XML 40 R28.htm IDEA: XBRL DOCUMENT v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities by Sector
Fixed maturity securities by sector were as follows at:
March 31, 2025December 31, 2024
Amortized Cost
Allowance for Credit Losses
Gross Unrealized
Estimated Fair Value
Amortized Cost
Allowance for Credit LossesGross Unrealized
Estimated Fair Value
GainsLossesGainsLosses
(In millions)
U.S. corporate$40,340 $21 $288 $3,495 $37,112 $40,437 $47 $212 $3,865 $36,737 
Foreign corporate12,840 29 74 1,323 11,562 13,203 26 53 1,468 11,762 
Residential mortgage-backed securities
8,214 3 58 736 7,533 8,056 4 45 867 7,230 
U.S. government and agency7,076 — 105 567 6,614 7,112 — 39 691 6,460 
Asset-backed securities
6,165 — 26 69 6,122 6,348 — 33 75 6,306 
Commercial mortgage-backed securities
6,692 1 6 345 6,352 6,702 2 7 415 6,292 
State and political subdivision3,711 — 86 328 3,469 3,671 — 78 367 3,382 
Foreign government1,020 — 30 85 965 1,036 — 24 100 960 
Total fixed maturity securities$86,058 $54 $673 $6,948 $79,729 $86,565 $79 $491 $7,848 $79,129 
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, 2025:
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$4,123 $19,430 $13,040 $28,394 $21,071 $86,058 
Estimated fair value$4,098 $19,009 $12,085 $24,530 $20,007 $79,729 
_______________
(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, 2025December 31, 2024
Less than 12 Months12 Months or GreaterLess than 12 Months12 Months or Greater
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(Dollars in millions)
U.S. corporate$9,363 $606 $17,306 $2,889 $10,758 $719 $17,329 $3,146 
Foreign corporate3,079 362 5,190 961 3,269 351 5,502 1,117 
RMBS1,005 64 4,626 672 1,227 82 4,624 785 
U.S. government and agency1,215 48 1,772 519 2,384 116 1,858 575 
ABS
1,611 8 980 61 717 10 1,076 65 
CMBS
1,463 75 4,259 270 1,326 90 4,338 325 
State and political subdivision670 52 1,504 276 871 63 1,435 304 
Foreign government250 24 432 61 273 29 433 71 
Total fixed maturity securities$18,656 $1,239 $36,069 $5,709 $20,825 $1,460 $36,595 $6,388 
Total number of securities in an unrealized loss position
3,316 5,048 3,356 5,195 
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)
Three Months Ended March 31, 2025
Balance, beginning of period$47 $26 $4 $2 $79 
Allowance on securities where credit losses were not previously recorded— — — — — 
Reductions for securities sold(1)— — (1)(2)
Change in allowance on securities with an allowance recorded in a previous period2 3 (1)— 4 
Write-offs charged against allowance (1)(27)— — — (27)
Balance, end of period$21 $29 $3 $1 $54 
Three Months Ended March 31, 2024
Balance, beginning of period$15 $— $4 $2 $21 
Allowance on securities where credit losses were not previously recorded— 4 — — 4 
Reductions for securities sold— — — — — 
Change in allowance on securities with an allowance recorded in a previous period(1)— 1 — — 
Write-offs charged against allowance (1)— — — — — 
Balance, end of period $14 $4 $5 $2 $25 
_______________
(1)The Company recorded total write-offs of $33 million for the three months ended March 31, 2025. The Company did not record any write-offs for the three months ended March 31, 2024.
Mortgage Loans by Portfolio Segment
Mortgage loans are summarized as follows at:
March 31, 2025December 31, 2024
Carrying
Value
% of
Total
Carrying
Value
% of
Total
(Dollars in millions)
Commercial$13,131 57.0 %$13,326 57.3 %
Agricultural4,516 19.6 4,563 19.6 
Residential5,583 24.3 5,543 23.8 
Total mortgage loans (1)23,230 100.9 23,432 100.7 
Allowance for credit losses(209)(0.9)(178)(0.7)
Total mortgage loans, net$23,021 100.0 %$23,254 100.0 %
_______________
(1)Purchases of mortgage loans from third parties were $178 million and $161 million for the three months ended March 31, 2025 and 2024, 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, 2025
Balance, beginning of period$106 $30 $42 $178 
Current period provision40 4 (1)43 
Charge-offs, net of recoveries— (12)— (12)
Balance, end of period$146 $22 $41 $209 
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 
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:
20252024202320222021PriorTotal
(In millions)
March 31, 2025
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%$26 $639 $198 $292 $1,848 $2,953 $5,956 
65% to 75%42 208 — 984 680 1,231 3,145 
76% to 80%— — — 117 201 823 1,141 
Greater than 80%31 — — 950 271 1,637 2,889 
Total commercial mortgage loans99 847 198 2,343 3,000 6,644 13,131 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%75 370 201 589 1,061 1,986 4,282 
65% to 75%— — 17 80 111 25 233 
76% to 80%— — — — — 1 1 
Greater than 80%— — — — — — — 
Total agricultural mortgage loans75 370 218 669 1,172 2,012 4,516 
Residential mortgage loans
Performing5 729 215 1,234 1,605 1,670 5,458 
Nonperforming— — — 48 25 52 125 
Total residential mortgage loans5 729 215 1,282 1,630 1,722 5,583 
Total$179 $1,946 $631 $4,294 $5,802 $10,378 $23,230 
20242023202220212020PriorTotal
(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 loans848 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 loans408 221 674 1,186 407 1,667 4,563 
Residential mortgage loans
Performing586 222 1,268 1,640 146 1,563 5,425 
Nonperforming1 — 44 21 1 51 118 
Total residential mortgage loans587 222 1,312 1,661 147 1,614 5,543 
Total$1,843 $642 $4,376 $5,999 $986 $9,586 $23,432 
The amortized cost of commercial mortgage loans by debt-service coverage ratio was as follows at:
March 31, 2025December 31, 2024
Amortized Cost
% of Total
Amortized Cost
% of Total
(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x$11,681 89.0 %$12,029 90.3 %
1.00x - 1.20x847 6.0 801 6.0 
Less than 1.00x603 5.0 496 3.7 
Total$13,131 100.0 %$13,326 100.0 %
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, 2025December 31, 2024
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Current$12,982 $4,470 $5,456 $22,908 $13,206 $4,538 $5,423 $23,167 
30-59 days past due30 7 2 39 — — 2 2 
60-89 days past due— 6 33 39 — — 36 36 
90-179 days past due— 24 42 66 21 9 36 66 
180+ days past due119 9 50 178 99 16 46 161 
Total$13,131 $4,516 $5,583 $23,230 $13,326 $4,563 $5,543 $23,432 
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 (1)
Total
(In millions)
March 31, 2025
$149 $9 $125 $283 
December 31, 2024
$120 $25 $118 $263 
_______________
(1) The Company had $10 million and $3 million of mortgage loans in nonaccrual status for which there was no related allowance for credit losses at March 31, 2025 and December 31, 2024, respectively.
Net Unrealized Investment Gains (Losses)
The components of net unrealized investment gains (losses), included in AOCI, were as follows at:
March 31, 2025December 31, 2024
(In millions)
Fixed maturity securities$(6,275)$(7,357)
Derivatives437 460 
Other(7)(7)
Subtotal(5,845)(6,904)
Amounts allocated from:
Future policy benefits836 977 
Deferred income tax benefit (expense)1,052 1,245 
Net unrealized investment gains (losses)$(3,957)$(4,682)
The changes in net unrealized investment gains (losses) were as follows:
Three Months Ended March 31, 2025
(In millions)
Balance at December 31, 2024$(4,682)
Unrealized investment gains (losses) during the period1,059 
Unrealized investment gains (losses) relating to:
Future policy benefits(141)
Deferred income tax benefit (expense)(193)
Balance at March 31, 2025$(3,957)
Change in net unrealized investment gains (losses)$725 
Securities Lending
Elements of the securities lending program are presented below at:
March 31, 2025December 31, 2024
(In millions)
Securities on loan: (1)
Amortized cost$3,551 $3,582 
Estimated fair value$3,189 $3,127 
Cash collateral received from counterparties (2)$3,254 $3,210 
Reinvestment portfolio — estimated fair value$3,282 $3,217 
_______________
(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, 2025December 31, 2024
Open (1)1 Month or Less1 to 6 MonthsTotalOpen (1)1 Month or Less1 to 6 MonthsTotal
(In millions)
U.S. government and agency$529 $1,158 $1,192 $2,879 $490 $1,467 $886 $2,843 
U.S. corporate— 217 — 217 — 248 — 248 
Foreign corporate— 142 — 142 — 105 — 105 
Foreign government— 16 — 16 — 14 — 14 
Total$529 $1,533 $1,192 $3,254 $490 $1,834 $886 $3,210 
_______________
(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, 2025December 31, 2024
(In millions)
Invested assets on deposit (regulatory deposits) (1)$6,416 $6,246 
Invested assets held in trust (reinsurance agreements) (2)7,877 8,226 
Invested assets pledged as collateral (3)12,556 12,471 
Total invested assets on deposit, held in trust and pledged as collateral$26,849 $26,943 
_______________
(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $28 million and $68 million of the assets on deposit represents restricted cash and cash equivalents at March 31, 2025 and December 31, 2024, respectively.
(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $178 million and $332 million of the assets held in trust balance represents restricted cash and cash equivalents at March 31, 2025 and December 31, 2024, 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 2024 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, 2025December 31, 2024
Carrying Amount
Maximum Exposure to Loss
Carrying Amount
Maximum Exposure to Loss
(In millions)
Fixed maturity securities$14,149 $15,054 $14,248 $15,330 
Limited partnerships and LLCs4,253 5,259 4,223 5,265 
Total$18,402 $20,313 $18,471 $20,595 
Components of Net Investment Income
The components of net investment income were as follows:
Three Months Ended
March 31,
20252024
(In millions)
Investment income:
Fixed maturity securities$914 $908 
Trading securities (1)
11 — 
Equity securities— 2 
Mortgage loans256 245 
Policy loans11 9 
Limited partnerships and LLCs (2)
71 74 
Cash, cash equivalents and short-term investments61 47 
Other27 24 
Total investment income1,351 1,309 
Less: Investment expenses82 86 
Net investment income$1,269 $1,223 
_______________
(1)Investment gains (losses) were $6 million related to trading securities still held for the three months ended March 31, 2025. There were no investment gains (losses) related to trading securities still held for the three months ended March 31, 2024.
(2)Includes net investment income pertaining to other limited partnership interests of $56 million and $93 million for the three months ended March 31, 2025 and 2024, respectively.
Components of Net Investment Gains (Losses)
The components of net investment gains (losses) were as follows:
Three Months Ended
March 31,
20252024
(In millions)
Fixed maturity securities $(34)$(37)
Equity securities(1)(2)
Mortgage loans(43)(5)
Limited partnerships and LLCs(1)— 
Other(2)1 
Total net investment gains (losses)$(81)$(43)
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,
20252024
(In millions)
Proceeds$603 $678 
Gross investment gains$4 $2 
Gross investment losses(28)(34)
Net investment gains (losses)$(24)$(32)