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


	June 30, 2024						December 31, 2023
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
LPs/LLCs:
Equity method:
Private equity	$	—	$	3	$	3	$	—	$	4	$	4
Real estate-related	—		3		3		—		5		5
Subtotal equity method	—		6		6		—		9		9
Fair value:
Private equity	29		—		29		24		—		24
Total LPs/LLCs	29		6		35		24		9		33
Derivative instruments	26		256		282		—		117		117
Other	92		—		92		61		—		61
Total other invested assets	$	147	$	262	$	409	$	85	$	126	$	211

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


	June 30, 2024						December 31, 2023
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
Fixed maturity securities	$	50	$	12	$	62	$	48	$	8	$	56
Mortgage loans	2		—		2		3		—		3

Short-term investments and cash equivalents	1		—		1		—		1		1
Total accrued investment income	$	53	$	12	$	65	$	51	$	9	$	60

The aggregate fair value of mortgage and other loans that were 90 days or more past due and in non-accrual status was $1 million and $2 million as of June 30, 2024 and December 31, 2023, respectively.

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


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
Fixed maturities securities	$	62	$	13	$	75	$	122	$	25	$	147
Mortgage loans	8		—		8		16		—		16
Other invested assets	—		1		1		3		(1)		2
Short-term investments and cash equivalents	8		2		10		14		6		20
Gross investment income	78		16		94		155		30		185
Less: investment expenses (1)	(19)		—		(19)		(40)		—		(40)
Net investment income	$	59	$	16	$	75	$	115	$	30	$	145


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
Fixed maturities securities	$	51	$	13	$	64	$	98	$	27	$	125
Equity securities	—		1		1		—		2		2
Mortgage loans	4		—		4		8		—		8
Other invested assets	7		—		7		19		1		20
Short-term investments and cash equivalents	3		6		9		5		12		17
Gross investment income	65		20		85		130		42		172
Less: investment expenses (1)	(7)		—		(7)		(16)		(2)		(18)
Net investment income	$	58	$	20	$	78	$	114	$	40	$	154

(1) For the three and six months ended June 30, 2024, investment expenses within the Retained Business includes $18 million and $33 million, respectively, of expense related to liabilities associated with repurchase agreements. For the three and six months ended June 30, 2023, investment expenses within the Retained Business includes $4 million and $9 million, respectively, of expense related to liabilities associated with repurchase agreements.

The following tables set forth “Investment gains (losses), net” by investment type, for the periods indicated:


	Three Months Ended June 30, 2024
	Retained Business						Ceded Business						Total Business
	Unrealized		Realized		Total		Unrealized		Realized		Total		Unrealized		Realized		Total
	(in millions)
Fixed maturity securities	$	(75)	$	(1)	$	(76)	$	(4)	$	—	$	(4)	$	(79)	$	(1)	$	(80)
Mortgage loans	(5)		2		(3)		—		—		—		(5)		2		(3)
Derivatives	—		(100)		(100)		—		36		36		—		(64)		(64)
Total	$	(80)	$	(99)	$	(179)	$	(4)	$	36	$	32	$	(84)	$	(63)	$	(147)


	Six Months Ended June 30, 2024
	Retained Business						Ceded Business						Total Business
	Unrealized		Realized		Total		Unrealized		Realized		Total		Unrealized		Realized		Total
	(in millions)
Fixed maturity securities	$	(152)	$	—	$	(152)	$	(14)	$	—	$	(14)	$	(166)	$	—	$	(166)
Mortgage loans	—		2		2		—		—		—		—		2		2
Derivatives	—		(454)		(454)		—		150		150		—		(304)		(304)
Total	$	(152)	$	(452)	$	(604)	$	(14)	$	150	$	136	$	(166)	$	(302)	$	(468)


	Three Months Ended June 30, 2023
	Retained Business						Ceded Business						Total Business
	Unrealized		Realized		Total		Unrealized		Realized		Total		Unrealized		Realized		Total
	(in millions)
Fixed maturity securities	$	(61)	$	(2)	$	(63)	$	(12)	$	(8)	$	(20)	$	(73)	$	(10)	$	(83)
Equity securities	—		—		—		(2)		—		(2)		(2)		—		(2)
Derivatives	—		(339)		(339)		—		137		137		—		(202)		(202)
Total	$	(61)	$	(341)	$	(402)	$	(14)	$	129	$	115	$	(75)	$	(212)	$	(287)


	Six Months Ended June 30, 2023
	Retained Business						Ceded Business						Total Business
	Unrealized		Realized		Total		Unrealized		Realized		Total		Unrealized		Realized		Total
	(in millions)
Fixed maturity securities	$	95	$	(28)	$	67	$	9	$	(8)	$	1	$	104	$	(36)	$	68
Equity securities	—		—		—		5		—		5		5		—		5
Derivatives	—		(439)		(439)		—		244		244		—		(195)		(195)
Total	$	95	$	(467)	$	(372)	$	14	$	236	$	250	$	109	$	(231)	$	(122)

In the normal course of business, FLIAC sells securities under agreements to repurchase and enters into securities lending transactions. These balances are recorded within "Liabilities associated with secured borrowing arrangements" in the Consolidated Statements of Financial Position.

The following table sets forth, by type, the securities that we have agreed to repurchase, all of which are contained in the Retained Business. The below amounts represent the cash received under the outstanding repurchase agreements.


	June 30, 2024								December 31, 2023

	Up to 30 days		30 days up to 1 year		1-5 years		Total		Up to 30 days		30 days up to 1 year		1-5 years		Total
	(in millions)
U.S. corporate public securities	$	217	$	402	$	502	$	1,121	$	356	$	108	$	503	$	967

The market value of the securities posted as collateral under the repurchase agreements was $1,149 million and $999 million as of June 30, 2024 and December 31, 2023, respectively.

During the six months ended June 30, 2024, the Company returned a net $46 million of fixed maturity securities and short-term investments that were received as collateral, on a non-cash basis, related to liabilities associated with repurchase agreements. During the six months ended June 30, 2023, the Company returned $11 million of fixed maturity securities that were received as collateral, on a non-cash basis, related to liabilities associated with repurchase agreements.

As of June 30, 2024 there were $2 million of liabilities associated with securities lending transactions, all of which are included in the Ceded Business. The remaining contractual maturity of these liabilities are within the range of 30 days up to 1 year. The market value of the U.S corporate public debt securities that were loaned under these transactions was $2 million. There were no outstanding securities lending agreements as of December 31, 2023.