Investments

12 Months Ended

Dec. 31, 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:

	December 31, 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	$	1,199,628	$	8,357	$	108,744	$	0	$	1,099,241
Obligations of U.S. states and their political subdivisions	570,253		1,156		30,343		0		541,066
Foreign government securities	362,154		646		52,466		0		310,334
U.S. public corporate securities	14,134,828		60,917		957,316		1		13,238,428
U.S. private corporate securities	6,030,898		35,828		301,451		11,178		5,754,097
Foreign public corporate securities	3,804,503		21,136		126,767		21		3,698,851
Foreign private corporate securities	5,838,939		43,334		511,426		29,214		5,341,633
Asset-backed securities(1)	3,728,073		31,431		8,841		0		3,750,663
Commercial mortgage-backed securities	944,652		4,567		53,444		0		895,775
Residential mortgage-backed securities(2)	367,005		861		11,794		0		356,072
Total fixed maturities, available-for-sale	$	36,980,933	$	208,233	$	2,162,592	$	40,414	$	34,986,160

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

	December 31, 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	$	377,531	$	13,829	$	238,723	$	94,915	$	616,254	$	108,744
Obligations of U.S. states and their political subdivisions	226,731		5,019		212,060		25,324		438,791		30,343
Foreign government securities	118,168		2,615		171,166		49,851		289,334		52,466
U.S. public corporate securities	4,320,552		105,145		4,677,336		852,171		8,997,888		957,316
U.S. private corporate securities	1,999,008		41,931		2,379,755		259,489		4,378,763		301,420
Foreign public corporate securities	1,088,644		20,465		716,172		106,294		1,804,816		126,759
Foreign private corporate securities	1,977,169		69,399		2,107,705		440,330		4,084,874		509,729
Asset-backed securities	363,744		5,510		140,090		3,331		503,834		8,841
Commercial mortgage-backed securities	101,821		1,356		489,490		52,088		591,311		53,444
Residential mortgage-backed securities	142,961		1,946		123,853		9,848		266,814		11,794
Total fixed maturities, available-for-sale	$	10,716,329	$	267,215	$	11,256,350	$	1,893,641	$	21,972,679	$	2,160,856

	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 December 31, 2024 and 2023, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance of $2,059 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 $102 million and $106 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of December 31, 2024, the $1,894 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, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at December 31, 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 December 31, 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 by contractual maturities, as of the date indicated:

	December 31, 2024
	Amortized Cost		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less	$	1,139,538	$	1,118,484
Due after one year through five years	11,753,438		11,477,710
Due after five years through ten years	10,291,196		9,883,263
Due after ten years	8,757,031		7,504,193
Asset-backed securities	3,728,073		3,750,663
Commercial mortgage-backed securities	944,652		895,775
Residential mortgage-backed securities	367,005		356,072
Total fixed maturities, available-for-sale	$	36,980,933	$	34,986,160

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, for the periods indicated:

	Years Ended December 31
	2024		2023		2022
			(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	2,097,519	$	460,596	$	1,117,293
Proceeds from maturities/prepayments	2,300,919		1,218,844		624,640
Gross investment gains from sales and maturities	23,978		11,482		5,647
Gross investment losses from sales and maturities	(143,432)		(43,078)		(58,432)
Write-downs recognized in earnings(2)	(9,534)		(2,358)		(20,600)
(Addition to) release of allowance for credit losses	(38,406)		2,761		(620)

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(158.4) million, $57.4 million and $(53.9) million for the years ended December 31, 2024, 2023 and 2022, respectively.

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

The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as of and for the periods indicated:

	Year Ended December 31, 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		39,600		0		0		5		39,605
Reductions for securities sold during the period	0		0		(2,002)		0		0		0		(2,002)
Additions (reductions) on securities with previous allowance	0		0		337		(1)		0		(12)		324
Assets transferred (to) from parent and affiliates	0		0		479		0		0		0		479
Balance, end of period	$	0	$	0	$	40,414	$	0	$	0	$	0	$	40,414

	Year Ended December 31, 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		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

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

For the year ended December 31, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer cyclical, consumer non-cyclical and energy sectors within corporate securities due to adverse projected cash flows.

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 cash flows.

The Company did not have any fixed maturity securities purchased with credit deterioration as of both December 31, 2024 and 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 $(182.9) million, $65.6 million and $(728.6) million during the years ended December 31, 2024, 2023 and 2022, respectively.

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss)” was $(34.2) million, $25.8 million and $(10.2) million during the years ended December 31, 2024, 2023 and 2022, 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, 2024				December 31, 2023
	Amount (in thousands)		% of Total		Amount (in thousands)		% of Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family	$	1,949,926	25.0	%	$	1,578,785	25.7	%
Hospitality	97,603		1.3		102,952		1.7
Industrial	2,906,413		37.3		2,486,230		40.4
Office	556,586		7.1		604,611		9.8
Other	750,541		9.6		456,720		7.4
Retail	693,949		9.0		363,706		5.9
Total commercial mortgage loans	6,955,018		89.3		5,593,004		90.9
Agricultural property loans	830,041		10.7		562,046		9.1
Total commercial mortgage and agricultural property loans	7,785,059		100.0	%	6,155,050		100.0	%
Allowance for credit losses	(37,715)				(37,689)
Total net commercial mortgage and agricultural property loans	7,747,344				6,117,361
Other loans:
Other collateralized loans	11,979				5,360
Total other loans	11,979				5,360
Total net commercial mortgage and other loans	$	7,759,323			$	6,122,721

As of December 31, 2024, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (25%), Florida (9%) and Texas (8%) and included loans secured by properties in Europe (8%), Mexico (1%) and Australia (1%).

The following table sets forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods ended:

	Commercial Mortgage Loans		Agricultural Property Loans		Total
	(in thousands)
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
Addition to (release of) allowance for expected losses	5,613		3,780		9,393
Write-downs charged against allowance	(9,367)		0		(9,367)
Balance at December 31, 2024	$	33,004	$	4,711	$	37,715

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

For the year ended December 31, 2024, net additions to the allowance for credit losses on commercial mortgage and other loans were primarily related to increases in loan-specific allowances in commercial mortgage loans within the retail and office sectors and in agricultural property loans.

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

For the year ended December 31, 2024, there were $9.4 million of write-downs charged against the allowance related to a loan originated in 2016.

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, 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%	$	452,940	$	232,276	$	306,684	$	482,596	$	134,403	$	1,138,394	$	6,479	$	2,753,772
60%-69.99%	972,161		541,849		273,258		360,457		110,515		303,107		0		2,561,347
70%-79.99%	362,701		365,111		134,208		330,355		6,774		77,399		0		1,276,548
80% or greater	1,196		0		56,204		84,761		3,870		217,320		0		363,351
Total	$	1,788,998	$	1,139,236	$	770,354	$	1,258,169	$	255,562	$	1,736,220	$	6,479	$	6,955,018
Debt Service Coverage Ratio:
Greater than 1.2x	$	1,728,895	$	962,290	$	755,350	$	1,256,699	$	255,562	$	1,616,904	$	0	$	6,575,700
1.0 - 1.2x	60,103		176,946		15,004		0		0		59,871		6,479		318,403
Less than 1.0x	0		0		0		1,470		0		59,445		0		60,915
Total	$	1,788,998	$	1,139,236	$	770,354	$	1,258,169	$	255,562	$	1,736,220	$	6,479	$	6,955,018
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	241,715	$	89,569	$	163,820	$	126,368	$	23,488	$	38,478	$	18,834	$	702,272
60%-69.99%	29,560		19,396		49,210		0		0		0		0		98,166
70%-79.99%	0		0		0		5,213		0		0		0		5,213
80% or greater	0		0		7,295		0		1,657		0		15,438		24,390
Total	$	271,275	$	108,965	$	220,325	$	131,581	$	25,145	$	38,478	$	34,272	$	830,041
Debt Service Coverage Ratio:
Greater than 1.2x	$	259,647	$	95,087	$	211,030	$	129,865	$	23,488	$	38,478	$	18,834	$	776,429
1.0 - 1.2x	11,628		13,878		9,295		0		0		0		15,438		50,239
Less than 1.0x	0		0		0		1,716		1,657		0		0		3,373
Total	$	271,275	$	108,965	$	220,325	$	131,581	$	25,145	$	38,478	$	34,272	$	830,041

	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 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 table sets forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties for the date indicated:

	Year Ended December 31, 2024
	Term Extension		% of Amortized Cost		Other Than Insignificant Delay in Payment		% of Amortized Cost
	($ in thousands)
Commercial mortgage loans	$	14,546	0.2	%	$	4,570	0.1	%

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

During the year ended December 31, 2023, the Company did not modify any loans to borrowers experiencing financial difficulties.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of both December 31, 2024 and 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:

	December 31, 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	$	6,951,093	$	0	$	0	$	3,925	$	6,955,018	$	5,120
Agricultural property loans	804,804		0		2,505		22,732		830,041		24,765
Other collateralized loans	11,979		0		0		0		11,979		0
Total	$	7,767,876	$	0	$	2,505	$	26,657	$	7,797,038	$	29,885

(1)As of December 31, 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.

	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.

Loans on non-accrual status recognized interest income of $0.7 million and $0.0 million for the years ended December 31, 2024 and 2023, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $2.0 million and $1.3 million as of December 31, 2024 and 2023, respectively.

For the years ended December 31, 2024 and 2023, there were $12.6 million and $0.0 million, respectively, of commercial mortgage loans acquired, other than those through direct origination. For both the years ended December 31, 2024 and 2023, 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 December 31, 2024 and 2023.

Other Invested Assets

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

	December 31,
	2024		2023
	(in thousands)
LPs/LLCs:
Equity method:
Private equity	$	388,822	$	333,863
Hedge funds	1,024,534		720,360
Real estate-related(1)	75,730		70,278
Subtotal equity method	1,489,086		1,124,501
Fair value:
Private equity	28,094		48,483
Hedge funds	14		137
Real estate-related	16,016		18,687
Subtotal fair value	44,124		67,307
Total LPs/LLCs	1,533,210		1,191,808
Derivative instruments	24,499		17,718
Other(1)(2)	24,385		13,459
Total other invested assets	$	1,582,094	$	1,222,985

(1)Prior period amounts have been updated to conform to current period presentation.

(2)Includes tax advantaged investments and 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,
	2024		2023
	(in thousands)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)	$	66,477,439	$	44,591,082
Total liabilities(2)	$	1,894,242	$	2,802,022
Partners’ capital	64,583,197		41,789,060
Total liabilities and partners’ capital	$	66,477,439	$	44,591,082
Equity in LP/LLC interests included above	$	1,338,056	$	979,271
Equity in LP/LLC interests not included above	230,687		216,205
Carrying value	$	1,568,743	$	1,195,476

(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,
	2024		2023		2022
	(in thousands)
STATEMENTS OF OPERATIONS
Total revenue(1)	$	1,678,772	$	3,465,807	$	11,062,060
Total expenses(2)	(473,445)		(979,287)		(1,655,673)
Net earnings (losses)	$	1,205,327	$	2,486,520	$	9,406,387
Equity in net earnings (losses) included above	$	57,119	$	17,795	$	(36,513)
Equity in net earnings (losses) of LP/LLC interests not included above	18,193		11,792		7,320
Total equity in net earnings (losses)	$	75,312	$	29,587	$	(29,193)

(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,
	2024		2023
	(in thousands)
Fixed maturities	$	396,173	$	272,031
Equity securities	436		220
Commercial mortgage and other loans	29,437		21,070
Policy loans	30,820		35,210
Other invested assets	0		43
Short-term investments and cash equivalents	9,528		5,264
Total accrued investment income	$	466,394	$	333,838

There were no write-downs on accrued investment income for the years ended December 31, 2024 and 2023.

Net Investment Income

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

	Years Ended December 31,
	2024		2023		2022
	(in thousands)
Fixed maturities, available-for-sale	$	1,622,898	$	1,139,581	$	589,248
Fixed maturities, trading	156,407		96,128		55,790
Equity securities	30,698		14,772		8,226
Commercial mortgage and other loans	328,853		231,994		119,358
Policy loans	65,825		48,118		21,189
Other invested assets	140,376		98,369		101,289
Short-term investments and cash equivalents	182,094		123,857		44,182
Gross investment income	2,527,151		1,752,819		939,282
Less: investment expenses	(105,134)		(77,297)		(55,281)
Net investment income	$	2,422,017	$	1,675,522	$	884,001

The carrying value of non-income producing assets included $55.3 million in fixed maturities, available-for-sale and $0.9 million in fixed maturities, trading as of December 31, 2024. Non-income producing assets represent investments that had not produced income for the twelve months preceding December 31, 2024.

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,
	2024		2023		2022
	(in thousands)
Fixed maturities(1)	$	(167,394)	$	(31,193)	$	(74,005)
Commercial mortgage and other loans	(11,113)		(17,854)		(18,201)
LPs/LLCs(2)	576		(272)		(11,351)
Derivatives(4)	713,403		(1,136,331)		460,859
Short-term investments and cash equivalents	974		2,033		(54)
Other(2)(3)(4)	(85,029)		36,518		(67,319)
Realized investment gains (losses), net	$	451,417	$	(1,147,099)	$	289,929

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

(2)Prior period amounts have been updated to conform to current period presentation.

(3)Includes changes in the value of reinsurance payables and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.

(4)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

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,
	2024		2023		2022
	(in thousands)
Fixed maturity securities, available-for-sale with an allowance	$	893	$	1,987	$	4,371
Fixed maturity securities, available-for-sale without an allowance	(1,955,252)		(1,406,265)		(2,285,288)
Derivatives designated as cash flow hedges(1)	110,565		11,934		138,627
Affiliated notes	(3,276)		(8,760)		(13,189)
Other investments(2)	785		(1,089)		(1,176)
Net unrealized gains (losses) on investments	$	(1,846,285)	$	(1,402,193)	$	(2,156,655)

(1)For additional information regarding 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 December 31, 2024 and 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:

	December 31, 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)
Obligations of U.S. states and their political subdivisions	$	1,139	$	0	$	1,139	$	0	$	0	$	0
Foreign government securities	0		0		0		486		0		486
U.S. public corporate securities	6,949		0		6,949		27,247		0		27,247
U.S. private corporate securities	18		0		18		0		0		0
Foreign public corporate securities	10,100		0		10,100		13,101		0		13,101
Equity securities	103,166		0		103,166		177,476		0		177,476
Total cash collateral for loaned securities(1)	$	121,372	$	0	$	121,372	$	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.

Securities Pledged, Restricted Assets and Special Deposits

The Company pledges as collateral investment securities it owns 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,
	2024		2023
	(in thousands)
Securities pledged:
Fixed maturities, available-for-sale(1)	$	3,856,216	$	4,081,391
Fixed maturities, trading	17		0
Equity securities	100,601		172,995
Total securities pledged	$	3,956,834	$	4,254,386
Liabilities supported by the pledged collateral:
Cash collateral for loaned securities	$	121,372	$	218,310
Other liabilities(1)	3,622,596		2,651,347
Total liabilities supported by the pledged collateral(1)	$	3,743,968	$	2,869,657

(1)Prior period amounts have been updated to conform to current period presentation.

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, 2024 and 2023, there were $0 million and $25 million, respectively, of collateral that could be sold or repledged.

As of both December 31, 2024 and 2023, there was $3.6 million on deposit with governmental authorities or trustees as required by certain insurance laws.