Investments

12 Months Ended

Dec. 31, 2023

Investments [Abstract]

Investments

3. INVESTMENTS

Fixed Maturity Securities

The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	1,009,937	$	38,858	$	73,508	$	0	$	975,287
Obligations of U.S. states and their political subdivisions	789,856		5,288		18,517		0		776,627
Foreign government bonds	330,830		1,840		50,684		0		281,986
U.S. public corporate securities	10,159,089		98,047		760,274		950		9,495,912
U.S. private corporate securities	5,207,699		37,435		254,828		812		4,989,494
Foreign public corporate securities	1,809,347		12,658		115,673		238		1,706,094
Foreign private corporate securities	4,902,391		109,806		381,215		0		4,630,982
Asset-backed securities(1)	2,016,028		23,035		11,512		1		2,027,550
Commercial mortgage-backed securities	913,347		4,776		66,345		0		851,778
Residential mortgage-backed securities(2)	399,542		4,016		7,481		7		396,070
Total fixed maturities, available-for-sale	$	27,538,066	$	335,759	$	1,740,037	$	2,008	$	26,131,780

(1)    Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans and home equity.

(2)    Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	354,348	$	300	$	72,856	$	0	$	281,792
Obligations of U.S. states and their political subdivisions	654,884		4,275		30,959		0		628,200
Foreign government bonds	330,967		1,140		58,640		5		273,462
U.S. public corporate securities	7,414,790		21,299		992,145		0		6,443,944
U.S. private corporate securities	4,140,734		13,071		335,205		1,871		3,816,729
Foreign public corporate securities	1,539,172		2,455		163,384		21		1,378,222
Foreign private corporate securities	4,338,585		19,761		589,153		2,863		3,766,330
Asset-backed securities(1)	1,467,955		6,976		32,577		0		1,442,354
Commercial mortgage-backed securities	727,159		94		69,101		0		658,152
Residential mortgage-backed securities(2)	342,493		3,211		9,479		9		336,216
Total fixed maturities, available-for-sale	$	21,311,087	$	72,582	$	2,353,499	$	4,769	$	19,025,401

(1)    Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and home equity.

(2)    Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

The following tables set forth the fair value and gross unrealized losses on fixed maturity, available-for-sale securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:

	December 31, 2023
	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	98,174	$	945	$	214,889	$	72,563	$	313,063	$	73,508
Obligations of U.S. states and their political subdivisions	83,729		293		218,375		18,224		302,104		18,517
Foreign government bonds	10,226		116		233,757		50,568		243,983		50,684
U.S. public corporate securities	782,904		10,009		5,201,353		750,265		5,984,257		760,274
U.S. private corporate securities	707,674		16,613		2,794,697		238,181		3,502,371		254,794
Foreign public corporate securities	92,955		1,063		948,963		114,169		1,041,918		115,232
Foreign private corporate securities	429,212		8,035		2,461,367		373,180		2,890,579		381,215
Asset-backed securities	208,970		1,761		532,814		9,750		741,784		11,511
Commercial mortgage-backed securities	42,621		298		580,931		66,047		623,552		66,345
Residential mortgage-backed securities	35,904		435		124,956		7,046		160,860		7,481
Total fixed maturities, available-for-sale	$	2,492,369	$	39,568	$	13,312,102	$	1,699,993	$	15,804,471	$	1,739,561

	December 31, 2022
	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	212,991	$	46,928	$	62,630	$	25,928	$	275,621	$	72,856
Obligations of U.S. states and their political subdivisions	307,734		16,851		61,915		14,108		369,649		30,959
Foreign government bonds	139,577		19,435		111,371		39,205		250,948		58,640
U.S. public corporate securities	3,873,275		389,937		1,979,725		602,208		5,853,000		992,145
U.S. private corporate securities	2,506,932		157,853		948,686		177,352		3,455,618		335,205
Foreign public corporate securities	548,083		40,508		596,437		122,856		1,144,520		163,364
Foreign private corporate securities	1,772,413		199,124		1,479,608		390,029		3,252,021		589,153
Asset-backed securities	625,710		15,146		289,581		17,431		915,291		32,577
Commercial mortgage-backed securities	459,186		30,408		176,349		38,693		635,535		69,101
Residential mortgage-backed securities	129,721		9,220		1,294		259		131,015		9,479
Total fixed maturities, available-for-sale	$	10,575,622	$	925,410	$	5,707,596	$	1,428,069	$	16,283,218	$	2,353,479

As of December 31, 2023 and 2022, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance of $1,633.9 million and $2,164.1 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $105.7 million and $189.4 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of December 31, 2023, the $1,700.0 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the finance, consumer non-cyclical and utility sectors. As of December 31, 2022, the $1,428.1 million of gross unrealized losses of twelve months or more were concentrated in the Company's corporate securities within the finance, consumer non-cyclical and utility sectors.

In accordance with its policy described in Note 2, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at December 31, 2023. This conclusion was based on a detailed analysis of the underlying credit and cash flows on each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of December 31, 2023, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.

The following table sets forth the amortized cost and fair value of fixed maturities, available-for-sale by contractual maturities, as of the date indicated:

	December 31, 2023
	Amortized Cost		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less	$	553,892	$	546,321
Due after one year through five years	8,444,655		8,239,529
Due after five years through ten years	7,626,127		7,378,674
Due after ten years	7,584,475		6,691,858
Asset-backed securities	2,016,028		2,027,550
Commercial mortgage-backed securities	913,347		851,778
Residential mortgage-backed securities	399,542		396,070
Total fixed maturities, available-for-sale	$	27,538,066	$	26,131,780

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above as they do not have a single maturity date.

The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, available-for-sale, for the periods indicated:

	Years Ended December 31
	2023		2022		2021
			(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	460,596	$	1,117,293	$	790,331
Proceeds from maturities/prepayments	1,218,844		624,640		465,347
Gross investment gains from sales and maturities	11,482		5,647		14,972
Gross investment losses from sales and maturities	(43,078)		(58,432)		(16,674)
Write-offs recognized in earnings(2)	(2,358)		(20,600)		(2)
(Addition to) release of allowance for credit losses	2,761		(620)		(1,810)

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $57.4 million, $(53.9) million and $(4.4) million for the years ended December 31, 2023, 2022 and 2021, respectively.

(2)Amounts represent write-downs of credit adverse securities and securities actively marketed for sale.

The following tables set forth the activity in the allowance for credit losses for fixed maturity available-for-sale securities, as of the dates indicated:

	Year Ended December 31, 2023
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Bonds		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	5	$	4,755	$	0	$	0	$	9	$	4,769
Additions to allowance for credit losses not previously recorded	0		0		4,267		1		0		0		4,268
Reductions for securities sold during the period	0		(1)		(5,118)		0		0		(1)		(5,120)
Additions (reductions) on securities with previous allowance	0		(4)		436		0		0		(1)		431
Write-downs charged against the allowance	0		0		(2,340)		0		0		0		(2,340)
Balance, end of period	$	0	$	0	$	2,000	$	1	$	0	$	7	$	2,008

	Year Ended December 31, 2022
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Bonds		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	11	$	4,138	$	0	$	0	$	0	$	4,149
Additions to allowance for credit losses not previously recorded	0		329		12,700		0		0		7		13,036
Reductions for securities sold during the period	0		(96)		(1,702)		0		0		0		(1,798)
Reductions for securities with intent to sell	0		(324)		(16,666)		0		0		0		(16,990)
Additions (reductions) on securities with previous allowance	0		85		6,285		0		0		2		6,372
Balance, end of period	$	0	$	5	$	4,755	$	0	$	0	$	9	$	4,769

	Year Ended December 31, 2021
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Bonds		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	0	$	2,339	$	0	$	0	$	0	$	2,339
Additions to allowance for credit losses not previously recorded	0		11		2,664		0		0		0		2,675
Reductions for securities sold during the period	0		0		(28)		0		0		0		(28)
Additions (reductions) on securities with previous allowance	0		0		(837)		0		0		0		(837)
Balance, end of period	$	0	$	11	$	4,138	$	0	$	0	$	0	$	4,149

See Note 2 for additional information about the Company's methodology for developing our allowance and expected losses.

For the year ended December 31, 2023, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to net reductions within the capital goods and utility sectors within corporate securities due to restructurings, partially offset by net additions within the finance sector within corporate securities due to adverse projected cashflows.

For the year ended December 31, 2022, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the capital goods and utility sectors within private corporate securities due to adverse projected cash flows, partially offset by a net release on restructured private corporate securities within the communications and transportation sectors.

The Company did not have any fixed maturity securities purchased with credit deterioration as of both December 31, 2023 and 2022.

Fixed Maturities, Trading

The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss)” was $65.6 million, $(728.6) million and $156.1 million during the years ended December 31, 2023, 2022 and 2021, respectively.

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss)” was $25.8 million, $(10.2) million and $2.1 million during the years ended December 31, 2023, 2022 and 2021, respectively.

Commercial Mortgage and Other Loans

The following table sets forth the composition of “Commercial mortgage and other loans” as of the dates indicated:

	December 31, 2023				December 31, 2022
	Amount (in thousands)		% of Total		Amount (in thousands)		% of Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family	$	1,578,785	25.7	%	$	1,289,026	26.0	%
Hospitality	102,952		1.7		104,177		2.1
Industrial	2,486,230		40.4		1,766,247		35.8
Office	604,611		9.8		590,897		11.9
Other	456,720		7.4		380,121		7.7
Retail	363,706		5.9		351,457		7.1
Total commercial mortgage loans	5,593,004		90.9		4,481,925		90.6
Agricultural property loans	562,046		9.1		467,018		9.4
Total commercial mortgage and agricultural property loans	6,155,050		100.0	%	4,948,943		100.0	%
Allowance for credit losses	(37,689)				(20,263)
Net commercial mortgage and agricultural property loans	6,117,361				4,928,680
Other loans:
Other collateralized loans	5,360				0
Total other loans	5,360				0
Net commercial mortgage and other loans	$	6,122,721			$	4,928,680

As of December 31, 2023, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (28%), Texas (12%) and Colorado (5%) and included loans secured by properties in Europe (10%), Mexico (1%) and Australia (1%).

The following table sets forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated: 

	Commercial Mortgage Loans		Agricultural Property Loans		Total
	(in thousands)
Balance at December 31, 2020	$	4,546	$	6	$	4,552
Addition to (release of) allowance for expected losses	1,301		98		1,399
Balance at December 31, 2021	5,847		104		5,951
Addition to (release of) allowance for expected losses	13,818		494		14,312
Balance at December 31, 2022	19,665		598		20,263
Addition to (release of) allowance for expected losses	17,093		333		17,426
Balance at December 31, 2023	$	36,758	$	931	$	37,689

See Note 2 for additional information about the Company's methodology for developing our allowance and expected losses.

For the year ended December 31, 2023, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to increases to the portfolio reserve to reflect declining market conditions and loan specific reserves, both within the office sector, as well as loan originations.

For the year ended December 31, 2022, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to loan originations and declining market conditions, partially offset by loan repayments and payoffs.

The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses as of the dates indicated:

	December 31, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
	(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	249,037	$	245,914	$	482,718	$	109,249	$	265,053	$	1,068,763	$	2,420,734
60%-69.99%	675,153		355,984		449,878		172,721		225,803		206,237		2,085,776
70%-79.99%	218,015		133,343		255,299		77,812		20,924		86,806		792,199
80% or greater	0		47,555		73,702		3,817		16,508		152,713		294,295
Total	$	1,142,205	$	782,796	$	1,261,597	$	363,599	$	528,288	$	1,514,519	$	5,593,004
Debt Service Coverage Ratio:
Greater or Equal to 1.2x	$	1,038,315	$	779,282	$	1,261,597	$	292,561	$	497,407	$	1,402,831	$	5,271,993
1.0 - 1.2x	103,890		3,514		0		0		15,632		40,521		163,557
Less than 1.0x	0		0		0		71,038		15,249		71,167		157,454
Total	$	1,142,205	$	782,796	$	1,261,597	$	363,599	$	528,288	$	1,514,519	$	5,593,004
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	73,774	$	179,375	$	132,042	$	25,875	$	15,824	$	25,771	$	452,661
60%-69.99%	47,489		56,210		0		0		0		0		103,699
70%-79.99%	5,686		0		0		0		0		0		5,686
80% or greater	0		0		0		0		0		0		0
Total	$	126,949	$	235,585	$	132,042	$	25,875	$	15,824	$	25,771	$	562,046
Debt Service Coverage Ratio:
Greater or Equal to 1.2x	$	126,949	$	233,585	$	130,353	$	24,063	$	15,824	$	25,771	$	556,545
1.0 - 1.2x	0		2,000		0		1,812		0		0		3,812
Less than 1.0x	0		0		1,689		0		0		0		1,689
Total	$	126,949	$	235,585	$	132,042	$	25,875	$	15,824	$	25,771	$	562,046

	December 31, 2022
	Amortized Cost by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
	(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	266,453	$	262,095	$	63,558	$	222,638	$	201,087	$	894,646	$	1,910,477
60%-69.99%	344,110		681,996		243,800		219,593		61,757		305,175		1,856,431
70%-79.99%	166,629		304,386		47,388		66,148		2,409		53,336		640,296
80% or greater	0		0		0		3,249		0		71,472		74,721
Total	$	777,192	$	1,248,477	$	354,746	$	511,628	$	265,253	$	1,324,629	$	4,481,925
Debt Service Coverage Ratio:
Greater or Equal to 1.2x	$	744,301	$	1,248,477	$	243,325	$	452,626	$	258,617	$	1,203,807	$	4,151,153
1.0 - 1.2x	32,891		0		83,655		26,558		6,636		45,742		195,482
Less than 1.0x	0		0		27,766		32,444		0		75,080		135,290
Total	$	777,192	$	1,248,477	$	354,746	$	511,628	$	265,253	$	1,324,629	$	4,481,925
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	208,708	$	133,126	$	25,894	$	16,053	$	6,327	$	20,700	$	410,808
60%-69.99%	56,210		0		0		0		0		0		56,210
70%-79.99%	0		0		0		0		0		0		0
80% or greater	0		0		0		0		0		0		0
Total	$	264,918	$	133,126	$	25,894	$	16,053	$	6,327	$	20,700	$	467,018
Debt Service Coverage Ratio:
Greater or Equal to 1.2x	$	262,918	$	133,126	$	25,894	$	16,053	$	6,327	$	20,700	$	465,018
1.0 - 1.2x	2,000		0		0		0		0		0		2,000
Less than 1.0x	0		0		0		0		0		0		0
Total	$	264,918	$	133,126	$	25,894	$	16,053	$	6,327	$	20,700	$	467,018

See Note 2 for additional information about the Company’s commercial mortgage and other loans credit quality monitoring process.

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status as of the dates indicated:

	December 31, 2023
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)		Total Loans		Non-Accrual Status(2)
	(in thousands)
Commercial mortgage loans	$	5,593,004	$	0	$	0	$	0	$	5,593,004	$	0
Agricultural property loans	562,046		0		0		0		562,046		1,301
Other collateralized loans	5,360		0		0		0		5,360		0
Total	$	6,160,410	$	0	$	0	$	0	$	6,160,410	$	1,301

(1)As of December 31, 2023, there were no loans in this category accruing interest.

(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.

	December 31, 2022
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)		Total Loans		Non-Accrual Status(2)
	(in thousands)
Commercial mortgage loans	$	4,481,925	$	0	$	0	$	0	$	4,481,925	$	0
Agricultural property loans	465,689		0		1,329		0		467,018		0
Total	$	4,947,614	$	0	$	1,329	$	0	$	4,948,943	$	0

(1)As of December 31, 2022, there were no loans in this category accruing interest.

(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.

Loans on non-accrual status did not recognize any interest income and did not have a related allowance for credit losses for the year ended December 31, 2023.

For the years ended December 31, 2023 and 2022, there were $0.0 million and $27.6 million, respectively, of commercial mortgage loans acquired, other than those through direct origination. For the years ended December 31, 2023 and 2022, there were $0.0 million and $24.8 million, respectively, of commercial mortgage and other loans sold.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration, as of both December 31, 2023 and 2022.

Other Invested Assets

The following table sets forth the composition of “Other invested assets”, as of the dates indicated:

	December 31,
	2023		2022
	(in thousands)
LPs/LLCs:
Equity method:
Private equity	$	333,863	$	287,969
Hedge funds	720,360		576,595
Real estate-related	83,339		107,429
Subtotal equity method	1,137,562		971,993
Fair value:
Private equity	48,483		59,146
Hedge funds	137		396
Real estate-related	18,687		9,457
Subtotal fair value	67,307		68,999
Total LPs/LLCs	1,204,869		1,040,992
Derivative instruments	17,718		47,111
Other(1)	398		510
Total other invested assets	$	1,222,985	$	1,088,613

(1)Assets consist of investments in separate account funds.

Equity Method Investments

The following tables set forth summarized combined financial information for significant LP/LLC interests accounted for under the equity method, including the Company’s investments in operating joint ventures. Changes between periods in the tables below reflect changes in the activities within the operating joint ventures and LPs/LLCs, as well as changes in the Company’s level of investment in such entities.

	December 31,
	2023		2022
	(in thousands)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)	$	44,591,082	$	67,721,613
Total liabilities(2)	$	2,802,022	$	12,174,133
Partners’ capital	41,789,060		55,547,480
Total liabilities and partners’ capital	$	44,591,082	$	67,721,613
Total liabilities and partners’ capital included above	$	979,271	$	815,783
Equity in LP/LLC interests not included above	216,205		214,442
Carrying value	$	1,195,476	$	1,030,225

(1)Amount represents gross assets of each fund where the Company has a significant investment. These assets consist primarily of investments in real estate, investments in securities and other miscellaneous assets.

(2)Amount represents gross liabilities of each fund where the Company has a significant investment. These liabilities consist primarily of third-party-borrowed funds and other miscellaneous liabilities.

	Years Ended December 31,
	2023		2022		2021
	(in thousands)
STATEMENTS OF OPERATIONS
Total revenue(1)	$	3,465,807	$	11,062,060	$	11,031,051
Total expenses(2)	(979,287)		(1,655,673)		(2,044,942)
Net earnings (losses)	$	2,486,520	$	9,406,387	$	8,986,109
Equity in net earnings (losses) included above	$	17,795	$	(36,513)	$	62,173
Equity in net earnings (losses) of LP/LLC interests not included above	11,792		7,320		28,765
Total equity in net earnings (losses)	$	29,587	$	(29,193)	$	90,938

(1)Amount represents gross revenue of each fund where the Company has a significant investment. This revenue consists of income from investments in real estate, investments in securities and other income.

(2)Amount represents gross expenses of each fund where the Company has a significant investment. These expenses consist primarily of interest expense, investment management fees, salary expenses and other expenses.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

	December 31,
	2023		2022
	(in thousands)
Fixed maturities	$	272,031	$	187,628
Equity securities	220		349
Commercial mortgage and other loans	21,070		13,335
Policy loans	35,210		14,525
Other invested assets	43		48
Short-term investments and cash equivalents	5,264		3,750
Total accrued investment income	$	333,838	$	219,635

There were no write-downs on accrued investment income for the years ended December 31, 2023 and 2022.

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated: 

	Years Ended December 31,
	2023		2022		2021
	(in thousands)
Fixed maturities, available-for-sale	$	1,139,581	$	589,248	$	299,607
Fixed maturities, trading	96,128		55,790		38,778
Equity securities	14,772		8,226		530
Commercial mortgage and other loans	231,994		119,358		63,548
Policy loans	48,118		21,189		69,602
Other invested assets	98,369		101,289		104,375
Short-term investments and cash equivalents	123,857		44,182		712
Gross investment income	1,752,819		939,282		577,152
Less: investment expenses	(77,297)		(55,281)		(26,917)
Net investment income	$	1,675,522	$	884,001	$	550,235

The carrying value of non-income producing assets included $9.2 million in fixed maturities, available-for-sale and less than $1 million in fixed maturities trading as of December 31, 2023. Non-income producing assets represent investments that had not produced income for the twelve months preceding December 31, 2023.

Realized Investment Gains (Losses), Net 

The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:

	Years Ended December 31,
	2023		2022		2021
	(in thousands)
Fixed maturities(1)	$	(31,193)	$	(74,005)	$	(3,514)
Commercial mortgage and other loans	(17,854)		(18,201)		1,535
Other invested assets	36,246		(78,671)		(2,737)
Derivatives(2)(3)	(1,072,892)		507,313		(382,531)
Short-term investments and cash equivalents	2,033		(54)		353
Realized investment gains (losses), net(3)	$	(1,083,660)	$	336,382	$	(386,894)

(1)Excludes fixed maturity securities classified as trading.

(2)Includes the impact of the 2021 Variable Annuities Recapture. See Note 1 for additional information.

(3)Prior period amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated: 

	December 31,
	2023		2022		2021
	(in thousands)
Fixed maturity securities, available-for-sale with an allowance	$	1,987	$	4,371	$	3,685
Fixed maturity securities, available-for-sale without an allowance	(1,406,265)		(2,285,288)		540,881
Derivatives designated as cash flow hedges(1)	11,934		138,627		39,896
Affiliated notes	(8,760)		(13,189)		73
Other investments(2)(3)	(1,089)		(1,176)		868
Net unrealized gains (losses) on investments(3)	$	(1,402,193)	$	(2,156,655)	$	585,403

(1)For more information on cash flow hedges, see Note 4.

(2)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in “Other assets.”

(3)Prior period amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Repurchase Agreements and Securities Lending

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. As of both December 31, 2023 and 2022, the Company had no repurchase agreements.

The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned as of the dates indicated:

	December 31, 2023						December 31, 2022
	Remaining Contractual Maturities of the Agreements						Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 Days		Total		Overnight & Continuous		Up to 30 Days		Total
	(in thousands)
Foreign government bonds	$	486	$	0	$	486	$	506	$	0	$	506
U.S. public corporate securities	27,247		0		27,247		7,903		0		7,903
Foreign public corporate securities	13,101		0		13,101		12,873		0		12,873
Equity securities	177,476		0		177,476		65,468		0		65,468
Total cash collateral for loaned securities(1)	$	218,310	$	0	$	218,310	$	86,750	$	0	$	86,750

(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

Securities Pledged, Restricted Assets and Special Deposits

The Company pledges as collateral investment securities it owns to unaffiliated parties through certain transactions, including securities lending, securities sold under agreements to repurchase, collateralized borrowings and postings of collateral with derivative counterparties. The following table sets forth the carrying value of investments pledged to third-parties and the carrying amount of the associated liabilities supported by the pledged collateral, as of the dates indicated:

	December 31,
	2023		2022
	(in thousands)
Pledged collateral:
Fixed maturity securities, available-for-sale	$	39,344	$	20,553
Equity securities	172,995		63,895
Total securities pledged	$	212,339	$	84,448
Liabilities supported by the pledged collateral:
Cash collateral for loaned securities	$	218,310	$	86,750
Total liabilities supported by the pledged collateral	$	218,310	$	86,750

In the normal course of its business activities, the Company accepts collateral that can be sold or repledged. The primary sources of this collateral are securities purchased under agreements to resell. As of December 31, 2023 and 2022, there were $25 million and $290 million, respectively, of collateral that could be sold or repledged.

As of December 31, 2023 and 2022, there were fixed maturities, available-for-sale of $3.6 million and $3.9 million, respectively, on deposit with governmental authorities or trustees as required by certain insurance laws.