INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Fixed Maturities by Classification

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, 2024
Fixed Maturities:
Corporate (1)	$	42,209	$	4	$	157	$	5,774	$	36,588
U.S. Treasury, government and agency	5,677		—		—		1,356		4,321
States and political subdivisions	432		—		2		71		363
Foreign governments	657		—		1		126		532
Residential mortgage-backed (2)	1,642		—		2		138		1,506
Asset-backed (3)	7,645		—		29		72		7,602
Commercial mortgage-backed	3,389		—		1		425		2,965
Redeemable preferred stock	56		—		2		—		58
Total at June 30, 2024	$	61,707	$	4	$	194	$	7,962	$	53,935
December 31, 2023:
Fixed Maturities:
Corporate (1)	$	42,014	$	4	$	217	$	4,960	$	37,267
U.S. Treasury, government and agency	5,639		—		2		1,102		4,539
States and political subdivisions	525		—		9		64		470
Foreign governments	689		—		2		110		581
Residential mortgage-backed (2)	1,469		—		3		128		1,344
Asset-backed (3)	8,092		—		20		107		8,005
Commercial mortgage-backed	3,400		—		1		501		2,900
Redeemable preferred stock	56		—		3		—		59
Total at December 31, 2023	$	61,884	$	4	$	257	$	6,972	$	55,165

______________

(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.

Schedule of Contractual Maturities of Available-for-Sale Fixed Maturities

The contractual maturities of AFS fixed maturities as of June 30, 2024 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 pre-pay obligations with or without call or pre-payment penalties.

Contractual Maturities of AFS Fixed Maturities

	Amortized Cost (Less Allowance for Credit Losses)		Fair Value
	(in millions)
June 30, 2024:
Contractual maturities:
Due in one year or less	$	1,720	$	1,699
Due in years two through five	12,032		11,534
Due in years six through ten	12,449		11,344
Due after ten years	22,770		17,227
Subtotal	48,971		41,804
Residential mortgage-backed	1,642		1,506
Asset-backed	7,645		7,602
Commercial mortgage-backed	3,389		2,965
Redeemable preferred stock	56		58
Total at June 30, 2024	$	61,703	$	53,935

Schedule of Proceeds and Gains (Losses) on Sales for Available-for-Sale Fixed Maturities

The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities:

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in millions)
Proceeds from sales	$	309	$	2,233	$	753	$	2,961
Gross gains on sales	$	2	$	5	$	2	$	7
Gross losses on sales	$	(3)	$	(46)	$	(27)	$	(64)
Net (increase) decrease in Allowance for Credit and Intent to Sell losses	$	(3)	$	(7)	$	(5)	$	(62)

Schedule of AFS Fixed Maturities - Credit Loss Impairments

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 and Intent to Sell Loss Impairments

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in millions)
Balance, beginning of period	$	48	$	87	$	48	$	36
Previously recognized impairments on securities that matured, paid, prepaid or sold	(4)		(52)		(8)		(55)
Recognized impairments on securities impaired to fair value this period (1) (2)	—		—		—		50
Credit losses recognized this period on securities for which credit losses were not previously recognized	3		6		6		9
Additional credit losses this period on securities previously impaired	3		3		4		4
Balance, end of period	$	50	$	44	$	50	$	44

______________

(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.

(2)Amounts reflected for the six months ended June 30, 2023 represent AFS fixed maturities in an unrealized loss position, which the Company sold in anticipation of the Company’s ordinary dividend to Holdings.

Schedule of Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities

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

Net Unrealized Gains (Losses) on AFS Fixed Maturities

	Three Months Ended June 30, 2024
	Net Unrealized Gains (Losses) on Investments		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in millions)
Balance, beginning of period	$	(7,274)	$	17	$	344	$	(6,913)
Net investment gains (losses) arising during the period	(499)		—		—		(499)
Reclassification adjustment:
Included in net income (loss)	4		—		—		4
Excluded from net income (loss)	—		—		—		—
Other	—		—		(5)		(5)
Impact of net unrealized investment gains (losses)	—		2		103		105
Net unrealized investment gains (losses) excluding credit losses	(7,769)		19		442		(7,308)
Net unrealized investment gains (losses) with credit losses	1		—		—		1
Balance, end of period	$	(7,768)	$	19	$	442	$	(7,307)
	Three Months Ended June 30, 2023
Balance, beginning of period	$	(7,609)	$	18	$	422	$	(7,169)
Net investment gains (losses) arising during the period	(629)		—		—		(629)
Reclassification adjustment:
Included in net income (loss)	50		—		—		50
Excluded from net income (loss)	—		—		—		—
Other	—		—		(122)		(122)
Impact of net unrealized investment gains (losses)	—		(7)		123		116
Net unrealized investment gains (losses) excluding credit losses	(8,188)		11		423		(7,754)
Net unrealized investment gains (losses) with credit losses	1		—		—		1
Balance, end of period	$	(8,187)	$	11	$	423	$	(7,753)

	Six Months Ended June 30, 2024
	Net Unrealized Gains (Losses) on Investments		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability) (1)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (1)
	(in millions)
Balance, beginning of period	$	(6,715)	$	13	$	227	$	(6,475)
Net investment gains (losses) arising during the period	(1,080)		—		—		(1,080)
Reclassification adjustment:
Included in net income (loss)	30		—		—		30
Other	—		—		(5)		(5)
Impact of net unrealized investment gains (losses)	—		6		219		225

	Six Months Ended June 30, 2024
	Net Unrealized Gains (Losses) on Investments		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability) (1)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (1)
	(in millions)
Net unrealized investment gains (losses) excluding credit losses	(7,765)		19		441		(7,305)
Net unrealized investment gains (losses) with credit losses	(3)		—		1		(2)
Balance, end of period	$	(7,768)	$	19	$	442	$	(7,307)
	Six Months Ended June 30, 2023
Balance, beginning of period	$	(9,116)	$	21	$	421	$	(8,674)
Net investment gains (losses) arising during the period	815		—		—		815
Reclassification adjustment:
Included in net income (loss)	120		—		—		120
Other	—		—		195		195
Impact of net unrealized investment gains (losses)	—		(10)		(194)		(204)
Net unrealized investment gains (losses) excluding credit losses	(8,181)		11		422		(7,748)
Net unrealized investment gains (losses) with credit losses	(6)		—		1		(5)
Balance, end of period	$	(8,187)	$	11	$	423	$	(7,753)

_____________

(1)Certain balances were revised from previously filed financial statements.

Schedule of Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities

The following tables disclose the fair values and gross unrealized losses of the 3,993 issues as of June 30, 2024 and the 3,986 issues as of December 31, 2023 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, 2024
Fixed Maturities:
Corporate	$	3,350	$	120	$	27,919	$	5,650	$	31,269	$	5,770
U.S. Treasury, government and agency	12		—		4,252		1,356		4,264		1,356
States and political subdivisions	43		—		223		71		266		71
Foreign governments	35		2		474		124		509		126
Residential mortgage-backed	302		2		968		136		1,270		138
Asset-backed	714		2		1,171		70		1,885		72
Commercial mortgage-backed	93		9		2,802		416		2,895		425
Total at June 30, 2024	$	4,549	$	135	$	37,809	$	7,823	$	42,358	$	7,958

	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)
December 31, 2023:
Fixed Maturities:
Corporate	$	1,693	$	119	$	29,617	$	4,839	$	31,310	$	4,958
U.S. Treasury, government and agency	111		2		4,361		1,100		4,472		1,102
States and political subdivisions	10		—		244		64		254		64
Foreign governments	8		1		514		109		522		110
Residential mortgage-backed	74		1		1,030		127		1,104		128
Asset-backed	238		—		5,499		107		5,737		107
Commercial mortgage-backed	62		11		2,796		490		2,858		501
Total at December 31, 2023	$	2,196	$	134	$	44,061	$	6,836	$	46,257	$	6,970

Schedule of Financing Receivable, Allowance for Credit Loss on Mortgage Loans

The change in the allowance for credit losses for commercial, agricultural and residential mortgage loans were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period	$	284	$	133	$	270	$	123
Current-period provision for expected credit losses	9		7		23		17
Write-offs charged against the allowance	(75)		—		(75)		—
Recoveries of amounts previously written off	—		—		—		—
Net change in allowance	(66)		7		(52)		17
Balance, end of period	$	218	$	140	$	218	$	140
Agricultural mortgages:
Balance, beginning of period	$	6	$	6	$	6	$	6
Current-period provision for expected credit losses	3		(1)		3		(1)
Write-offs charged against the allowance	—		—		—		—
Recoveries of amounts previously written off	—		—		—		—
Net change in allowance	3		(1)		3		(1)
Balance, end of period	$	9	$	5	$	9	$	5
Residential mortgages:
Balance, beginning of period	$	3	$	—	$	1	$	—
Current-period provision for expected credit losses	(1)		—		1		—
Write-offs charged against the allowance	—		—		—		—
Recoveries of amounts previously written off	—		—		—		—
Net change in allowance	(1)		—		1		—
Balance, end of period	$	2	$	—	$	2	$	—
Total allowance for credit losses	$	229	$	145	$	229	$	145

Schedule of Financing Receivable Credit Quality Indicators

The Company’s commercial and agricultural mortgage loans segregated by risk rating exposure were as follows:

Loan to Value (“LTV”) Ratios (1) (3)

	June 30, 2024
	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%	$	—	$	251	$	140	$	130	$	35	$	1,574	$	—	$	—	$	2,130
50% - 70%	73		706		1,326		664		716		2,305		495		206		6,491
70% - 90%	—		242		1,276		1,145		515		1,695		77		36		4,986
90% plus	—		—		467		158		91		833		—		—		1,549
Total commercial	$	73	$	1,199	$	3,209	$	2,097	$	1,357	$	6,407	$	572	$	242	$	15,156
Agricultural:
0% - 50%	$	23	$	101	$	159	$	188	$	248	$	903	$	—	$	—	$	1,622
50% - 70%	97		60		140		149		172		306		—		—		924
70% - 90%	—		—		—		—		—		16		—		—		16
90% plus	—		—		—		—		—		—		—		—		—
Total agricultural	$	120	$	161	$	299	$	337	$	420	$	1,225	$	—	$	—	$	2,562
Total commercial and agricultural mortgage loans:
0% - 50%	$	23	$	352	$	299	$	318	$	283	$	2,477	$	—	$	—	$	3,752
50% - 70%	170		766		1,466		813		888		2,611		495		206		7,415
70% - 90%	—		242		1,276		1,145		515		1,711		77		36		5,002
90% plus	—		—		467		158		91		833		—		—		1,549
Total commercial and agricultural mortgage loans	$	193	$	1,360	$	3,508	$	2,434	$	1,777	$	7,632	$	572	$	242	$	17,718

Debt Service Coverage (“DSC”) Ratios (2) (3)

	June 30, 2024
	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x	$	—	$	175	$	693	$	1,222	$	1,131	$	3,527	$	—	$	—	$	6,748
1.8x to 2.0x	—		—		—		208		166		549		231		206		1,360
1.5x to 1.8x	—		141		808		143		—		992		113		—		2,197
1.2x to 1.5x	—		463		1,168		429		60		838		—		—		2,958
1.0x to 1.2x	73		412		369		61		—		443		228		36		1,622
Less than 1.0x	—		8		171		34		—		58		—		—		271
Total commercial	$	73	$	1,199	$	3,209	$	2,097	$	1,357	$	6,407	$	572	$	242	$	15,156
Agricultural:
Greater than 2.0x	$	8	$	7	$	42	$	34	$	59	$	182	$	—	$	—	$	332
1.8x to 2.0x	11		17		24		55		29		80		—		—		216
1.5x to 1.8x	47		12		49		28		110		206		—		—		452
1.2x to 1.5x	20		46		105		140		158		428		—		—		897
1.0x to 1.2x	23		47		55		69		56		297		—		—		547
Less than 1.0x	11		32		24		11		8		32		—		—		118
Total agricultural	$	120	$	161	$	299	$	337	$	420	$	1,225	$	—	$	—	$	2,562
Total commercial and agricultural mortgage loans:
Greater than 2.0x	$	8	$	182	$	735	$	1,256	$	1,190	$	3,709	$	—	$	—	$	7,080
1.8x to 2.0x	11		17		24		263		195		629		231		206		1,576
1.5x to 1.8x	47		153		857		171		110		1,198		113		—		2,649
1.2x to 1.5x	20		509		1,273		569		218		1,266		—		—		3,855
1.0x to 1.2x	96		459		424		130		56		740		228		36		2,169
Less than 1.0x	11		40		195		45		8		90		—		—		389
Total commercial and agricultural mortgage loans	$	193	$	1,360	$	3,508	$	2,434	$	1,777	$	7,632	$	572	$	242	$	17,718

_____________

(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.

(3)Residential mortgage loans are excluded from the above tables.

LTV Ratios (1) (3)

	December 31, 2023
	Amortized Cost Basis by Origination Year
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%	$	191	$	164	$	129	$	35	$	—	$	1,540	$	—	$	—	$	2,059
50% - 70%	703		1,916		671		750		299		2,319		463		96		7,217
70% - 90%	308		1,197		1,236		523		245		1,384		37		35		4,965
90% plus	—		—		66		54		92		858		—		—		1,070
Total commercial	$	1,202	$	3,277	$	2,102	$	1,362	$	636	$	6,101	$	500	$	131	$	15,311
Agricultural:
0% - 50%	$	102	$	162	$	191	$	235	$	132	$	802	$	—	$	—	$	1,624
50% - 70%	60		146		152		201		58		288		—		—		905
70% - 90%	—		—		—		—		—		16		—		—		16
90% plus	—		—		—		—		—		—		—		—		—
Total agricultural	$	162	$	308	$	343	$	436	$	190	$	1,106	$	—	$	—	$	2,545
Total commercial and agricultural mortgage loans:
0% - 50%	$	293	$	326	$	320	$	270	$	132	$	2,342	$	—	$	—	$	3,683
50% - 70%	763		2,062		823		951		357		2,607		463		96		8,122
70% - 90%	308		1,197		1,236		523		245		1,400		37		35		4,981
90% plus	—		—		66		54		92		858		—		—		1,070
Total commercial and agricultural mortgage loans	$	1,364	$	3,585	$	2,445	$	1,798	$	826	$	7,207	$	500	$	131	$	17,856

DSC Ratios (2) (3)

	December 31, 2023
	Amortized Cost Basis by Origination Year
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x	$	175	$	693	$	1,125	$	1,135	$	249	$	3,256	$	—	$	—	$	6,633
1.8x to 2.0x	—		—		182		167		171		662		383		96		1,661
1.5x to 1.8x	80		1,060		234		—		162		924		—		—		2,460

	December 31, 2023
	Amortized Cost Basis by Origination Year
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
1.2x to 1.5x	469		687		457		—		11		838		41		—		2,503
1.0x to 1.2x	470		668		38		—		43		317		76		35		1,647
Less than 1.0x	8		169		66		60		—		104		—		—		407
Total commercial	$	1,202	$	3,277	$	2,102	$	1,362	$	636	$	6,101	$	500	$	131	$	15,311
Agricultural:
Greater than 2.0x	$	7	$	50	$	36	$	59	$	20	$	179	$	—	$	—	$	351
1.8x to 2.0x	18		16		56		33		23		61		—		—		207
1.5x to 1.8x	12		50		31		109		17		193		—		—		412
1.2x to 1.5x	46		111		148		170		98		365		—		—		938
1.0x to 1.2x	47		57		68		57		26		284		—		—		539
Less than 1.0x	32		24		4		8		6		24		—		—		98
Total agricultural	$	162	$	308	$	343	$	436	$	190	$	1,106	$	—	$	—	$	2,545
Total commercial and agricultural mortgage loans:
Greater than 2.0x	$	182	$	743	$	1,161	$	1,194	$	269	$	3,435	$	—	$	—	$	6,984
1.8x to 2.0x	18		16		238		200		194		723		383		96		1,868
1.5x to 1.8x	92		1,110		265		109		179		1,117		—		—		2,872
1.2x to 1.5x	515		798		605		170		109		1,203		41		—		3,441
1.0x to 1.2x	517		725		106		57		69		601		76		35		2,186
Less than 1.0x	40		193		70		68		6		128		—		—		505
Total commercial and agricultural mortgage loans	$	1,364	$	3,585	$	2,445	$	1,798	$	826	$	7,207	$	500	$	131	$	17,856

_____________

(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.

(3)Residential mortgage loans are excluded from the above tables.

The amortized cost of residential mortgage loans by credit quality indicator and origination year was as follows:

	June 30, 2024
	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
	(in millions)
Performance indicators:
Performing	$	—	$	263	$	117	$	72	$	2	$	2	$	456
Nonperforming	—		—		—		—		—		—		—
Total	$	—	$	263	$	117	$	72	$	2	$	2	$	456

	December 31, 2023
	Amortized Cost Basis by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
	(in millions)
Performance indicators:
Performing	$	98	$	121	$	74	$	2	$	1	$	2	$	298
Nonperforming	—		—		—		—		—		—		—
Total	$	98	$	121	$	74	$	2	$	1	$	2	$	298

Schedule of Age Analysis Of Past Due Mortgage Loans

The aging analysis of past-due mortgage loans were as follows:

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, 2024:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	15,123	$	15,123	$	33	$	15,156	$	—	$	—
Agricultural	16		6		27		49		2,477		2,526		36		2,562		—		—
Residential	—		—		—		—		456		456		—		456		—		—
Total	$	16	$	6	$	27	$	49	$	18,056	$	18,105	$	69	$	18,174	$	—	$	—
December 31, 2023:
Mortgage loans:
Commercial	$	32	$	—	$	—	$	32	$	15,045	$	15,077	$	234	$	15,311	$	—	$	7
Agricultural	7		5		40		52		2,474		2,526		19		2,545		—		—
Residential	—		—		—		—		298		298		—		298		—		—
Total	$	39	$	5	$	40	$	84	$	17,817	$	17,901	$	253	$	18,154	$	—	$	7

_______________

(1)Amounts presented at amortized cost basis.

Schedule of Unrealized and Realized Gains (Losses) from Equity Securities and Net Investment Income (Loss) from Trading Securities

The breakdown of unrealized and realized gains and (losses) on equity securities was as follows:

Unrealized and Realized Gains (Losses) from Equity Securities

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(5)	$	7	$	10	$	6
Net investment gains (losses) recognized on securities sold during the period	2		(2)		1		(2)
Unrealized and realized gains (losses) on equity securities	$	(3)	$	5	$	11	$	4

The breakdown of net investment income (loss) from trading securities was as follows:

Net Investment Income (Loss) from Trading Securities

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	—	$	4	$	15	$	17
Net investment gains (losses) recognized on securities sold during the period	—		(1)		—		(2)
Unrealized and realized gains (losses) on trading securities	—		3		15		15
Interest and dividend income from trading securities	4		2		5		4
Net investment income (loss) from trading securities	$	4	$	5	$	20	$	19

Schedule of Net Investment Income

The following tables provide the components of net investment income by investment type:

	Three Months Ended June 30,
	2024						2023
	Excluding (1) Funds Withheld and NI Modco		Funds Withheld and NI Modco		Total		Excluding Funds Withheld and NI Modco		Funds Withheld and NI Modco		Total
	(in millions)
Fixed maturities	$	386	$	255	$	641	$	416	$	272	$	688
Mortgage loans on real estate	145		83		228		111		87		198
Policy loans	46		4		50		49		—		49
Other equity investments	41		4		45		49		(35)		14
Trading securities	4		—		4		5		—		5
Other investment income	(23)		11		(12)		6		1		7
Gross investment income (loss)	599		357		956		636		325		961
Investment expenses	(58)		(32)		(90)		(46)		(30)		(76)
Net investment income (loss)	$	541	$	325	$	866	$	590	$	295	$	885

	Six Months Ended June 30,
	2024						2023
	Excluding Funds Withheld and NI Modco		Funds Withheld and NI Modco		Total		Excluding (1) Funds Withheld and NI Modco		Funds Withheld and NI Modco		Total
	(in millions)
Fixed maturities	$	777	$	527	$	1,304	$	1,087	$	272	$	1,359
Mortgage loans on real estate	287		169		456		288		87		375
Policy loans	94		7		101		97		—		97
Other equity investments	96		12		108		70		(35)		35
Trading securities	20		—		20		19		—		19
Other investment income	(29)		16		(13)		12		1		13
Gross investment income (loss)	1,245		731		1,976		1,573		325		1,898
Investment expenses	(110)		(66)		(176)		(125)		(30)		(155)
Net investment income (loss)	$	1,135	$	665	$	1,800	$	1,448	$	295	$	1,743

_______________

(1)“NI Modco” represents modco arrangement on non-insulated Separate Accounts as part of the Reinsurance Treaty with Equitable America.

Schedule of Investment Gains (Losses), Net

Investment gains (losses), net, including changes in the valuation allowances and credit losses were as follows:

	Three Months Ended June 30,
	2024						2023
	Excluding Funds Withheld and NI Modco		Funds Withheld and NI Modco		Total		Excluding Funds Withheld and NI Modco		Funds Withheld and NI Modco		Total
	(in millions)
Fixed maturities	$	(3)	$	(1)	$	(4)	$	(15)	$	(34)	$	(49)
Mortgage loans on real estate	(12)		(1)		(13)		(5)		(2)		(7)
Other equity investments (1)	—		—		—		—		—		—
Other	(1)		—		(1)		(2)		—		(2)
Investment gains (losses), net	$	(16)	$	(2)	$	(18)	$	(22)	$	(36)	$	(58)

	Six Months Ended June 30,
	2024						2023
	Excluding Funds Withheld and NI Modco		Funds Withheld Assets and NI Modco		Total		Excluding Funds Withheld and NI Modco		Funds Withheld and NI Modco		Total
	(in millions)
Fixed maturities	$	(6)	$	(24)	$	(30)	$	(86)	$	(34)	$	(120)
Mortgage loans on real estate	(15)		(14)		(29)		(14)		(2)		(16)
Other equity investments	—		—		—		—		—		—
Other	3		—		3		—		—		—
Investment gains (losses), net	$	(18)	$	(38)	$	(56)	$	(100)	$	(36)	$	(136)