Investments

9 Months Ended

Sep. 30, 2024

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:

	September 30, 2024
	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	$	1,445,892	$	55,377	$	72,214	$	0	$	1,429,055
Obligations of U.S. states and their political subdivisions	600,925		3,108		16,403		0		587,630
Foreign government securities	425,732		5,546		47,756		0		383,522
U.S. public corporate securities	13,470,713		244,576		653,173		920		13,061,196
U.S. private corporate securities	5,987,215		85,668		197,291		3,380		5,872,212
Foreign public corporate securities	3,483,095		76,199		89,969		21		3,469,304
Foreign private corporate securities	5,524,144		185,124		308,157		10,254		5,390,857
Asset-backed securities(1)	3,450,724		44,992		5,676		0		3,490,040
Commercial mortgage-backed securities	929,684		9,742		43,990		0		895,436
Residential mortgage-backed securities(2)	376,250		6,120		4,816		0		377,554
Total fixed maturities, available-for-sale	$	35,694,374	$	716,452	$	1,439,445	$	14,575	$	34,956,806

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

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

	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 securities	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, education loans, auto loans and home equity loans.

(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:

	September 30, 2024
	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	$	0	$	0	$	261,544	$	72,214	$	261,544	$	72,214
Obligations of U.S. states and their political subdivisions	136,153		990		191,893		15,413		328,046		16,403
Foreign government securities	17,644		83		228,866		47,673		246,510		47,756
U.S. public corporate securities	475,396		8,277		5,252,550		644,896		5,727,946		653,173
U.S. private corporate securities	658,961		16,690		2,477,333		180,579		3,136,294		197,269
Foreign public corporate securities	100,693		427		800,890		89,533		901,583		89,960
Foreign private corporate securities	73,843		4,714		2,290,320		303,443		2,364,163		308,157
Asset-backed securities	231,205		1,053		182,428		4,623		413,633		5,676
Commercial mortgage-backed securities	0		0		533,822		43,990		533,822		43,990
Residential mortgage-backed securities	79		4		131,368		4,812		131,447		4,816
Total fixed maturities, available-for-sale	$	1,693,974	$	32,238	$	12,351,014	$	1,407,176	$	14,044,988	$	1,439,414

	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 securities	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

As of September 30, 2024 and December 31, 2023, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance were $1,354 million and $1,634 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 $85 million and $106 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of September 30, 2024, the $1,407 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, 2023, the $1,700 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 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at September 30, 2024. This conclusion was based on a detailed analysis of the underlying credit and cash flows for 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 September 30, 2024, 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:

	September 30, 2024
	Amortized Cost		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less	$	1,451,746	$	1,437,659
Due after one year through five years	11,583,221		11,565,272
Due after five years through ten years	9,102,232		9,116,421
Due after ten years	8,800,517		8,074,424
Asset-backed securities	3,450,724		3,490,040
Commercial mortgage-backed securities	929,684		895,436
Residential mortgage-backed securities	376,250		377,554
Total fixed maturities, available-for-sale	$	35,694,374	$	34,956,806

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:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	248,635	$	151,383	$	676,660	$	280,064
Proceeds from maturities/prepayments	483,079		318,188		1,618,992		806,521
Gross investment gains from sales and maturities	2,921		1,377		13,265		10,826
Gross investment losses from sales and maturities	(9,153)		(10,920)		(33,625)		(28,445)
Write-downs recognized in earnings(2)	(9,534)		4		(9,534)		11
(Addition to) release of allowance for credit losses	(11,227)		608		(12,567)		454

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(5.6) million and $10.0 million for the nine months ended September 30, 2024 and 2023, 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:

	Three Months Ended September 30, 2024
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		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	$	3,343	$	0	$	0	$	5	$	3,348
Additions to allowance for credit losses not previously recorded	0		0		12,026		0		0		0		12,026
Reductions for securities sold during the period	0		0		0		0		0		0		0
Additions (reductions) on securities with previous allowance	0		0		(794)		0		0		(5)		(799)
Assets transferred to parent and affiliates	0		0		0		0		0		0		0
Balance, end of period	$	0	$	0	$	14,575	$	0	$	0	$	0	$	14,575

	Three Months Ended September 30, 2023
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		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	$	4,917	$	0	$	0	$	6	$	4,923
Additions to allowance for credit losses not previously recorded	0		0		374		0		0		0		374
Reductions for securities sold during the period	0		0		(1,280)		0		0		0		(1,280)
Additions (reductions) on securities with previous allowance	0		0		296		0		0		2		298
Balance, end of period	$	0	$	0	$	4,307	$	0	$	0	$	8	$	4,315

	Nine Months Ended September 30, 2024
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		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	$	2,000	$	1	$	0	$	7	$	2,008
Additions to allowance for credit losses not previously recorded	0		0		12,422		0		0		5		12,427
Reductions for securities sold during the period	0		0		(42)		0		0		0		(42)
Additions (reductions) on securities with previous allowance	0		0		(284)		(1)		0		(12)		(297)
Assets transferred to parent and affiliates	0		0		479		0		0		0		479
Balance, end of period	$	0	$	0	$	14,575	$	0	$	0	$	0	$	14,575

	Nine Months Ended September 30, 2023
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		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		3,539		0		0		0		3,539
Reductions for securities sold during the period	0		(1)		(5,054)		0		0		0		(5,055)
Additions (reductions) on securities with previous allowance	0		(4)		1,067		0		0		(1)		1,062
Balance, end of period	$	0	$	0	$	4,307	$	0	$	0	$	8	$	4,315

See Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information about the Company's methodology for developing our allowance and expected losses.

For the three months ended September 30, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer non-cyclical and technology sectors within corporate securities due to adverse projected cashflows. For the three months ended September 30, 2023, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to net reductions within the utility sector within corporate securities due to an investment restructuring.

For the nine months ended September 30, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer non-cyclical, capital goods and technology sectors within corporate securities due to adverse projected cashflows. For the nine months ended September 30, 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 investment restructurings, partially offset by net additions within the technology and finance sectors within corporate securities due to adverse projected cashflows.

The Company did not have any fixed maturity securities purchased with credit deterioration as of both September 30, 2024 and December 31, 2023.

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 $149.0 million and $(221.6) million during the three months ended September 30, 2024 and 2023, respectively, and $16.8 million and $(179.0) million during the nine months ended September 30, 2024 and 2023, respectively.

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $37.6 million and $(10.9) million during the three months ended September 30, 2024 and 2023, respectively, and $16.2 million and $(2.8) million during the nine months ended September 30, 2024 and 2023, respectively.

Commercial Mortgage and Other Loans

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

	September 30, 2024				December 31, 2023
	Amount		% of Total		Amount		% of Total
	($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family	$	1,892,110	26.1	%	$	1,578,785	25.7	%
Hospitality	100,890		1.4		102,952		1.7
Industrial	2,865,789		39.5		2,486,230		40.4
Office	597,283		8.2		604,611		9.8
Other	694,191		9.6		456,720		7.4
Retail	406,850		5.5		363,706		5.9
Total commercial mortgage loans	6,557,113		90.3		5,593,004		90.9
Agricultural property loans	703,309		9.7		562,046		9.1
Total commercial mortgage and agricultural property loans	7,260,422		100.0	%	6,155,050		100.0	%
Allowance for credit losses	(44,309)				(37,689)
Total net commercial mortgage and agricultural property loans	7,216,113				6,117,361
Other loans:
Other collateralized loans	7,455				5,360
Total other loans	7,455				5,360
Total net commercial mortgage and other loans	$	7,223,568			$	6,122,721

As of September 30, 2024, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States (with the largest concentrations in California (26%), Texas (9%) and Washington (6%)), and included loans secured by properties in Europe (9%), Mexico (1%) and Australia (1%).

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

	Three Months Ended September 30,
	2024						2023
	Commercial Mortgage Loans		Agricultural Property Loans		Total		Commercial Mortgage Loans		Agricultural Property Loans		Total
	(in thousands)
Allowance, beginning of period	$	40,692	$	880	$	41,572	$	21,133	$	960	$	22,093
Addition to (release of) allowance for expected losses	1,389		1,348		2,737		5,055		(48)		5,007
Allowance, end of period	$	42,081	$	2,228	$	44,309	$	26,188	$	912	$	27,100

	Nine Months Ended September 30,
	2024						2023
	Commercial Mortgage Loans		Agricultural Property Loans		Total		Commercial Mortgage Loans		Agricultural Property Loans		Total
	(in thousands)
Allowance, beginning of period	$	36,758	$	931	$	37,689	$	19,665	$	598	$	20,263
Addition to (release of) allowance for expected losses	5,323		1,297		6,620		6,523		314		6,837
Allowance, end of period	$	42,081	$	2,228	$	44,309	$	26,188	$	912	$	27,100

See Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information about the Company's methodology for developing our allowance and expected losses.

For the three months ended September 30, 2024, the net increase in the allowance for credit losses on commercial mortgage and other loans was in the loan specific allowance within agricultural property loans and in the general allowance due to loan originations. For the three months ended September 30, 2023, the net increase in the allowance for credit losses on commercial mortgage and other loans was due to an increase in the loan specific allowance in commercial mortgage loans within the office sector and an increase in the general allowance due to declining market conditions and loan originations.

For the nine months ended September 30, 2024, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to an increase in the loan specific allowance in commercial mortgage loans within the office sector and within agricultural property loans and in the general allowance due to loan originations partially offset by loan payoffs. For the nine months ended September 30, 2023, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to an increase in loan specific allowance in commercial mortgage loans within the office sector and an increase in the general allowance due to declining market conditions and loan originations.

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:

	September 30, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
	(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	123,866	$	251,014	$	272,694	$	484,606	$	76,205	$	1,219,508	$	2,554	$	2,430,447
60%-69.99%	873,753		692,435		298,812		401,981		173,843		358,886		0		2,799,710
70%-79.99%	170,165		202,273		151,128		295,221		76,922		50,697		0		946,406
80% or greater	1,196		0		59,671		84,448		3,866		231,369		0		380,550
Total	$	1,168,980	$	1,145,722	$	782,305	$	1,266,256	$	330,836	$	1,860,460	$	2,554	$	6,557,113
Debt Service Coverage Ratio:
Greater than 1.2x	$	1,119,178	$	1,041,778	$	767,191	$	1,266,256	$	260,688	$	1,740,855	$	2,554	$	6,198,500
1.0 - 1.2x	49,802		103,944		15,114		0		0		57,284		0		226,144
Less than 1.0x	0		0		0		0		70,148		62,321		0		132,469
Total	$	1,168,980	$	1,145,722	$	782,305	$	1,266,256	$	330,836	$	1,860,460	$	2,554	$	6,557,113
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	137,525	$	90,427	$	168,416	$	131,740	$	23,625	$	39,716	$	18,988	$	610,437
60%-69.99%	0		19,396		49,210		0		0		0		0		68,606
70%-79.99%	0		0		0		0		0		0		0		0
80% or greater	0		0		7,242		0		1,696		0		15,328		24,266
Total	$	137,525	$	109,823	$	224,868	$	131,740	$	25,321	$	39,716	$	34,316	$	703,309
Debt Service Coverage Ratio:
Greater than 1.2x	$	134,137	$	95,734	$	215,626	$	130,030	$	23,625	$	39,716	$	18,988	$	657,856
1.0 - 1.2x	3,388		14,089		9,242		0		1,696		0		15,328		43,743
Less than 1.0x	0		0		0		1,710		0		0		0		1,710
Total	$	137,525	$	109,823	$	224,868	$	131,740	$	25,321	$	39,716	$	34,316	$	703,309

	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 than 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 than 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

See Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information about the Company’s commercial mortgage and other loans credit quality monitoring process.

The Company may grant loan modifications in its commercial mortgage and other loan portfolios to borrowers experiencing financial difficulties. These loan modifications may be in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or some combination thereof. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any allowance for credit losses.

The following tables set forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties for the dates indicated:

	Three Months Ended September 30, 2024
	Term Extension		% of Amortized Cost		Other Than Insignificant Delay in Payment		% of Amortized Cost
	($ in thousands)
Commercial mortgage loans	$	0	0.0	%	$	13,860	0.2	%

	Nine Months Ended September 30, 2024
	Term Extension		% of Amortized Cost		Other Than Insignificant Delay in Payment		% of Amortized Cost
	($ in thousands)
Commercial mortgage loans	$	16,706	0.3	%	$	13,860	0.2	%

The modifications added less than one year to the weighted average life in the commercial mortgage loan portfolio.

During both the three and nine months ended September 30, 2023, the Company did not modify any loans to borrowers experiencing financial difficulties.

For the nine months ended September 30, 2024, all commercial mortgage and other loans that were modified to borrowers experiencing financial difficulties were current. The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of both September 30, 2024 and December 31, 2023.

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:

	September 30, 2024
	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	$	6,543,821	$	0	$	0	$	13,292	$	6,557,113	$	14,487
Agricultural property loans	678,706		0		0		24,603		703,309		24,603
Other collateralized loans	7,455		0		0		0		7,455		0
Total	$	7,229,982	$	0	$	0	$	37,895	$	7,267,877	$	39,090

(1)As of September 30, 2024, 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 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

	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 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Loans on non-accrual status recognized interest of $1 million for both the three and nine months ended September 30, 2024. Loans on non-accrual status that did not have a related allowance for credit losses were $2 million and $0 million as of September 30, 2024 and December 31, 2023, respectively.

For the three and nine months ended September 30, 2024, there were $0.0 million and $12.6 million commercial mortgage and other loans acquired, respectively, other than those through direct origination, and there were no commercial mortgage and other loans sold.

For both the three and nine months ended September 30, 2023, there were no commercial mortgage and other loans acquired, other than those through direct origination, and there were no commercial mortgage and other loans sold.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both September 30, 2024 and December 31, 2023.

Other Invested Assets

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

	September 30, 2024		December 31, 2023
	(in thousands)
LPs/LLCs:
Equity method:
Private equity	$	383,918	$	333,863
Hedge funds	926,861		720,360
Real estate-related	98,176		83,339
Subtotal equity method	1,408,955		1,137,562
Fair value:
Private equity	31,762		48,483
Hedge funds	14		137
Real estate-related	16,410		18,687
Subtotal fair value	48,186		67,307
Total LPs/LLCs	1,457,141		1,204,869
Derivative instruments	8,387		17,718
Other(1)	442		398
Total other invested assets	$	1,465,970	$	1,222,985

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

Accrued Investment Income

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

	September 30, 2024		December 31, 2023
	(in thousands)
Fixed maturities	$	388,170	$	272,031
Equity securities	381		220
Commercial mortgage and other loans	26,520		21,070
Policy loans	21,949		35,210
Other invested assets	0		43
Short-term investments and cash equivalents	7,571		5,264
Total accrued investment income	$	444,591	$	333,838

There were no significant write-downs on accrued investment income for both the three and nine months ended September 30, 2024 and 2023.

Net Investment Income

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Fixed maturities, available-for-sale	$	439,805	$	312,405	$	1,172,544	$	822,933
Fixed maturities, trading	40,719		26,104		111,345		65,739
Equity securities	6,190		3,886		16,395		9,206
Commercial mortgage and other loans	84,328		58,673		236,006		163,646
Policy loans	16,995		15,962		48,028		31,580
Other invested assets	35,066		36,152		87,133		77,875
Short-term investments and cash equivalents	41,976		27,347		129,298		88,105
Gross investment income	665,079		480,529		1,800,749		1,259,084
Less: investment expenses	(26,387)		(19,665)		(76,744)		(55,695)
Net investment income	$	638,692	$	460,864	$	1,724,005	$	1,203,389

Realized Investment Gains (Losses), Net

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Fixed maturities(1)	$	(26,993)	$	(8,931)	$	(42,461)	$	(17,154)
Commercial mortgage and other loans	(3,533)		(5,059)		(8,152)		(7,143)
Other invested assets	(36,941)		10,856		(3,795)		24,052
Derivatives	(549,017)		(465,176)		299,886		(582,846)
Short-term investments and cash equivalents	(11)		54		(91)		1,850
Realized investment gains (losses), net	$	(616,495)	$	(468,256)	$	245,387	$	(581,241)

(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.

Net Unrealized Gains (Losses) on Investments within AOCI

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

	September 30, 2024		December 31, 2023
	(in thousands)
Fixed maturity securities, available-for-sale with an allowance	$	(7,861)	$	1,987
Fixed maturity securities, available-for-sale without an allowance	(715,132)		(1,406,265)
Derivatives designated as cash flow hedges(1)	1,734		11,934
Affiliated notes	(4,029)		(8,760)
Other investments(2)	1,658		(1,089)
Net unrealized gains (losses) on investments	$	(723,630)	$	(1,402,193)

(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".

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 September 30, 2024 and December 31, 2023, 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:

	September 30, 2024						December 31, 2023
	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)
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	152,625	$	0	$	152,625	$	0	$	0	$	0
Obligations of U.S. states and their political subdivisions	1,194		0		1,194		0		0		0
Foreign government securities	135		0		135		486		0		486
U.S. public corporate securities	9,537		352		9,889		27,247		0		27,247
U.S. private corporate securities	17		0		17		0		0		0
Foreign public corporate securities	15,553		0		15,553		13,101		0		13,101
Equity securities	150,957		0		150,957		177,476		0		177,476
Total cash collateral for loaned securities(1)	$	330,018	$	352	$	330,370	$	218,310	$	0	$	218,310

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