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INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Other Invested Assets
The following table sets forth the composition of “Other invested assets,” as of the dates indicated.
June 30, 2024December 31, 2023
Retained BusinessCeded BusinessTotalRetained BusinessCeded BusinessTotal
 (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 equity29 — 29 24 — 24 
Total LPs/LLCs29 6 35 24 9 33 
Derivative instruments26 256 282 — 117 117 
Other92 — 92 61 — 61 
Total other invested assets$147 $262 $409 $85 $126 $211 
Accrued Investment Income
The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

June 30, 2024December 31, 2023
Retained BusinessCeded BusinessTotalRetained BusinessCeded BusinessTotal
(in millions)
Fixed maturity securities$50 $12 $62 $48 $8 $56 
Mortgage loans2 — 2 3 — 3 
Short-term investments and cash equivalents1 — 1 — 1 1 
Total accrued investment income$53 $12 $65 $51 $9 $60 
Net Investment Income
The following tables set forth “Net investment income” by investment type, for the periods indicated:

 Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Retained BusinessCeded BusinessTotalRetained BusinessCeded BusinessTotal
 (in millions)
Fixed maturities securities $62 $13 $75 $122 $25 $147 
Mortgage loans8 — 8 16 — 16 
Other invested assets— 1 1 3 (1)2 
Short-term investments and cash equivalents8 2 10 14 6 20 
Gross investment income78 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, 2023Six Months Ended June 30, 2023
Retained BusinessCeded BusinessTotalRetained BusinessCeded BusinessTotal
 (in millions)
Fixed maturities securities $51 $13 $64 $98 $27 $125 
Equity securities— 1 1 — 2 2 
Mortgage loans4 — 4 8 — 8 
Other invested assets7 — 7 19 1 20 
Short-term investments and cash equivalents3 6 9 5 12 17 
Gross investment income65 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.
Schedule of Realized Gain (Loss)
The following tables set forth “Investment gains (losses), net” by investment type, for the periods indicated:

Three Months Ended June 30, 2024
 Retained BusinessCeded BusinessTotal Business
UnrealizedRealizedTotalUnrealizedRealizedTotalUnrealizedRealizedTotal
(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)$(147)
Six Months Ended June 30, 2024
 Retained BusinessCeded BusinessTotal Business
UnrealizedRealizedTotalUnrealizedRealizedTotalUnrealizedRealizedTotal
(in millions)
Fixed maturity securities$(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 BusinessCeded BusinessTotal Business
UnrealizedRealizedTotalUnrealizedRealizedTotalUnrealizedRealizedTotal
(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 BusinessCeded BusinessTotal Business
UnrealizedRealizedTotalUnrealizedRealizedTotalUnrealizedRealizedTotal
(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)

Secured Borrowing Arrangements
Repurchase Agreements and Securities Lending
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, 2024December 31, 2023
Up to 30 days30 days up to 1 year1-5 yearsTotalUp to 30 days30 days up to 1 year1-5 yearsTotal
(in millions)
U.S. corporate public securities$217 $402 $502 $1,121 $356 $108 $503 $967