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Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities by Sector
Fixed maturity securities by sector were as follows at:
September 30, 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$39,935 $31 $535 $2,785 $37,654 $38,303 $15 $383 $3,332 $35,339 
Foreign corporate13,258 21 140 1,050 12,327 12,769 — 89 1,276 11,582 
U.S. government and agency7,514 — 300 470 7,344 8,446 — 285 517 8,214 
Residential mortgage-backed securities
8,443 4 77 634 7,882 8,127 4 48 805 7,366 
Asset-backed securities
6,288 — 43 65 6,266 6,509 — 23 131 6,401 
Commercial mortgage-backed securities
6,780 3 9 359 6,427 6,940 2 2 601 6,339 
State and political subdivision3,592 — 139 252 3,479 3,958 — 153 298 3,813 
Foreign government1,048 — 44 71 1,021 1,077 — 41 87 1,031 
Total fixed maturity securities$86,858 $59 $1,287 $5,686 $82,400 $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 September 30, 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$4,107 $18,741 $13,676 $28,823 $21,511 $86,858 
Estimated fair value$4,092 $18,537 $12,855 $26,341 $20,575 $82,400 
_______________
(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:
September 30, 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$6,005 $467 $18,501 $2,318 $4,549 $409 $22,435 $2,923 
Foreign corporate1,678 166 6,199 884 1,010 74 8,229 1,202 
U.S. government and agency298 23 2,238 447 445 8 3,453 509 
RMBS552 35 5,207 599 413 21 5,749 784 
ABS
407 6 1,203 59 572 3 3,355 128 
CMBS
648 47 5,123 312 411 33 5,713 568 
State and political subdivision331 21 1,591 231 460 31 1,636 267 
Foreign government136 9 519 62 113 6 620 81 
Total fixed maturity securities$10,055 $774 $40,581 $4,912 $7,973 $585 $51,190 $6,462 
Total number of securities in an unrealized loss position
2,135 5,423 1,339 6,958 
Rollforward of the Allowance for Credit Losses for Fixed Maturity Securities by Sector
The changes in the allowance for credit losses for fixed maturity securities by sector were as follows:
U.S. CorporateForeign CorporateRMBSCMBSTotal
(In millions)
Nine Months Ended September 30, 2024
Balance, beginning of period$15 $— $4 $2 $21 
Allowance on securities where credit losses were not previously recorded13 21 — 1 35 
Reductions for securities sold— — — — — 
Change in allowance on securities with an allowance recorded in a previous period3 — — — 3 
Write-offs charged against allowance (1)— — — — — 
Balance, end of period$31 $21 $4 $3 $59 
Nine Months Ended September 30, 2023
Balance, beginning of period$1 $1 $1 $3 $6 
Allowance on securities where credit losses were not previously recorded14 — 4 — 18 
Reductions for securities sold— — — (1)(1)
Change in allowance on securities with an allowance recorded in a previous period— — — — — 
Write-offs charged against allowance (1)— (1)— — (1)
Balance, end of period $15 $— $5 $2 $22 
_______________
(1)The Company recorded total write-offs of $10 million and $8 million for the nine months ended September 30, 2024 and 2023, respectively.
Mortgage Loans by Portfolio Segment
Mortgage loans are summarized as follows at:
September 30, 2024December 31, 2023
Carrying
Value		% of
Total		Carrying
Value		% of
Total
(Dollars in millions)
Commercial$13,251 57.9 %$13,189 58.7 %
Agricultural4,490 19.6 4,416 19.6 
Residential5,329 23.2 5,007 22.3 
Total mortgage loans (1)23,070 100.7 22,612 100.6 
Allowance for credit losses(167)(0.7)(137)(0.6)
Total mortgage loans, net$22,903 100.0 %$22,475 100.0 %
_______________
(1)Purchases of mortgage loans from third parties were $314 million and $664 million for the three months and nine months ended September 30, 2024, respectively, and $224 million and $255 million for the three months and nine months ended September 30, 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)
Nine Months Ended September 30, 2024
Balance, beginning of period$69 $19 $49 $137 
Current period provision39 11 (7)43 
Charge-offs, net of recoveries(13)— — (13)
Balance, end of period$95 $30 $42 $167 
Nine Months Ended September 30, 2023
Balance, beginning of period$49 $15 $55 $119 
Current period provision22 1 — 23 
Charge-offs, net of recoveries(4)(1)— (5)
Balance, end of period$67 $15 $55 $137 
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)
September 30, 2024
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%$448 $199 $609 $1,824 $221 $3,173 $6,474 
65% to 75%67 — 876 778 38 1,072 2,831 
76% to 80%— — 415 304 175 650 1,544 
Greater than 80%— — 516 267 — 1,619 2,402 
Total commercial mortgage loans515 199 2,416 3,173 434 6,514 13,251 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%239 221 554 1,101 397 1,685 4,197 
65% to 75%6 1 130 107 12 17 273 
76% to 80%— — — — 1 3 4 
Greater than 80%— — — — — 16 16 
Total agricultural mortgage loans245 222 684 1,208 410 1,721 4,490 
Residential mortgage loans
Performing294 235 1,298 1,666 137 1,598 5,228 
Nonperforming— 1 32 18 1 49 101 
Total residential mortgage loans294 236 1,330 1,684 138 1,647 5,329 
Total$1,054 $657 $4,430 $6,065 $982 $9,882 $23,070 
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:
September 30, 2024December 31, 2023
Amortized Cost% of
Total		Amortized Cost% of
Total
(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x$12,147 91.7 %$12,082 91.6 %
1.00x - 1.20x663 5.0 702 5.3 
Less than 1.00x441 3.3 405 3.1 
Total$13,251 100.0 %$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:
September 30, 2024December 31, 2023
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Current$13,142 $4,465 $5,133 $22,740 $13,172 $4,400 $4,915 $22,487 
30-59 days past due— — 95 95 — — 2 2 
60-89 days past due10 9 30 49 — — 30 30 
90-179 days past due14 — 32 46 — — 23 23 
180+ days past due85 16 39 140 17 16 37 70 
Total$13,251 $4,490 $5,329 $23,070 $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:
CommercialAgricultural
Residential
Total
(In millions)
September 30, 2024
$119 $16 $101 $236 
December 31, 2023
$17 $— $90 $107 
The Company had no mortgage loans in nonaccrual status for which there was no related allowance for credit losses at both September 30, 2024 and December 31, 2023.
Net Unrealized Investment Gains (Losses)
The components of net unrealized investment gains (losses), included in AOCI, were as follows at:
September 30, 2024December 31, 2023
(In millions)
Fixed maturity securities$(4,399)$(6,023)
Derivatives309 344 
Other(7)(7)
Subtotal(4,097)(5,686)
Amounts allocated from:
Future policy benefits532 696 
Deferred income tax benefit (expense)749 1,048 
Net unrealized investment gains (losses)$(2,816)$(3,942)
The changes in net unrealized investment gains (losses) were as follows:
Nine Months Ended September 30, 2024
(In millions)
Balance at December 31, 2023$(3,942)
Unrealized investment gains (losses) during the period1,589 
Unrealized investment gains (losses) relating to:
Future policy benefits(164)
Deferred income tax benefit (expense)(299)
Balance at September 30, 2024$(2,816)
Change in net unrealized investment gains (losses)$1,126 
Securities Lending
Elements of the securities lending program are presented below at:
September 30, 2024December 31, 2023
(In millions)
Securities on loan: (1)
Amortized cost$3,457 $3,420 
Estimated fair value$3,176 $3,194 
Cash collateral received from counterparties (2)$3,270 $3,277 
Reinvestment portfolio — estimated fair value$3,301 $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:
September 30, 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$641 $2,060 $206 $2,907 $647 $655 $1,584 $2,886 
U.S. corporate— 254 — 254 — 252 — 252 
Foreign corporate— 106 — 106 — 130 — 130 
Foreign government— 3 — 3 — 9 — 9 
Total$641 $2,423 $206 $3,270 $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:
September 30, 2024December 31, 2023
(In millions)
Invested assets on deposit (regulatory deposits) (1)$6,511 $8,590 
Invested assets held in trust (reinsurance agreements) (2)7,638 7,103 
Invested assets pledged as collateral (3)12,774 13,979 
Total invested assets on deposit, held in trust and pledged as collateral$26,923 $29,672 
_______________
(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $87 million and $102 million of the assets on deposit represents restricted cash and cash equivalents at September 30, 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 $296 million and $117 million of the assets held in trust balance represents restricted cash and cash equivalents at September 30, 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:
September 30, 2024December 31, 2023
Carrying
Amount		Maximum
Exposure
to Loss		Carrying
Amount		Maximum
Exposure
to Loss
(In millions)
Fixed maturity securities$15,424 $16,214 $15,386 $16,611 
Limited partnerships and LLCs4,240 5,300 4,220 5,242 
Total$19,664 $21,514 $19,606 $21,853 
Components of Net Investment Income
The components of net investment income were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
(In millions)
Investment income:
Fixed maturity securities$941 $886 $2,777 $2,577 
Equity securities— 1 2 2 
Mortgage loans252 240 747 715 
Policy loans12 11 35 33 
Limited partnerships and LLCs (1)56 52 228 128 
Cash, cash equivalents and short-term investments63 50 157 133 
Other25 24 74 64 
Total investment income1,349 1,264 4,020 3,652 
Less: Investment expenses91 90 263 271 
Net investment income$1,258 $1,174 $3,757 $3,381 
_______________
(1)Includes net investment income pertaining to other limited partnership interests of $65 million and $259 million for the three months and nine months ended September 30, 2024, respectively, and $64 million and $156 million for the three months and nine months ended September 30, 2023, respectively.
Components of Net Investment Gains (Losses)
The components of net investment gains (losses) were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
(In millions)
Fixed maturity securities $(48)$(54)$(181)$(183)
Equity securities(1)— (4)(4)
Mortgage loans(15)3 (42)(24)
Limited partnerships and LLCs— — (1)— 
Other2 (1)3 (2)
Total net investment gains (losses)$(62)$(52)$(225)$(213)
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
September 30,		Nine Months Ended
September 30,
2024202320242023
(In millions)
Proceeds$310 $494 $2,093 $1,764 
Gross investment gains$3 $1 $13 $12 
Gross investment losses(25)(44)(145)(171)
Net investment gains (losses)$(22)$(43)$(132)$(159)