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	$	427	$	390	$	390
Foreign government bonds	277		233		233
State and municipal bonds	2,391		2,148		2,148
Public utilities	10,913		9,605		9,605
All other corporate bonds	57,078		52,228		52,228
Mortgage-backed and asset-backed securities	17,665		17,055		17,055
Hybrid and redeemable preferred securities	227		241		241
Total fixed maturity available-for-sale securities	88,978		81,900		81,900
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	2,150		2,005		2,005
Mortgage loans on real estate (2)	21,123		19,523		20,940
Policy loans	2,465		N/A		2,465
Derivative investments (3)	2,181		9,512		9,512
Other investments	6,272		6,272		6,272
Total investments	$	123,479			$	123,388

(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 $176 million in derivative liabilities reflected in other liabilities on our Consolidated Balance Sheets.