INVESTMENTS

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

Fixed Maturities AFS

The components of fair value and amortized cost for fixed maturities classified as AFS on the consolidated balance sheets excludes accrued interest receivable because the Company elected to present accrued interest receivable within other assets. Accrued interest receivable on AFS fixed maturities as of June 30, 2022 and December 31, 2021 was $501 million and $470 million, respectively. There was no accrued interest written off for AFS fixed maturities for the three and six months ended June 30, 2022 and 2021.

The following tables provide information relating to the Company’s fixed maturities classified as AFS.

AFS Fixed Maturities by Classification

	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
June 30, 2022
Fixed Maturities:
Corporate (1)	$	47,317	$	19	$	162	$	5,313	$	42,147
U.S. Treasury, government and agency	7,431		—		36		593		6,874
States and political subdivisions	622		—		24		53		593
Foreign governments	1,094		—		5		140		959
Residential mortgage-backed (2)	508		—		3		8		503
Asset-backed (3)	8,681		—		4		403		8,282
Commercial mortgage-backed	3,647		—		—		375		3,272
Redeemable preferred stock	40		—		4		—		44
Total at June 30, 2022	$	69,340	$	19	$	238	$	6,885	$	62,674
December 31, 2021:
Fixed Maturities:
Corporate (1)	$	45,578	$	22	$	2,382	$	214	$	47,724
U.S. Treasury, government and agency	13,032		—		2,196		14		15,214
States and political subdivisions	527		—		73		3		597
Foreign governments	1,124		—		42		14		1,152
Residential mortgage-backed (2)	82		—		8		—		90
Asset-backed (3)	5,904		—		20		19		5,905
Commercial mortgage-backed	2,348		—		19		26		2,341
Redeemable preferred stock	41		—		12		—		53
Total at December 31, 2021	$	68,636	$	22	$	4,752	$	290	$	73,076

______________

(1)Corporate fixed maturities include both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

The contractual maturities of AFS fixed maturities as of June 30, 2022 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Contractual Maturities of AFS Fixed Maturities

	Amortized Cost (Less Allowance for Credit Losses)		Fair Value
	(in millions)
June 30, 2022:
Contractual maturities:
Due in one year or less	$	1,071	$	1,065
Due in years two through five	12,955		12,537
Due in years six through ten	16,795		15,442
Due after ten years	25,624		21,529
Subtotal	56,445		50,573
Residential mortgage-backed	508		503
Asset-backed	8,681		8,282
Commercial mortgage-backed	3,647		3,272
Redeemable preferred stock	40		44
Total at June 30, 2022	$	69,321	$	62,674

The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities for the three and six months ended June 30, 2022 and 2021:

Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit Losses for AFS Fixed Maturities

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in millions)
Proceeds from sales	$	3,298	$	9,531	$	10,634	$	16,719
Gross gains on sales	$	9	$	554	$	38	$	845
Gross losses on sales	$	(229)	$	(38)	$	(590)	$	(154)
Net change in Allowance for Credit losses	$	2	$	(6)	$	3	$	(12)

The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts.

AFS Fixed Maturities - Credit Loss Impairments

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in millions)
Balance, beginning of period	$	41	$	34	$	42	$	28
Previously recognized impairments on securities that matured, paid, prepaid or sold	(11)		(1)		(13)		(1)
Recognized impairments on securities impaired to fair value this period (1)	—		—		—		—
Credit losses recognized this period on securities for which credit losses were not previously recognized	1		6		1		8
Additional credit losses this period on securities previously impaired	1		1		2		5
Increases due to passage of time on previously recorded credit losses	—		—		—		—

Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior)	—		—		—		—
Balance at June 30,	$	32	$	40	$	32	$	40

______________

(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.

The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI.

Net Unrealized Gains (Losses) on AFS Fixed Maturities

	Net Unrealized Gains (Losses) on Investments		DAC		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in millions)
Balance, April 1, 2022	$	(1,277)	$	244	$	(213)	$	262	$	(984)
Net investment gains (losses) arising during the period	(5,590)		—		—		—		(5,590)
Reclassification adjustment:
Included in net income (loss)	223		—		—		—		223
Excluded from net income (loss)	—		—		—		—		—
Other	—		—		—		—		—
Impact of net unrealized investment gains (losses)	—		607		(38)		1,007		1,576
Net unrealized investment gains (losses) excluding credit losses	(6,644)		851		(251)		1,269		(4,775)
Net unrealized investment gains (losses) with credit losses	(3)		—		1		1		(1)
Balance, June 30, 2022	$	(6,647)	$	851	$	(250)	$	1,270	$	(4,776)
Balance, April 1, 2021	$	3,124	$	(301)	$	(811)	$	(423)	$	1,589
Net investment gains (losses) arising during the period	2,196		—		—		—		2,196
Reclassification adjustment:									—
Included in net income (loss)	(398)		—		—		—		(398)
Excluded from net income (loss)	—		—		—		—		—
Other (1)	—		—		—		—		—
Impact of net unrealized investment gains (losses)	—		(87)		(224)		(312)		(623)
Net unrealized investment gains (losses) excluding credit losses	4,922		(388)		(1,035)		(735)		2,764
Net unrealized investment gains (losses) with credit losses	9		(1)		(2)		(1)		5
Balance, June 30, 2021	$	4,931	$	(389)	$	(1,037)	$	(736)	$	2,769

	Net Unrealized Gains (Losses) on Investments		DAC		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in millions)
Balance, January 1, 2022	$	4,462	$	(284)	$	(977)	$	(673)	$	2,528
Net investment gains (losses) arising during the period	(11,655)		—		—		—		(11,655)
Reclassification adjustment:									—
Included in net income (loss)	554		—		—		—		554
Excluded from net income (loss)	—		—		—		—		—
Other	—		—		—		—		—
Impact of net unrealized investment gains (losses)	—		1,134		727		1,941		3,802
Net unrealized investment gains (losses) excluding credit losses	(6,639)		850		(250)		1,268		(4,771)
Net unrealized investment gains (losses) with credit losses	(8)		1		—		2		(5)
Balance, June 30, 2022	$	(6,647)	$	851	$	(250)	$	1,270	$	(4,776)
Balance, January 1, 2021	$	8,230	$	(466)	$	(1,814)	$	(1,250)	$	4,700
Net investment gains (losses) arising during the period	(2,695)		—		—		—		(2,695)
Reclassification adjustment:									—
Included in net income (loss)	(574)		—		—		—		(574)
Excluded from net income (loss)	—		—		—		—		—
Other (1)	(31)		—		—		—		(31)
Impact of net unrealized investment gains (losses)	—		77		777		514		1,368
Net unrealized investment gains (losses) excluding credit losses	4,930		(389)		(1,037)		(736)		2,768
Net unrealized investment gains (losses) with credit losses	1		—		—		—		1
Balance, June 30, 2021	$	4,931	$	(389)	$	(1,037)	$	(736)	$	2,769

(1) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments.

The following tables disclose the fair values and gross unrealized losses of the 4,589 issues as of June 30, 2022 and the 1,896 issues as of December 31, 2021 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:

AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded

	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
June 30, 2022
Fixed Maturities:
Corporate	$	34,638	$	4,892	$	2,398	$	418	$	37,036	$	5,310
U.S. Treasury, government and agency	5,820		582		87		11		5,907		593
States and political subdivisions	236		49		11		4		247		53

	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
Foreign governments	734		118		102		22		836		140
Residential mortgage-backed	438		8		1		—		439		8
Asset-backed	7,710		391		205		12		7,915		403
Commercial mortgage-backed	3,076		345		164		30		3,240		375
Total at June 30, 2022	$	52,652	$	6,385	$	2,968	$	497	$	55,620	$	6,882
December 31, 2021:
Fixed Maturities:
Corporate	$	9,497	$	150	$	1,301	$	62	$	10,798	$	212
U.S. Treasury, government and agency	947		10		103		4		1,050		14
States and political subdivisions	112		2		11		1		123		3
Foreign governments	349		6		92		8		441		14
Asset-backed	3,843		19		38		—		3,881		19
Commercial mortgage-backed	1,515		22		96		4		1,611		26
Total at December 31, 2021	$	16,263	$	209	$	1,641	$	79	$	17,904	$	288

The Company’s investments in fixed maturities do not include concentrations of credit risk of any single issuer greater than 10% of the consolidated equity of the Company, other than securities of the U.S. government, U.S. government agencies, and certain securities guaranteed by the U.S. government. The Company maintains a diversified portfolio of corporate securities across industries and issuers and does not have exposure to any single issuer in excess of 0.5% of total corporate securities. The largest exposures to a single issuer of corporate securities held as of June 30, 2022 and December 31, 2021 were $219 million and $280 million, respectively, representing 6.3% and 3.2% of the consolidated equity of the Company.

Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the NAIC designation of 3 (medium investment grade), 4 or 5 (below investment grade) or 6 (in or near default). As of June 30, 2022 and December 31, 2021, respectively, approximately $2.9 billion and $2.8 billion, or 4.2% and 4.1%, of the $69.3 billion and $68.6 billion aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had gross unrealized losses of $207 million and $18 million as of June 30, 2022 and December 31, 2021, respectively.

As of June 30, 2022 and December 31, 2021, respectively, the $497 million and $79 million of gross unrealized losses of twelve months or more were primarily concentrated in corporate securities. In accordance with the policy described in Note 2 of the Notes to these Consolidated Financial Statements, the Company concluded that an adjustment to allowance for credit losses for these securities was not warranted at either June 30, 2022 or December 31, 2021. As of June 30, 2022 and December 31, 2021, the Company did not intend to sell the securities nor will it likely be required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis.

Based on the Company’s evaluation both qualitatively and quantitatively of the drivers of the decline in fair value of fixed maturity securities as of June 30, 2022, the Company determined that the unrealized loss was primarily due to increases in interest rates, credit spreads and changes in credit ratings.

Mortgage Loans on Real Estate

Accrued interest receivable on commercial and agricultural mortgage loans as of June 30, 2022 and December 31, 2021 was $58 million and $57 million, respectively. There was no accrued interest written off for commercial and agricultural mortgage loans for the six months ended June 30, 2022 and 2021.

As of June 30, 2022, the Company had no loans for which foreclosure was probable included within the individually assessed mortgage loans, and accordingly had no associated allowance for credit losses.

Allowance for Credit Losses on Mortgage Loans

The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the six months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in millions)				(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period	$	47	$	70	$	57	$	77
Current-period provision for expected credit losses	11		(11)		1		(18)
Write-offs charged against the allowance	—		—		—		—
Recoveries of amounts previously written off			—				—
Net change in allowance	11		(11)		1		(18)
Balance, end of period	$	58	$	59	$	58	$	59
Agricultural mortgages:
Balance, beginning of period	$	6	$	4	$	5	$	4
Current-period provision for expected credit losses	—		—		1
Write-offs charged against the allowance	—		—		—		—
Recoveries of amounts previously written off	—		—		—		—
Net change in allowance	—		—		1		—
Balance, end of period	$	6	$	4	$	6	$	4
Total allowance for credit losses	$	64	$	63	$	64	$	63

The change in the allowance for credit losses is attributable to:

•increases/decreases in the loan balance due to new originations, maturing mortgages, and loan amortization and

•changes in credit quality.

Credit Quality Information

The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of June 30, 2022 and December 31, 2021.

LTV Ratios (1)

	June 30, 2022
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Mortgage loans:
Commercial:
0% - 50%	$	188	$	—	$	—	$	—	$	119	$	1,185	$	—	$	—	$	1,492
50% - 70%	575		1,790		1,374		276		634		2,969		221		—		7,839
70% - 90%	136		328		147		411		450		1,055		—		35		2,562
90% plus	—		—		—		—		—		—		—		—		—
Total commercial	$	899	$	2,118	$	1,521	$	687	$	1,203	$	5,209	$	221	$	35	$	11,893
Agricultural:
0% - 50%	$	103	$	192	$	214	$	124	$	129	$	788	$	—	$	—	$	1,550
50% - 70%	166		180		241		87		94		300		—		—		1,068
70% - 90%	—		—		—		—		—		16		—		—		16
90% plus	—		—		—		—		—		—		—		—		—
Total agricultural	$	269	$	372	$	455	$	211	$	223	$	1,104	$	—	$	—	$	2,634
Total mortgage loans:
0% - 50%	$	291	$	192	$	214	$	124	$	248	$	1,973	$	—	$	—	$	3,042
50% - 70%	741		1,970		1,615		363		728		3,269		221		—		8,907
70% - 90%	136		328		147		411		450		1,071		—		35		2,578
90% plus	—		—		—		—		—		—		—		—		—
Total mortgage loans	$	1,168	$	2,490	$	1,976	$	898	$	1,426	$	6,313	$	221	$	35	$	14,527

Debt Service Coverage Ratios (2)

	June 30, 2022
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x	$	420	$	1,143	$	1,243	$	104	$	631	$	2,061	$	—	$	—	$	5,602
1.8x to 2.0x	94		187		134		262		186		660		124		—		1,647
1.5x to 1.8x	270		275		49		266		190		1,051		68		—		2,169
1.2x to 1.5x	35		260		95		11		48		1,006		—		—		1,455
1.0x to 1.2x	—		253		—		44		148		360		29		35		869
Less than 1.0x	80		—		—		—		—		71		—		—		151
Total commercial	$	899	$	2,118	$	1,521	$	687	$	1,203	$	5,209	$	221	$	35	$	11,893

	June 30, 2022
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Agricultural:
Greater than 2.0x	$	48	$	40	$	63	$	22	$	12	$	215	$	—	$	—	$	400
1.8x to 2.0x	11		58		36		25		14		71		—		—		215
1.5x to 1.8x	38		43		112		28		23		209		—		—		453
1.2x to 1.5x	73		156		175		100		101		332		—		—		937
1.0x to 1.2x	83		74		65		30		69		264		—		—		585
Less than 1.0x	16		1		4		6		4		13		—		—		44
Total agricultural	$	269	$	372	$	455	$	211	$	223	$	1,104	$	—	$	—	$	2,634
Total mortgage loans:
Greater than 2.0x	$	468	$	1,183	$	1,306	$	126	$	643	$	2,276	$	—	$	—	$	6,002
1.8x to 2.0x	105		245		170		287		200		731		124		—		1,862
1.5x to 1.8x	308		318		161		294		213		1,260		68		—		2,622
1.2x to 1.5x	108		416		270		111		149		1,338		—		—		2,392
1.0x to 1.2x	83		327		65		74		217		624		29		35		1,454
Less than 1.0x	96		1		4		6		4		84		—		—		195
Total mortgage loans	$	1,168	$	2,490	$	1,976	$	898	$	1,426	$	6,313	$	221	$	35	$	14,527

_____________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

LTV Ratios (1)

	December 31, 2021
	Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Mortgage loans:
Commercial:
0% - 50%	$	—	$	—	$	—	$	184	$	293	$	992	$	—	$	—	$	1,469
50% - 70%	1,944		1,286		339		619		491		2,533		139		—		7,351
70% - 90%	190		236		412		415		276		972		—		—		2,501
90% plus	—		—		—		35		5		73		—		—		113
Total commercial	$	2,134	$	1,522	$	751	$	1,253	$	1,065	$	4,570	$	139	$	—	$	11,434
Agricultural:
0% - 50%	$	180	$	212	$	128	$	129	$	119	$	738	$	—	$	—	$	1,506
50% - 70%	200		268		102		126		87		338		—		—		1,121
70% - 90%	—		—		—		—		—		17		—		—		17
90% plus	—		—		—		—		—		—		—		—		—
Total agricultural	$	380	$	480	$	230	$	255	$	206	$	1,093	$	—	$	—	$	2,644
Total mortgage loans:
0% - 50%	$	180	$	212	$	128	$	313	$	412	$	1,730	$	—	$	—	$	2,975
50% - 70%	2,144		1,554		441		745		578		2,871		139		—		8,472
70% - 90%	190		236		412		415		276		989		—		—		2,518
90% plus	—		—		—		35		5		73		—		—		113
Total mortgage loans	$	2,514	$	2,002	$	981	$	1,508	$	1,271	$	5,663	$	139	$	—	$	14,078

Debt Service Coverage Ratios (2)

	December 31, 2021
	Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x	$	1,143	$	1,243	$	210	$	772	$	485	$	2,218	$	—	$	—	$	6,071
1.8x to 2.0x	185		135		182		46		161		372		68		—		1,149
1.5x to 1.8x	275		49		284		211		166		919		48		—		1,952
1.2x to 1.5x	264		95		75		101		253		701		—		—		1,489
1.0x to 1.2x	267		—		—		88		—		287		23		—		665
Less than 1.0x	—		—		—		35		—		73		—		—		108
Total commercial	$	2,134	$	1,522	$	751	$	1,253	$	1,065	$	4,570	$	139	$	—	$	11,434
Agricultural:
Greater than 2.0x	$	49	$	64	$	25	$	22	$	24	$	210	$	—	$	—	$	394
1.8x to 2.0x	52		37		25		14		14		70		—		—		212
1.5x to 1.8x	43		113		28		22		41		193		—		—		440
1.2x to 1.5x	161		179		112		116		72		355		—		—		995
1.0x to 1.2x	75		83		31		77		54		226		—		—		546
Less than 1.0x	—		4		9		4		1		39		—		—		57
Total agricultural	$	380	$	480	$	230	$	255	$	206	$	1,093	$	—	$	—	$	2,644
Total mortgage loans:
Greater than 2.0x	$	1,192	$	1,307	$	235	$	794	$	509	$	2,428	$	—	$	—	$	6,465
1.8x to 2.0x	237		172		207		60		175		442		68		—		1,361
1.5x to 1.8x	318		162		312		233		207		1,112		48		—		2,392
1.2x to 1.5x	425		274		187		217		325		1,056		—		—		2,484
1.0x to 1.2x	342		83		31		165		54		513		23		—		1,211
Less than 1.0x	—		4		9		39		1		112		—		—		165
Total mortgage loans	$	2,514	$	2,002	$	981	$	1,508	$	1,271	$	5,663	$	139	$	—	$	14,078

_____________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

Past-Due and Nonaccrual Mortgage Loan Status

The following table provides information relating to the aging analysis of past-due mortgage loans as of June 30, 2022 and December 31, 2021, respectively.

Age Analysis of Past Due Mortgage Loans (1)

	Accruing Loans												Non-accruing Loans		Total Loans		Non-accruing Loans with No Allowance		Interest Income on Non-accruing Loans
	Past Due								Current		Total
	30-59 Days		60-89 Days		90 Days or More		Total
	(in millions)
June 30, 2022:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	11,893	$	11,893	$	—	$	11,893	$	—	$	—
Agricultural	9		1		19		29		2,589		2,618		16		2,634		—		—
Total	$	9	$	1	$	19	$	29	$	14,482	$	14,511	$	16	$	14,527	$	—	$	—
December 31, 2021:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	11,434	$	11,434	$	—	$	11,434	$	—	$	—
Agricultural	1		1		25		27		2,601		2,628		16		2,644		—		—
Total	$	1	$	1	$	25	$	27	$	14,035	$	14,062	$	16	$	14,078	$	—	$	—

_______________

(1)Amounts presented at amortized cost basis.

As of June 30, 2022 and December 31, 2021, the carrying values of problem mortgage loans that had been classified as non-accrual loans were $13 million and $14 million, respectively.

Troubled Debt Restructuring

During the three and six months ended June 30, 2022 and 2021, the Company identified an immaterial amount of TDRs.

Equity Securities

The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the three and six months ended June 30, 2022 and 2021.

Unrealized and Realized Gains (Losses) from Equity Securities

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(68)	$	3	$	(107)	$	20
Net investment gains (losses) recognized on securities sold during the period	1		10		(10)		4
Unrealized and realized gains (losses) on equity securities	$	(67)	$	13	$	(117)	$	24

Trading Securities

As of June 30, 2022 and December 31, 2021, respectively, the fair value of the Company’s trading securities was $345 million and $379 million. As of June 30, 2022 and December 31, 2021, respectively, trading securities included the General Account’s investment in Separate Accounts had carrying values of $34 million and $44 million.

The table below shows a breakdown of net investment income (loss) from trading securities during the three and six months ended June 30, 2022 and 2021:

Net Investment Income (Loss) from Trading Securities

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(29)	$	(168)	$	(45)	$	(217)
Net investment gains (losses) recognized on securities sold during the period	(1)		153		(1)		175
Unrealized and realized gains (losses) on trading securities	(30)		(15)		(46)		(42)
Interest and dividend income from trading securities	3		40		5		76
Net investment income (loss) from trading securities	$	(27)	$	25	$	(41)	$	34