SCHEDULE I - CONSOLIDATED SUMMARY OF INVESTMENTS – OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

CONSOLIDATED SUMMARY OF INVESTMENTS – OTHER THAN INVESTMENTS IN RELATED PARTIES

CONSOLIDATED SUMMARY OF INVESTMENTS – OTHER THAN

INVESTMENTS IN RELATED PARTIES

(in millions)

Column A	Column B		Column C		Column D
	As of December 31, 2024
	Cost or		Fair		Carrying
Type of Investment	Amortized Cost		Value		Value
Fixed Maturity Available-For-Sale Securities (1)
Bonds:
U.S. government bonds	$	429	$	391	$	391
Foreign government bonds	282		237		237
State and municipal bonds	2,798		2,371		2,371
Public utilities	12,495		10,820		10,820
All other corporate bonds	63,061		55,630		55,630
Mortgage-backed and asset-backed securities	18,109		17,408		17,408
Hybrid and redeemable preferred securities	241		254		254
Total fixed maturity available-for-sale securities	97,415		87,111		87,111
Equity Securities
Common stocks:
Banks, trusts and insurance companies	28		30		30
Industrial, miscellaneous and all other	33		27		27
Non-redeemable preferred securities	249		237		237
Total equity securities	310		294		294
Trading Securities	2,168		2,025		2,025
Mortgage loans on real estate (2)	21,266		19,647		21,083
Policy loans	2,476		N/A		2,476
Derivative investments (3)	2,181		9,677		9,677
Other investments	6,588		6,588		6,588
Total investments	$	132,404			$	129,254

(1) For investments deemed to have declines in value that are impairment-related, an allowance for credit losses is recorded to reduce the carrying value to their estimated realizable value.

(2) Mortgage loans on real estate are generally carried at unpaid principal balances adjusted for amortization of premiums and accretion of discounts and are net of allowance for credit losses. We carry certain mortgage loans at fair value where the fair value option has been elected.

(3) Derivative investment assets cost was offset by $182 million and fair value was offset by $185 million in derivative liabilities reflected in other liabilities on our Consolidated Balance Sheets.