trading securities	$	2,025	$	2,359

The portion of the market adjustment for trading gains and losses recognized in realized gain (loss) that relate to trading securities still held as of December 31, 2024, 2023 and 2022, was $(2) million, $81 million and $(632) million, respectively.


	As of December 31, 2024						As of December 31, 2023
	Commercial		Residential		Total		Commercial		Residential		Total
Current	$	17,567	$	3,387	$	20,954	$	17,256	$	1,665	$	18,921
30 to 59 days past due	6		71		77		61		28		89
60 to 89 days past due	–		33		33		–		9		9
90 or more days past due	35		90		125		–		60		60
Allowance for credit losses	(99)		(53)		(152)		(86)		(28)		(114)
Unamortized premium (discount)	(6)		83		77		(7)		43		36
Mark-to-market gains (losses) (1)	(31)		–		(31)		(37)		(1)		(38)
Total carrying value	$	17,472	$	3,611	$	21,083	$	17,187	$	1,776	$	18,963

(1) Represents the mark-to-market on certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers, and for which we have elected the fair value option. As of December 31, 2024, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $21 million, respectively. As of December 31, 2023, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was less than $1 million. As of December 31, 2024 and 2023, there were no such mortgage loans on real estate that were more than 90 days past due and still accruing interest. See Note 1 4 for additional information.

Our commercial mortgage loan portfolio had the largest concentrations in California, which accounted for 27% of commercial mortgage loans on real estate as of December 31, 2024 and 2023, and Texas, which accounted for 10% and 9% of commercial mortgage loans on real estate as of December 31, 2024 and 2023, respectively.

Our residential mortgage loan portfolio had the largest concentrations in California, which accounted for 14% of residential mortgage loans on real estate as of December 31, 2024 and 2023, and New York, which accounted for 14% and 12% of residential mortgage loans on real estate as of December 31, 2024 and 2023, respectively.

The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows, excluding certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers:

We use LTV and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:


	As of December 31, 2024
	LTV Less Than 65%		Debt-Service Coverage Ratio	LTV 65% to 75%		Debt-Service Coverage Ratio	LTV Greater Than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2024	$	1,548	1.73	$	83	1.41	$	–	–	$	1,631
2023	1,348		1.78	44		1.36	–		–	1,392
2022	1,724		2.11	94		1.55	4		1.30	1,822
2021	2,267		3.50	47		1.52	–		–	2,314
2020	1,167		3.33	4		1.53	–		–	1,171
2019 and prior	9,138		2.38	126		1.58	8		1.30	9,272
Total	$	17,192		$	398		$	12		$	17,602


	As of December 31, 2023
	LTV Less Than 65%		Debt-Service Coverage Ratio	LTV 65% to 75%		Debt-Service Coverage Ratio	LTV Greater Than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2023	$	1,368	1.90	$	54	1.38	$	–	–	$	1,422
2022	1,710		2.06	140		1.54	–		–	1,850
2021	2,335		3.34	61		1.55	–		–	2,396
2020	1,214		3.24	11		1.38	–		–	1,225
2019	2,446		2.40	80		1.56	10		2.33	2,536
2018 and prior	7,789		2.39	78		1.60	14		0.87	7,881
Total	$	16,862		$	424		$	24		$	17,310

We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:


	As of December 31, 2024
	Performing		Nonperforming		Total
Origination Year
2024	$	1,895	$	14	$	1,909
2023	557		16		573
2022	492		33		525
2021	427		11		438
2020	65		4		69
2019 and prior	136		14		150
Total	$	3,572	$	92	$	3,664


	As of December 31, 2023
	Performing		Nonperforming		Total
Origination Year
2023	$	515	$	2	$	517
2022	533		22		555
2021	465		18		483
2020	78		3		81
2019	99		13		112
2018 and prior	53		4		57
Total	$	1,743	$	62	$	1,805

In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value. See Note 1 for a discussion regarding our accounting policy relating to the allowance for credit losses on our mortgage loans on real estate.


	For the Year Ended December 31, 2024
	Commercial		Residential		Total
Balance as of beginning-of-year	$	86	$	28	$	114
Additions (reductions) from provision for credit loss
expense (1)	63		25		88
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Reductions for mortgage loans on real estate charged off	(50)		–		(50)
Balance as of end-of-year (2)	$	99	$	53	$	152


	For the Year Ended December 31, 2023
	Commercial		Residential		Total
Balance as of beginning-of-year	$	84	$	15	$	99
Additions (reductions) from provision for credit loss
expense (1)	2		13		15
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Balance as of end-of-year (2)	$	86	$	28	$	114


	For the Year Ended December 31, 2022
	Commercial		Residential		Total
Balance as of beginning-of-year	$	79	$	17	$	96

Additions (reductions) from provision for credit loss
expense (1)	5		(2)		3
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Balance as of end-of-year (2)	$	84	$	15	$	99

(1) We recognized less than $1 million and $(1) million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the years ended December 31, 2024 and 2023, respectively. We did not recognize any credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the year ended December 31, 2022.

(2) Accrued investment income on mortgage loans on real estate totaled $94 million, $68 million and $51 million as of December 31, 2024, 2023 and 2022, respectively, and was excluded from the estimate of credit losses.


	For the Years Ended December 31,
	2024		2023		2022
Fixed maturity AFS securities	$	4,222	$	4,819	$	4,469
Trading securities	118		161		182
Equity securities	21		13		11
Mortgage loans on real estate	887		755		689
Policy loans	95		103		101
Cash and invested cash	194		129		13
Commercial mortgage loan prepayment
and bond make-whole premiums	15		10		105
Alternative investments	319		243		66
Consent fees	–		3		8
Other investments	(30)		(33)		79
Investment income	5,841		6,203		5,723
Investment expense	(316)		(324)		(208)
Net investment income	$	5,525	$	5,879	$	5,515

Details underlying intent to sell impairments and credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:


	For the Years Ended December 31,
	2024		2023		2022
Intent to Sell Impairments (1)
Fixed maturity AFS securities:
Corporate bonds	$	–	$	(941)	$	–
State and municipal bonds	–		(48)		–
RMBS	–		(28)		–
CMBS	–		(36)		–
ABS	–		(37)		–
Hybrid and redeemable preferred securities	–		(1)		–
Total intent to sell impairments	$	–	$	(1,091)	$	–

Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds	$	(21)	$	(24)	$	(5)
RMBS	(1)		1		(6)
ABS	(20)		1		(4)



Total credit loss benefit (expense)	$	(42)	$	(22)	$	(15)

(1) For the year ended December 31, 2023, this includes impairments of certain fixed maturity AFS securities in an unrealized loss position, resulting from the Company’s intent to sell these securities as part of the fourth quarter 2023 reinsurance transaction.

The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:


	As of December 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Collateral payable for derivative investments (1)	$	7,213	$	7,213	$	5,250	$	5,250
Securities pledged under securities lending agreements (2)	157		151		205		197
Investments pledged for FHLBI (3)	2,650		3,657		2,650		3,603
Total payables for collateral on investments	$	10,020	$	11,021	$	8,105	$	9,050

(1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash or fixed maturity AFS securities. This also includes interest payable on collateral. See Note 5 for additional information.

(2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

(3) Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

We have repurchase agreements through which we can obtain liquidity by pledging securities. The collateral requirements are generally 80% to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. As of December 31, 2024 and 2023, we were not participating in any open repurchase agreements.


	For the Years Ended December 31,
	2024		2023		2022
Collateral payable for derivative investments	$	1,963	$	1,966	$	(2,291)
Securities pledged under securities lending agreements	(48)		(93)		57
Investments pledged for FHLBI	–		(480)		–
Total increase (decrease) in payables for collateral on investments	$	1,915	$	1,393	$	(2,234)

We have elected not to offset our securities lending transactions in the consolidated financial statements. The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows:


	As of December 31, 2024
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	144	$	–	$	–	$	–	$	144
U.S. government bonds	1		–		–		–		1
Equity securities	12		–		–		–		12
Total gross secured borrowings	$	157	$	–	$	–	$	–	$	157


	As of December 31, 2023
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	202	$	–	$	–	$	–	$	202

Equity securities	3		–		–		–		3
Total gross secured borrowings	$	205	$	–	$	–	$	–	$	205

We accept collateral in the form of securities in connection with repurchase agreements. In instances where we are permitted to sell or re-pledge the securities received, we report the fair value of the collateral received and a related obligation to return the collateral in the consolidated financial statements. In addition, we receive securities in connection with securities borrowing agreements that we are permitted to sell or re-pledge. As of December 31, 2024, we had not received any collateral and, therefore, had not sold or repledged any collateral under these agreements.

December 31, 2024, the fair value of this collateral received that we are permitted to sell or re-pledge was $2.6 billion, and we had re-pledged $63 million of this collateral to cover our collateral requirements.

As of December 31, 2024, our investment commitments were $4.3 billion, which included $3.2 billion of LPs, $828 million of mortgage loans on real estate and $230 million of private placement securities.

As of December 31, 2024 and 2023, our most significant investments in one issuer were our investments in securities issued by the Federal National Mortgage Association with a fair value of $851 million and $739 million, respectively, or 1% of total investments, and our investments in securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $566 million and $570 million, respectively, or less than 1% and 1%, respectively, of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

As of December 31, 2024 and 2023, our most significant investments in one industry were our investments in securities in the financial services industry with a fair value of $13.4 billion and $14.0 billion, respectively, or 10% and 11%, respectively, of total investments, and our investments in securities in the consumer non-cyclical industry with a fair value of $12.9 billion and $13.8 billion, respectively, or 10% and 11%, respectively, of total investments. These concentrations include fixed maturity AFS, trading and equity securities.