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Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities by Sector
Fixed maturity securities by sector were as follows at:
June 30, 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$40,140 $26 $345 $3,371 $37,088 $40,437 $47 $212 $3,865 $36,737 
Foreign corporate12,685 35 126 1,077 11,699 13,203 26 53 1,468 11,762 
Residential mortgage-backed securities
8,421 3 62 699 7,781 8,056 4 45 867 7,230 
U.S. government and agency6,935 — 83 625 6,393 7,112 — 39 691 6,460 
Asset-backed securities
6,200 — 36 65 6,171 6,348 — 33 75 6,306 
Commercial mortgage-backed securities
6,590 1 11 292 6,308 6,702 2 7 415 6,292 
State and political subdivision3,704 — 84 338 3,450 3,671 — 78 367 3,382 
Foreign government987 — 31 77 941 1,036 — 24 100 960 
Total fixed maturity securities$85,662 $65 $778 $6,544 $79,831 $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 June 30, 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$4,199 $19,642 $12,425 $28,185 $21,211 $85,662 
Estimated fair value$4,176 $19,334 $11,800 $24,261 $20,260 $79,831 
_______________
(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, 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$7,615 $536 $17,067 $2,835 $10,758 $719 $17,329 $3,146 
Foreign corporate2,510 276 5,062 801 3,269 351 5,502 1,117 
RMBS1,001 55 4,555 644 1,227 82 4,624 785 
U.S. government and agency1,402 72 1,636 553 2,384 116 1,858 575 
ABS
578 5 862 60 717 10 1,076 65 
CMBS
1,274 65 3,921 227 1,326 90 4,338 325 
State and political subdivision620 47 1,565 291 871 63 1,435 304 
Foreign government227 21 390 56 273 29 433 71 
Total fixed maturity securities$15,227 $1,077 $35,058 $5,467 $20,825 $1,460 $36,595 $6,388 
Total number of securities in an unrealized loss position
2,578 4,896 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)
Six Months Ended June 30, 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 period7 9 (1)— 15 
Write-offs charged against allowance (1)(27)— — — (27)
Balance, end of period$26 $35 $3 $1 $65 
Six Months Ended June 30, 2024
Balance, beginning of period$15 $— $4 $2 $21 
Allowance on securities where credit losses were not previously recorded12 4 — 1 17 
Reductions for securities sold— — — — — 
Change in allowance on securities with an allowance recorded in a previous period4 — 1 — 5 
Write-offs charged against allowance (1)— — — — — 
Balance, end of period $31 $4 $5 $3 $43 
_______________
(1)The Company recorded total write-offs of $33 million and $1 million for the six months ended June 30, 2025 and 2024, respectively.
Mortgage Loans by Portfolio Segment
Mortgage loans are summarized as follows at:
June 30, 2025December 31, 2024
Carrying
Value
% of
Total
Carrying
Value
% of
Total
(Dollars in millions)
Commercial$12,912 56.2 %$13,326 57.3 %
Agricultural4,483 19.5 4,563 19.6 
Residential5,777 25.2 5,543 23.8 
Total mortgage loans (1)23,172 100.9 23,432 100.7 
Allowance for credit losses(208)(0.9)(178)(0.7)
Total mortgage loans, net$22,964 100.0 %$23,254 100.0 %
_______________
(1)Purchases of mortgage loans from third parties were $379 million and $557 million for the three months and six months ended June 30, 2025, respectively, and $188 million and $349 million for the three months and six months ended June 30, 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)
Six Months Ended June 30, 2025
Balance, beginning of period$106 $30 $42 $178 
Current period provision64 3 (1)66 
Charge-offs, net of recoveries(24)(12)— (36)
Balance, end of period$146 $21 $41 $208 
Six Months Ended June 30, 2024
Balance, beginning of period$69 $19 $49 $137 
Current period provision38 (1)(11)26 
Charge-offs, net of recoveries(8)— — (8)
Balance, end of period$99 $18 $38 $155 
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)
June 30, 2025
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%$286 $639 $158 $288 $1,826 $2,682 $5,879 
65% to 75%73 208 — 973 701 1,068 3,023 
76% to 80%— — — 117 165 880 1,162 
Greater than 80%31 — — 950 270 1,597 2,848 
Total commercial mortgage loans390 847 158 2,328 2,962 6,227 12,912 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%126 356 200 579 1,051 1,932 4,244 
65% to 75%— — 17 84 111 26 238 
76% to 80%— — — — — 1 1 
Greater than 80%— — — — — — — 
Total agricultural mortgage loans126 356 217 663 1,162 1,959 4,483 
Residential mortgage loans
Performing327 725 202 1,206 1,571 1,637 5,668 
Nonperforming— — — 40 25 44 109 
Total residential mortgage loans327 725 202 1,246 1,596 1,681 5,777 
Total$843 $1,928 $577 $4,237 $5,720 $9,867 $23,172 
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:
June 30, 2025December 31, 2024
Amortized Cost
% of
Total
Amortized Cost
% of
Total
(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x$11,310 87.6 %$12,029 90.3 %
1.00x - 1.20x931 7.2 801 6.0 
Less than 1.00x671 5.2 496 3.7 
Total$12,912 100.0 %$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:
June 30, 2025December 31, 2024
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Current$12,797 $4,465 $5,579 $22,841 $13,206 $4,538 $5,423 $23,167 
30-59 days past due— 3 89 92 — — 2 2 
60-89 days past due24 — 28 52 — — 36 36 
90-179 days past due56 4 25 85 21 9 36 66 
180+ days past due35 11 56 102 99 16 46 161 
Total$12,912 $4,483 $5,777 $23,172 $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)
June 30, 2025
$162 $9 $109 $280 
December 31, 2024
$120 $25 $118 $263 
_______________
(1) The Company had $9 million and $3 million of mortgage loans in nonaccrual status for which there was no related allowance for credit losses at June 30, 2025 and December 31, 2024, respectively.
Net Unrealized Investment Gains (Losses)
The components of net unrealized investment gains (losses), included in AOCI, were as follows at:
June 30, 2025December 31, 2024
(In millions)
Fixed maturity securities$(5,766)$(7,357)
Derivatives184 460 
Other(7)(7)
Subtotal(5,589)(6,904)
Amounts allocated from:
Future policy benefits844 977 
Deferred income tax benefit (expense)996 1,245 
Net unrealized investment gains (losses)$(3,749)$(4,682)
The changes in net unrealized investment gains (losses) were as follows:
Six Months Ended June 30, 2025
(In millions)
Balance at December 31, 2024$(4,682)
Unrealized investment gains (losses) during the period1,315 
Unrealized investment gains (losses) relating to:
Future policy benefits(133)
Deferred income tax benefit (expense)(249)
Balance at June 30, 2025$(3,749)
Change in net unrealized investment gains (losses)$933 
Securities Lending
Elements of the securities lending program are presented below at:
June 30, 2025December 31, 2024
(In millions)
Securities on loan: (1)
Amortized cost$3,636 $3,582 
Estimated fair value$3,238 $3,127 
Cash collateral received from counterparties (2)$3,301 $3,210 
Reinvestment portfolio — estimated fair value$3,383 $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:
June 30, 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$449 $1,199 $1,286 $2,934 $490 $1,467 $886 $2,843 
U.S. corporate— 248 — 248 — 248 — 248 
Foreign corporate4 106 — 110 — 105 — 105 
Foreign government— 9 — 9 — 14 — 14 
Total$453 $1,562 $1,286 $3,301 $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:
June 30, 2025December 31, 2024
(In millions)
Invested assets on deposit (regulatory deposits) (1)$6,351 $6,246 
Invested assets held in trust (reinsurance agreements) (2)8,489 8,226 
Invested assets pledged as collateral (3)11,345 12,471 
Total invested assets on deposit, held in trust and pledged as collateral$26,185 $26,943 
_______________
(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $76 million and $68 million of the assets on deposit represents restricted cash and cash equivalents at June 30, 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 $614 million and $332 million of the assets held in trust balance represents restricted cash and cash equivalents at June 30, 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:
June 30, 2025December 31, 2024
Carrying Amount
Maximum Exposure to Loss
Carrying Amount
Maximum Exposure to Loss
(In millions)
Fixed maturity securities$14,073 $14,896 $14,248 $15,330 
Limited partnerships and LLCs4,254 5,231 4,223 5,265 
Total$18,327 $20,127 $18,471 $20,595 
Components of Net Investment Income
The components of net investment income were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(In millions)
Investment income:
Fixed maturity securities$913 $928 $1,827 $1,836 
Trading securities (1)
(1)— 10 — 
Equity securities1 — 1 2 
Mortgage loans255 250 511 495 
Policy loans14 14 25 23 
Limited partnerships and LLCs (2)
80 98 151 172 
Cash, cash equivalents and short-term investments53 47 114 94 
Other23 25 50 49 
Total investment income1,338 1,362 2,689 2,671 
Less: Investment expenses80 86 162 172 
Net investment income$1,258 $1,276 $2,527 $2,499 
_______________
(1)Investment gains (losses) were ($6) million and less than $1 million related to trading securities still held for the three months and six months ended June 30, 2025, respectively. There were no investment gains (losses) related to trading securities still held for the three months and six months ended June 30, 2024.
(2)Includes net investment income pertaining to other limited partnership interests of $63 million and $119 million for the three months and six months ended June 30, 2025, respectively, and $101 million and $194 million for the three months and six months ended June 30, 2024, 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,
2025202420252024
(In millions)
Fixed maturity securities $(23)$(96)$(57)$(133)
Equity securities(1)(1)(2)(3)
Mortgage loans(24)(22)(67)(27)
Limited partnerships and LLCs1 (1)— (1)
Other5 — 3 1 
Total net investment gains (losses)$(42)$(120)$(123)$(163)
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,
2025202420252024
(In millions)
Proceeds$280 $1,105 $883 $1,783 
Gross investment gains$2 $8 $6 $10 
Gross investment losses(15)(86)(43)(120)
Net investment gains (losses)$(13)$(78)$(37)$(110)