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Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities by Sector

Fixed maturity securities by sector were as follows at:


			December 31, 2024																														December 31, 2023
			Amortized Cost						Allowance for Credit Losses						Gross Unrealized												Estimated Fair Value						Amortized Cost						Allowance for Credit Losses						Gross Unrealized												Estimated Fair Value
															Gains						Losses																								Gains						Losses
			(In millions)
U.S. corporate			$	40,437					$	47					$	212					$	3,865					$	36,737					$	38,303					$	15					$	383					$	3,332					$	35,339
Foreign corporate			13,203						26						53						1,468						11,762						12,769						—						89						1,276						11,582
RMBS			8,056						4						45						867						7,230						8,127						4						48						805						7,366
U.S. government and agency			7,112						—						39						691						6,460						8,446						—						285						517						8,214
ABS			6,348						—						33						75						6,306						6,509						—						23						131						6,401
CMBS			6,702						2						7						415						6,292						6,940						2						2						601						6,339
State and political subdivision			3,671						—						78						367						3,382						3,958						—						153						298						3,813
Foreign government			1,036						—						24						100						960						1,077						—						41						87						1,031
Total fixed maturity securities			$	86,565					$	79					$	491					$	7,848					$	79,129					$	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 December 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						Total Fixed Maturity Securities
			(In millions)
Amortized cost			$	3,837					$	19,627					$	13,501					$	28,494					$	21,106					$	86,565
Estimated fair value			$	3,821					$	19,066					$	12,266					$	24,148					$	19,828					$	79,129

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:


			December 31, 2024																								December 31, 2023
			Less than 12 Months												12 Months or Greater												Less than 12 Months												12 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			$	10,758					$	719					$	17,329					$	3,146					$	4,549					$	409					$	22,435					$	2,923
Foreign corporate			3,269						351						5,502						1,117						1,010						74						8,229						1,202
RMBS			1,227						82						4,624						785						413						21						5,749						784
U.S. government and agency			2,384						116						1,858						575						445						8						3,453						509
CMBS			1,326						90						4,338						325						411						33						5,713						568
ABS			717						10						1,076						65						572						3						3,355						128
State and political subdivision			871						63						1,435						304						460						31						1,636						267
Foreign government			273						29						433						71						113						6						620						81
Total fixed maturity securities			$	20,825					$	1,460					$	36,595					$	6,388					$	7,973					$	585					$	51,190					$	6,462
Total number of securities in an unrealized loss position			3,356												5,195												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. Corporate												RMBS									CMBS						Foreign Corporate															Total
						(In millions)
Balance at December 31, 2022						$	1											$	1								$	3					$	1														$	6
Allowance on securities where credit losses were not previously recorded						15												3									—						—															18

Reductions for securities sold						(1)												—									—						—															(1)

Change in allowance on securities with an allowance recorded in a previous period						—												—									(1)						—															(1)
Write-offs charged against allowance (1)						—												—									—						(1)															(1)
Balance at December 31, 2023						15												4									2						—															21
Allowance on securities where credit losses were not previously recorded						29												1									—						26															56

Reductions for securities sold						—												—									—						—															—

Change in allowance on securities with an allowance recorded in a previous period						3												(1)									—						—															2
Write-offs charged against allowance (1)						—												—									—						—															—
Balance at December 31, 2024						$	47											$	4								$	2					$	26														$	79

_______________

(1)The Company recorded total write-offs of $12 million and $8 million for the years ended December 31, 2024 and 2023, respectively.

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


			December 31,
			2024												2023
			Carrying Value						% of Total						Carrying Value						% of Total
			(Dollars in millions)
Commercial			$	13,326					57.3		%				$	13,189					58.7		%
Agricultural			4,563						19.6						4,416						19.6
Residential			5,543						23.8						5,007						22.3
Total mortgage loans (1)			23,432						100.7						22,612						100.6
Allowance for credit losses			(178)						(0.7)						(137)						(0.6)
Total mortgage loans, net			$	23,254					100.0		%				$	22,475					100.0		%

_______________

(1) Purchases of mortgage loans from third parties were $1.0 billion and $311 million for the years ended December 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:


			Commercial						Agricultural						Residential						Total
			(In millions)
Balance at December 31, 2022			$	49					$	15					$	55					$	119
Current period provision			24						5						(6)						23
Charge-offs, net of recoveries			(4)						(1)						—						(5)
Balance at December 31, 2023			69						19						49						137
Current period provision			50						11						(7)						54
Charge-offs, net of recoveries			(13)						—						—						(13)
Balance at December 31, 2024			$	106					$	30					$	42					$	178

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:


			2024						2023						2022						2021						2020						Prior						Total
			(In millions)
December 31, 2024
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%			$	640					$	199					$	279					$	1,850					$	196					$	2,844					$	6,008
65% to 75%			208						—						1,022						713						62						1,171						3,176
76% to 80%			—						—						117						201						174						601						1,093
Greater than 80%			—						—						972						388						—						1,689						3,049
Total commercial mortgage loans			848						199						2,390						3,152						432						6,305						13,326

Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%			408						203						594						1,073						400						1,632						4,310
65% to 75%			—						18						80						113						6						19						236
76% to 80%			—						—						—						—						1						—						1
Greater than 80%			—						—						—						—						—						16						16
Total agricultural mortgage loans			408						221						674						1,186						407						1,667						4,563

Residential mortgage loans
Performing			586						222						1,268						1,640						146						1,563						5,425
Nonperforming			1						—						44						21						1						51						118
Total residential mortgage loans			587						222						1,312						1,661						147						1,614						5,543
Total			$	1,843					$	642					$	4,376					$	5,999					$	986					$	9,586					$	23,432


			2023						2022						2021						2020						2019						Prior						Total
			(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 loans			206						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
76% to 80%			—						—						—						—						—						—						—
Greater than 80%			—						—						—						—						—						—						—
Total agricultural mortgage loans			203						698						1,240						458						535						1,282						4,416
Residential mortgage loans
Performing			105						1,286						1,669						145						204						1,508						4,917
Nonperforming			—						22						22						1						2						43						90
Total residential mortgage loans			105						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:


			December 31,
			2024												2023
			Amortized Cost						% of Total						Amortized Cost						% of Total
			(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x			$	12,029					90.3		%				$	12,082					91.6		%
1.00x - 1.20x			801						6.0						702						5.3
Less than 1.00x			496						3.7						405						3.1
Total			$	13,326					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:


			December 31,
			2024																								2023
			Commercial						Agricultural						Residential						Total						Commercial						Agricultural						Residential						Total
			(In millions)
Current			$	13,206					$	4,538					$	5,423					$	23,167					$	13,172					$	4,400					$	4,915					$	22,487
30-59 days past due			—						—						2						2						—						—						2						2
60-89 days past due			—						—						36						36						—						—						30						30
90-179 days past due			21						9						36						66						—						—						23						23
180+ days past due			99						16						46						161						17						16						37						70
Total			$	13,326					$	4,563					$	5,543					$	23,432					$	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:


			Commercial						Agricultural						Residential (1)						Total
			(In millions)
December 31, 2024			$	120					$	25					$	118					$	263
December 31, 2023			$	17					$	—					$	90					$	107

_______________

(1)The Company had $3 million of mortgage loans in nonaccrual status for which there was no related allowance for credit losses at December 31, 2024. The Company did not have any mortgage loans in nonaccrual status for which there was no related allowance for credit losses at December 31, 2023.

Net Unrealized Investment Gains (Losses)

The components of net unrealized investment gains (losses), included in AOCI, were as follows:


			Years Ended December 31,
			2024						2023						2022
			(In millions)
Fixed maturity securities			$	(7,357)					$	(6,023)					$	(8,632)

Derivatives			460						344						628
Other			(7)						(7)						(7)
Subtotal			(6,904)						(5,686)						(8,011)
Amounts allocated from:
Future policy benefits			977						696						992
Deferred income tax benefit (expense)			1,245						1,048						1,474
Net unrealized investment gains (losses)			$	(4,682)					$	(3,942)					$	(5,545)

The changes in net unrealized investment gains (losses) were as follows:


			Years Ended December 31,
			2024						2023						2022
			(In millions)


Balance at January 1,			$	(3,942)					$	(5,545)					$	5,229
Unrealized investment gains (losses) during the year			(1,218)						2,325						(16,555)
Unrealized investment gains (losses) relating to:
Future policy benefits			281						(296)						2,917

Deferred income tax benefit (expense)			197						(426)						2,864
Balance at December 31,			$	(4,682)					$	(3,942)					$	(5,545)
Change in net unrealized investment gains (losses)			$	(740)					$	1,603					$	(10,774)

Securities Lending

Elements of the securities lending program are presented below at:


			December 31,
			2024						2023
			(In millions)
Securities on loan: (1)
Amortized cost			$	3,582					$	3,420
Estimated fair value			$	3,127					$	3,194
Cash collateral received from counterparties (2)			$	3,210					$	3,277

Reinvestment portfolio — estimated fair value			$	3,217					$	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:


			December 31, 2024																								December 31, 2023
			Open (1)						1 Month or Less						1 to 6 Months												Total												Open (1)						1 Month or Less						1 to 6 Months												Total
			(In millions)
U.S. government and agency			$	490					$	1,467					$	886											$	2,843											$	647					$	655					$	1,584											$	2,886
U.S. corporate			—						248						—												248												—						252						—												252
Foreign corporate			—						105						—												105												—						130						—												130
Foreign government			—						14						—												14												—						9						—												9
Total			$	490					$	1,834					$	886											$	3,210											$	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:


			December 31,
			2024						2023
			(In millions)
Invested assets on deposit (regulatory deposits) (1)			$	6,246					$	8,590
Invested assets held in trust (reinsurance agreements) (2)			8,226						7,103
Invested assets pledged as collateral (3)			12,471						13,979
Total invested assets on deposit, held in trust and pledged as collateral			$	26,943					$	29,672

_______________

(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $68 million and $102 million of the assets on deposit represents restricted cash and cash equivalents at December 31, 2024 and 2023, respectively.

(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $332 million and $117 million of the assets held in trust balance represents restricted cash and cash equivalents at December 31, 2024 and 2023, respectively.

(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3) and derivative transactions (see Note 9).

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:


			December 31,
			2024												2023
			Carrying Amount						Maximum Exposure to Loss						Carrying Amount						Maximum Exposure to Loss
			(In millions)

Fixed maturity securities			$	14,248					$	15,330					$	15,386					$	16,611

Limited partnerships and LLCs			4,223						5,265						4,220						5,242


Total			$	18,471					$	20,595					$	19,606					$	21,853

Components of Net Investment Income

The components of net investment income were as follows:


			Years Ended December 31,
			2024						2023						2022
			(In millions)
Investment income:
Fixed maturity securities			$	3,708					$	3,481					$	3,044
Equity securities			3						2						2
Mortgage loans			1,000						957						840
Policy loans			48						45						42
Limited partnerships and LLCs (1)			357						167						263
Cash, cash equivalents and short-term investments			225						181						56

Other			104						84						66
Total investment income			5,445						4,917						4,313
Less: Investment expenses			345						357						249



Net investment income			$	5,100					$	4,560					$	4,064

_______________

(1)Includes net investment income pertaining to other limited partnership interests of $367 million, $186 million and $170 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Components of Net Investment Gains (Losses)

The components of net investment gains (losses) were as follows:


			Years Ended December 31,
			2024						2023						2022
			(In millions)
Fixed maturity securities			$	(243)					$	(214)					$	(188)
Equity securities			(12)						(1)						(12)
Mortgage loans			(55)						(24)						(20)
Limited partnerships and LLCs			(2)						(1)						(20)

Other			14						(2)						—
Total net investment gains (losses)			$	(298)					$	(242)					$	(240)

Gains (losses) from foreign currency transactions included within net investment gains (losses) were ($1) million, ($1) million and ($18) million for the years ended December 31, 2024, 2023 and 2022, respectively.

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:


			Years Ended December 31,
			2024						2023						2022
			(In millions)
Proceeds			$	3,436					$	2,223					$	6,557
Gross investment gains			$	20					$	15					$	55
Gross investment losses			(193)						(206)						(236)
Net investment gains (losses)			$	(173)					$	(191)					$	(181)