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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities by Sector
Fixed maturity securities by sector were as follows at:
March 31, 2024December 31, 2023
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$38,971 $14 $275 $3,703 $35,529 $38,303 $15 $383 $3,332 $35,339 
Foreign corporate13,030 4 59 1,407 11,678 12,769 — 89 1,276 11,582 
U.S. government and agency7,870 — 153 578 7,445 8,446 — 285 517 8,214 
RMBS8,270 5 41 906 7,400 8,127 4 48 805 7,366 
ABS
6,541 — 27 108 6,460 6,509 — 23 131 6,401 
CMBS
6,928 2 4 542 6,388 6,940 2 2 601 6,339 
State and political subdivision3,895 — 124 320 3,699 3,958 — 153 298 3,813 
Foreign government1,070 — 32 99 1,003 1,077 — 41 87 1,031 
Total fixed maturity securities$86,575 $25 $715 $7,663 $79,602 $86,129 $21 $1,024 $7,047 $80,085 
Maturities of Fixed Maturity Securities
The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at March 31, 2024:
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$3,210 $17,705 $14,477 $29,444 $21,739 $86,575 
Estimated fair value$3,165 $17,122 $13,129 $25,938 $20,248 $79,602 
_______________
(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:
March 31, 2024December 31, 2023
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$6,082 $479 $22,112 $3,224 $4,549 $409 $22,435 $2,923 
Foreign corporate1,684 87 8,032 1,320 1,010 74 8,229 1,202 
U.S. government and agency1,103 28 2,878 550 445 8 3,453 509 
RMBS708 21 5,591 885 413 21 5,749 784 
ABS
1,057 6 2,106 102 572 3 3,355 128 
CMBS
367 28 5,687 514 411 33 5,713 568 
State and political subdivision581 40 1,641 280 460 31 1,636 267 
Foreign government61 1 666 98 113 6 620 81 
Total fixed maturity securities$11,643 $690 $48,713 $6,973 $7,973 $585 $51,190 $6,462 
Total number of securities in an unrealized loss position
1,815 6,634 1,339 6,958 
Mortgage Loans by Portfolio Segment
Mortgage loans are summarized as follows at:
March 31, 2024December 31, 2023
Carrying
Value		% of
Total		Carrying
Value		% of
Total
(Dollars in millions)
Commercial$13,204 58.3 %$13,189 58.7 %
Agricultural4,507 19.9 4,416 19.6 
Residential5,065 22.4 5,007 22.3 
Total mortgage loans (1)22,776 100.6 22,612 100.6 
Allowance for credit losses(142)(0.6)(137)(0.6)
Total mortgage loans, net$22,634 100.0 %$22,475 100.0 %
_______________
(1)Purchases of mortgage loans from third parties were $161 million and $32 million for the three months ended March 31, 2024 and 2023, 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)
Three Months Ended March 31, 2024
Balance, beginning of period$69 $19 $49 $137 
Current period provision9 — (4)5 
Balance, end of period$78 $19 $45 $142 
Three Months Ended March 31, 2023
Balance, beginning of period$49 $15 $55 $119 
Current period provision15 (1)3 17 
Balance, end of period$64 $14 $58 $136 
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:
20242023202220212020PriorTotal
(In millions)
March 31, 2024
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%$104 $199 $654 $1,819 $177 $3,777 $6,730 
65% to 75%23 — 935 1,081 222 1,357 3,618 
76% to 80%— — 427 76 38 771 1,312 
Greater than 80%— — 400 226 — 918 1,544 
Total commercial mortgage loans127 199 2,416 3,202 437 6,823 13,204 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%126 207 584 1,120 443 1,743 4,223 
65% to 75%— 1 127 108 5 43 284 
Total agricultural mortgage loans126 208 711 1,228 448 1,786 4,507 
Residential mortgage loans
Performing— 216 1,288 1,646 143 1,671 4,964 
Nonperforming— — 26 24 2 49 101 
Total residential mortgage loans— 216 1,314 1,670 145 1,720 5,065 
Total$253 $623 $4,441 $6,100 $1,030 $10,329 $22,776 
20232022202120202019PriorTotal
(In millions)
December 31, 2023
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%$206 $655 $1,823 $177 $1,239 $2,628 $6,728 
65% to 75%— 935 1,079 222 261 1,157 3,654 
76% to 80%— 427 76 39 209 563 1,314 
Greater than 80%— 400 227 — 150 716 1,493 
Total commercial mortgage loans206 2,417 3,205 438 1,859 5,064 13,189 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%202 571 1,132 452 505 1,265 4,127 
65% to 75%1 127 108 6 30 17 289 
Total agricultural mortgage loans203 698 1,240 458 535 1,282 4,416 
Residential mortgage loans
Performing105 1,286 1,669 145 204 1,508 4,917 
Nonperforming— 22 22 1 2 43 90 
Total residential mortgage loans105 1,308 1,691 146 206 1,551 5,007 
Total$514 $4,423 $6,136 $1,042 $2,600 $7,897 $22,612 
The amortized cost of commercial mortgage loans by debt-service coverage ratio was as follows at:
March 31, 2024December 31, 2023
Amortized Cost% of
Total		Amortized Cost% of
Total
(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x$12,038 91.2 %$12,082 91.6 %
1.00x - 1.20x682 5.1 702 5.3 
Less than 1.00x484 3.7 405 3.1 
Total$13,204 100.0 %$13,189 100.0 %
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:
March 31, 2024December 31, 2023
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Current$13,187 $4,470 $4,962 $22,619 $13,172 $4,400 $4,915 $22,487 
30-59 days past due— 2 2 4 — — 2 2 
60-89 days past due— 19 33 52 — — 30 30 
90-179 days past due— — 31 31 — — 23 23 
180+ days past due17 16 37 70 17 16 37 70 
Total$13,204 $4,507 $5,065 $22,776 $13,189 $4,416 $5,007 $22,612 
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)
March 31, 2024
$31 $— $101 $132 
December 31, 2023
$17 $— $90 $107 
_______________
(1)The Company had no mortgage loans in nonaccrual status for which there was no related allowance for credit losses at both March 31, 2024 and December 31, 2023.
Net Unrealized Investment Gains (Losses)
The components of net unrealized investment gains (losses), included in AOCI, were as follows at:
March 31, 2024December 31, 2023
(In millions)
Fixed maturity securities$(6,948)$(6,023)
Derivatives393 344 
Other(6)(7)
Subtotal(6,561)(5,686)
Amounts allocated from:
Future policy benefits867 696 
Deferred income tax benefit (expense)1,196 1,048 
Net unrealized investment gains (losses)$(4,498)$(3,942)
The changes in net unrealized investment gains (losses) were as follows:
Three Months Ended March 31, 2024
(In millions)
Balance at December 31, 2023$(3,942)
Unrealized investment gains (losses) during the period(875)
Unrealized investment gains (losses) relating to:
Future policy benefits171 
Deferred income tax benefit (expense)148 
Balance at March 31, 2024$(4,498)
Change in net unrealized investment gains (losses)$(556)
Securities Lending
Elements of the securities lending program are presented below at:
March 31, 2024December 31, 2023
(In millions)
Securities on loan: (1)
Amortized cost$3,441 $3,420 
Estimated fair value$3,120 $3,194 
Cash collateral received from counterparties (2)$3,191 $3,277 
Reinvestment portfolio — estimated fair value$3,159 $3,246 
_______________
(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:
March 31, 2024December 31, 2023
Open (1)1 Month or Less1 to 6 MonthsTotalOpen (1)1 Month or Less1 to 6 MonthsTotal
(In millions)
U.S. government and agency$580 $1,112 $1,110 $2,802 $647 $655 $1,584 $2,886 
U.S. corporate— 250 — 250 — 252 — 252 
Foreign corporate— 124 — 124 — 130 — 130 
Foreign government— 15 — 15 — 9 — 9 
Total$580 $1,501 $1,110 $3,191 $647 $1,046 $1,584 $3,277 
_______________
(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:
March 31, 2024December 31, 2023
(In millions)
Invested assets on deposit (regulatory deposits) (1)$8,526 $8,590 
Invested assets held in trust (reinsurance agreements) (2)7,110 7,103 
Invested assets pledged as collateral (3)14,155 13,979 
Total invested assets on deposit, held in trust and pledged as collateral$29,791 $29,672 
_______________
(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $37 million and $102 million of the assets on deposit represents restricted cash and cash equivalents at March 31, 2024 and December 31, 2023, respectively.
(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $96 million and $117 million of the assets held in trust balance represents restricted cash and cash equivalents at March 31, 2024 and December 31, 2023, respectively.
(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report) and derivative transactions (see Note 8).
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:
March 31, 2024December 31, 2023
Carrying
Amount		Maximum
Exposure
to Loss		Carrying
Amount		Maximum
Exposure
to Loss
(In millions)
Fixed maturity securities$15,526 $16,791 $15,386 $16,611 
Limited partnerships and LLCs4,208 5,233 4,220 5,242 
Total$19,734 $22,024 $19,606 $21,853 
Components of Net Investment Income
The components of net investment income were as follows:
Three Months Ended
March 31,
20242023
(In millions)
Investment income:
Fixed maturity securities$908 $830 
Equity securities2 — 
Mortgage loans245 238 
Policy loans9 9 
Limited partnerships and LLCs (1)74 (13)
Cash, cash equivalents and short-term investments47 40 
Other24 22 
Total investment income1,309 1,126 
Less: Investment expenses86 91 
Net investment income$1,223 $1,035 
_______________
(1)Includes net investment income pertaining to other limited partnership interests of $93 million and ($1) million for the three months ended March 31, 2024 and 2023, respectively.
Components of Net Investment Gains (Losses)
The components of net investment gains (losses) were as follows:
Three Months Ended
March 31,
20242023
(In millions)
Fixed maturity securities $(37)$(74)
Equity securities(2)(5)
Mortgage loans(5)(17)
Other1 — 
Total net investment gains (losses)$(43)$(96)
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
March 31,
20242023
(In millions)
Proceeds$678 $766 
Gross investment gains$2 $3 
Gross investment losses(34)(71)
Net investment gains (losses)$(32)$(68)