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Investments (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities by Sector
Fixed maturity securities by sector were as follows at:
June 30, 2023December 31, 2022
Amortized
Cost		Allowance
for Credit Losses		Gross UnrealizedEstimated
Fair
Value		Amortized
Cost		Allowance
for Credit Losses		Gross UnrealizedEstimated
Fair
Value
GainsLossesGainsLosses
(In millions)
U.S. corporate$37,213 $4 $233 $4,170 $33,272 $36,399 $1 $200 $4,436 $32,162 
Foreign corporate12,491 — 44 1,709 10,826 12,368 1 37 1,912 10,492 
U.S. government and agency8,214 — 336 541 8,009 8,195 — 299 596 7,898 
RMBS8,286 4 41 905 7,418 8,384 1 44 936 7,491 
CMBS7,116 3 1 729 6,385 7,239 3 — 699 6,537 
ABS6,246 — 9 234 6,021 5,647 — 3 295 5,355 
State and political subdivision3,951 — 144 322 3,773 4,015 — 120 394 3,741 
Foreign government1,082 — 41 100 1,023 1,148 — 39 106 1,081 
Total fixed maturity securities$84,599 $11 $849 $8,710 $76,727 $83,395 $6 $742 $9,374 $74,757 
Maturities of Fixed Maturity Securities
The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at June 30, 2023:
Due in One
Year or Less		Due After One
Year Through
Five Years		Due After
Five Years
Through Ten Years		Due After Ten
Years		Structured
Securities (1)		Total Fixed
Maturity
Securities
(In millions)
Amortized cost$2,026 $15,046 $15,753 $30,126 $21,648 $84,599 
Estimated fair value$1,989 $14,276 $14,007 $26,631 $19,824 $76,727 
_______________
(1)Structured securities include residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”).
Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector
The estimated fair value and gross unrealized losses of fixed maturity securities in an unrealized loss position, by sector and by length of time that the securities have been in a continuous unrealized loss position, were as follows at:
June 30, 2023December 31, 2022
Less than 12 Months12 Months or GreaterLess than 12 Months12 Months or Greater
Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
(Dollars in millions)
U.S. corporate$10,391 $759 $18,176 $3,411 $24,163 $3,279 $3,915 $1,157 
Foreign corporate2,980 161 6,974 1,548 8,219 1,407 1,560 505 
U.S. government and agency862 27 3,209 514 3,037 259 1,146 337 
RMBS2,264 184 4,412 721 4,693 489 2,245 447 
CMBS2,130 188 4,131 541 5,524 534 961 165 
ABS1,666 33 3,393 201 3,347 159 1,728 136 
State and political subdivision900 65 1,242 257 2,026 313 239 81 
Foreign government210 12 525 88 779 98 21 8 
Total fixed maturity securities$21,403 $1,429 $42,062 $7,281 $51,788 $6,538 $11,815 $2,836 
Total number of securities in an unrealized loss position
3,349 6,162 7,261 2,018 
Mortgage Loans by Portfolio Segment
Mortgage loans are summarized as follows at:
June 30, 2023December 31, 2022
Carrying
Value		% of
Total		Carrying
Value		% of
Total
(Dollars in millions)
Commercial$13,388 59.3 %$13,547 59.2 %
Agricultural4,401 19.5 4,333 18.9 
Residential4,935 21.8 5,116 22.4 
Total mortgage loans (1)22,724 100.6 22,996 100.5 
Allowance for credit losses(145)(0.6)(119)(0.5)
Total mortgage loans, net$22,579 100.0 %$22,877 100.0 %
_______________
(1)Purchases of mortgage loans from third parties were $0 and $32 million for the three months and six months ended June 30, 2023, respectively, and $415 million and $1.3 billion for the three months and six months ended June 30, 2022, respectively, and were primarily comprised of residential mortgage loans.
Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment
The changes in the allowance for credit losses by portfolio segment were as follows:
CommercialAgriculturalResidentialTotal
(In millions)
Six Months Ended June 30, 2023
Balance, beginning of period$49 $15 $55 $119 
Current period provision26 — 1 27 
Charge-offs, net of recoveries— (1)— (1)
Balance, end of period$75 $14 $56 $145 
Six Months Ended June 30, 2022
Balance, beginning of period$67 $12 $44 $123 
Current period provision— 3 — 3 
Charge-offs, net of recoveries(23)— — (23)
Balance, end of period$44 $15 $44 $103 
Credit Quality of Mortgage Loans by Portfolio Segment
The amortized cost of mortgage loans by year of origination and credit quality indicator was as follows at:
20232022202120202019PriorTotal
(In millions)
June 30, 2023
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%$79 $1,877 $2,672 $225 $1,290 $2,963 $9,106 
65% to 75%50 529 523 178 269 1,155 2,704 
76% to 80%— 11 18 39 210 536 814 
Greater than 80%— — — — 96 668 764 
Total commercial mortgage loans129 2,417 3,213 442 1,865 5,322 13,388 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%108 562 1,136 432 511 1,320 4,069 
65% to 75%— 139 112 32 31 18 332 
Greater than 80%— — — — — — — 
Total agricultural mortgage loans108 701 1,248 464 542 1,338 4,401 
Residential mortgage loans
Performing2 1,195 1,717 155 212 1,576 4,857 
Nonperforming— 9 16 — 2 51 78 
Total residential mortgage loans2 1,204 1,733 155 214 1,627 4,935 
Total$239 $4,322 $6,194 $1,061 $2,621 $8,287 $22,724 
20222021202020192018PriorTotal
(In millions)
December 31, 2022
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%$1,916 $2,819 $405 $1,493 $888 $3,624 $11,145 
65% to 75%503 354 — 271 367 402 1,897 
76% to 80%— 18 40 90 65 48 261 
Greater than 80%— — — 25 57 162 244 
Total commercial mortgage loans2,419 3,191 445 1,879 1,377 4,236 13,547 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%532 1,163 418 496 643 710 3,962 
65% to 75%148 90 59 56 1 16 370 
Greater than 80%— — — — 1 — 1 
Total agricultural mortgage loans680 1,253 477 552 645 726 4,333 
Residential mortgage loans
Performing1,266 1,745 167 215 168 1,491 5,052 
Nonperforming4 8 — 2 1 49 64 
Total residential mortgage loans1,270 1,753 167 217 169 1,540 5,116 
Total$4,369 $6,197 $1,089 $2,648 $2,191 $6,502 $22,996 
The amortized cost of commercial mortgage loans by debt-service coverage ratio was as follows at:
June 30, 2023December 31, 2022
Amortized Cost% of
Total		Amortized Cost% of
Total
(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x$12,460 93.1 %$12,132 89.6 %
1.00x - 1.20x431 3.2 589 4.3 
Less than 1.00x497 3.7 826 6.1 
Total$13,388 100.0 %$13,547 100.0 %
Past Due Mortgage Loans by Portfolio Segment
The aging of the amortized cost of past due mortgage loans by portfolio segment was as follows at:
June 30, 2023December 31, 2022
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Current$13,371 $4,376 $4,788 $22,535 $13,547 $4,314 $5,041 $22,902 
30-59 days past due— 3 69 72 — — 11 11 
60-89 days past due— — 21 21 — — 16 16 
90-179 days past due17 22 25 64 — 3 31 34 
180+ days past due— — 32 32 — 16 17 33 
Total$13,388 $4,401 $4,935 $22,724 $13,547 $4,333 $5,116 $22,996 
Mortgage Loans in Nonaccrual Status by Portfolio Segment
The amortized cost of mortgage loans in a nonaccrual status by portfolio segment was as follows at:
CommercialAgriculturalResidential (1)Total
(In millions)
June 30, 2023
$29 $— $78 $107 
December 31, 2022
$11 $3 $64 $78 
_______________
(1)The Company had no mortgage loans in nonaccrual status for which there was no related allowance for credit losses at both June 30, 2023 and December 31, 2022.
Net Unrealized Investment Gains (Losses)
The components of net unrealized investment gains (losses), included in AOCI, were as follows at:
June 30, 2023December 31, 2022
(In millions)
Fixed maturity securities$(7,861)$(8,632)
Derivatives535 628 
Other(6)(7)
Subtotal(7,332)(8,011)
Amounts allocated from:
Future policy benefits860 992 
Deferred income tax benefit (expense)1,360 1,474 
Net unrealized investment gains (losses)$(5,112)$(5,545)
The changes in net unrealized investment gains (losses) were as follows:
Six Months Ended June 30, 2023
(In millions)
Balance at December 31, 2022$(5,545)
Unrealized investment gains (losses) during the period679 
Unrealized investment gains (losses) relating to:
Future policy benefits(132)
Deferred income tax benefit (expense)(114)
Balance at June 30, 2023$(5,112)
Change in net unrealized investment gains (losses)$433 
Securities Lending
Elements of the securities lending program are presented below at:
June 30, 2023December 31, 2022
(In millions)
Securities on loan: (1)
Amortized cost$3,582 $3,995 
Estimated fair value$3,329 $3,638 
Cash collateral received from counterparties (2)$3,390 $3,731 
Reinvestment portfolio — estimated fair value$3,297 $3,603 
_______________
(1)Included in fixed maturity securities.
(2)Included in payables for collateral under securities loaned and other transactions.
The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at:
June 30, 2023December 31, 2022
Open (1)1 Month or Less1 to 6 MonthsTotalOpen (1)1 Month or Less1 to 6 MonthsTotal
(In millions)
U.S. government and agency$678 $512 $1,705 $2,895 $640 $1,527 $984 $3,151 
U.S. corporate— 321 — 321 2 410 — 412 
Foreign corporate— 166 — 166 — 152 — 152 
Foreign government— 8 — 8 — 16 — 16 
Total$678 $1,007 $1,705 $3,390 $642 $2,105 $984 $3,731 
_______________
(1)The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral.
Invested Assets on Deposit, Held in Trust and Pledged as Collateral
Invested assets on deposit, held in trust and pledged as collateral at estimated fair value were as follows at:
June 30, 2023December 31, 2022
(In millions)
Invested assets on deposit (regulatory deposits) (1)$8,265 $7,996 
Invested assets held in trust (reinsurance agreements) (2)5,659 5,592 
Invested assets pledged as collateral (3)13,464 13,920 
Total invested assets on deposit, held in trust and pledged as collateral$27,388 $27,508 
_______________
(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $60 million and $21 million of the assets on deposit represents restricted cash and cash equivalents at June 30, 2023 and December 31, 2022, respectively.
(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $178 million and $233 million of the assets held in trust balance represents restricted cash and cash equivalents at June 30, 2023 and December 31, 2022, respectively.
(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report) and derivative transactions (see Note 7).
Variable Interest Entities
The carrying amount and maximum exposure to loss related to the VIEs for which the Company has concluded that it holds a variable interest, but is not the primary beneficiary, were as follows at:
June 30, 2023December 31, 2022
Carrying
Amount		Maximum
Exposure
to Loss		Carrying
Amount		Maximum
Exposure
to Loss
(In millions)
Fixed maturity securities$15,553 $17,072 $15,781 $17,334 
Limited partnerships and LLCs4,303 5,461 4,123 5,478 
Total$19,856 $22,533 $19,904 $22,812 
Components of Net Investment Income
The components of net investment income were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
(In millions)
Investment income:
Fixed maturity securities$861 $733 $1,691 $1,442 
Equity securities1 1 1 1 
Mortgage loans237 205 475 407 
Policy loans13 12 22 21 
Limited partnerships and LLCs (1)89 122 76 363 
Cash, cash equivalents and short-term investments43 4 83 5 
Other18 16 40 30 
Total investment income1,262 1,093 2,388 2,269 
Less: Investment expenses90 49 181 90 
Net investment income$1,172 $1,044 $2,207 $2,179 
_______________
(1)Includes net investment income pertaining to other limited partnership interests of $93 million and $92 million for the three months and six months ended June 30, 2023, respectively, and $93 million and $305 million for the three months and six months ended June 30, 2022, respectively.
Components of Net Investment Gains (Losses)
The components of net investment gains (losses) were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
(In millions)
Fixed maturity securities $(55)$(60)$(129)$(101)
Equity securities1 (4)(4)(10)
Mortgage loans(10)1 (27)(3)
Limited partnerships and LLCs— (1)— (17)
Other(1)— (1)— 
Total net investment gains (losses)$(65)$(64)$(161)$(131)
Sales or Disposals of Fixed Maturity Securities Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains (losses) were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
(In millions)
Proceeds$504 $1,564 $1,270 $4,104 
Gross investment gains$8 $2 $11 $49 
Gross investment losses(56)(60)(127)(146)
Net investment gains (losses)$(48)$(58)$(116)$(97)