The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). RMBS, ABS and CMBS are collectively “structured securities.”


December 31, 2022:	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	38,963	$	27	$	168	$	5,135	$	33,969	64.2	%
Canadian government	3,311		—		381		66		3,626		6.9
RMBS	1,054		—		1		114		941		1.8
ABS	4,324		10		4		440		3,878		7.3
CMBS	1,835		—		—		212		1,623		3.1
U.S. government	1,690		—		4		212		1,482		2.8
State and political subdivisions	1,282		—		10		173		1,119		2.1
Other foreign government	7,204		—		26		967		6,263		11.8
Total fixed maturity securities	$	59,663	$	37	$	594	$	7,319	$	52,901	100.0	%


December 31, 2021:	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	35,239	$	26	$	3,084	$	194	$	38,103	62.8	%
Canadian government	3,339		—		1,606		1		4,944		8.1
RMBS	1,020		—		37		7		1,050		1.7
ABS	4,024		—		22		41		4,005		6.6
CMBS	1,790		1		66		6		1,849		3.0
U.S. government	2,082		—		31		8		2,105		3.5
State and political subdivisions	1,191		—		137		5		1,323		2.2
Other foreign government	7,188		4		273		87		7,370		12.1
Total fixed maturity securities	$	55,873	$	31	$	5,256	$	349	$	60,749	100.0	%

The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of fixed maturity securities as collateral. Pledged fixed maturity securities are included in fixed maturity securities, available-for-sale in the consolidated balance sheets. Fixed maturity securities received as collateral are held in separate custodial accounts and are not recorded on the Company’s consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of December 31, 2022 and 2021, none of the collateral received had been sold or repledged. The Company also holds assets in trust to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties. The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of December 31, 2022 and 2021 (dollars in millions):


	2022				2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities pledged as collateral	$	355	$	292	$	100	$	103
Fixed maturity securities received as collateral	n/a		1,428		n/a		1,922
Assets in trust held to satisfy collateral requirements	31,510		27,817		28,671		31,173

The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio that limits exposure to any one issuer. The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s equity included securities of the U.S. government and its agencies, as well as the securities disclosed below, as of December 31, 2022 and 2021 (dollars in millions):


	2022				2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities guaranteed or issued by:
Government of Japan	$	2,988	$	2,516	$	3,080	$	3,063
Canadian province of Quebec	1,436		1,649		1,377		2,347
Canadian province of Ontario	982		1,068		1,092		1,451

The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of December 31, 2022, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below as they are not due at a single maturity date.


	Amortized Cost		Estimated Fair Value
Available-for-sale:
Due in one year or less	$	1,231	$	1,223
Due after one year through five years	10,397		10,076
Due after five years through ten years	11,293		10,231
Due after ten years	29,529		24,929
Structured securities	7,213		6,442
Total	$	59,663	$	52,901


December 31, 2022:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	14,551	$	12,680	37.3	%
Industrial	19,624		17,257		50.8
Utility	4,788		4,032		11.9
Total	$	38,963	$	33,969	100.0	%

December 31, 2021:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	13,101	$	14,045	36.9	%
Industrial	17,857		19,375		50.8
Utility	4,281		4,683		12.3
Total	$	35,239	$	38,103	100.0	%

As discussed in Note 2 – “Significant Accounting Policies and Pronouncements,” allowances for credit losses on fixed maturity securities are recognized in investment related gains (losses), net. The amount recognized represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the fixed maturity security prior to the allowance for credit losses. Any remaining difference between the fair value and amortized cost is recognized in OCI.


For the year ended December 31, 2022:	Corporate		ABS		CMBS		Other Foreign Government		Total
Balance, beginning of period	$	26	$	—	$	1	$	4	$	31
Credit losses recognized on securities for which credit losses were not previously recorded	31		10		—		1		42
Reductions for securities sold during the period	(32)		—		—		(7)		(39)
Reductions for securities the Company intends to sell or more likely than not will be required to sell before recovery of its amortized cost	(4)		—		—		—		(4)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	6		—		(1)		2		7
Balance, end of period	$	27	$	10	$	—	$	—	$	37


For the year ended December 31, 2021:	Corporate		ABS		CMBS		Other Foreign Government		Total
Balance, beginning of period	$	17	$	—	$	3	$	—	$	20
Credit losses recognized on securities for which credit losses were not previously recorded	21		—		1		5		27
Reductions for securities sold during the period	(10)		—		(2)		(1)		(13)
Reductions for securities the Company intends to sell or more likely than not will be required to sell before recovery of its amortized cost	—		—		—		—		—
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	(2)		—		(1)		—		(3)
Balance, end of period	$	26	$	—	$	1	$	4	$	31

The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment.

The following table presents the estimated fair values and gross unrealized losses for the 6,441 and 1,862 fixed maturity securities for which an allowance for credit loss has not been recorded as of December 31, 2022 and December 31, 2021, and the estimated fair value had declined and remained below amortized cost (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has continuously remained below amortized cost.


	Less than 12 months				12 months or greater				Total
December 31, 2022:	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	21,867	$	2,756	$	6,840	$	2,225	$	28,707	$	4,981
Canadian government	554		42		71		23		625		65
RMBS	664		62		181		53		845		115
ABS	1,596		153		1,931		269		3,527		422
CMBS	1,314		144		281		65		1,595		209
U.S. government	1,202		64		253		148		1,455		212
State and political subdivisions	819		124		131		50		950		174
Other foreign government	2,757		253		2,720		652		5,477		905
Total investment grade securities	30,773		3,598		12,408		3,485		43,181		7,083
Below investment grade securities:
Corporate	767		87		305		61		1,072		148


ABS	52		6		38		9		90		15


Other foreign government	39		2		164		60		203		62
Total below investment grade securities	858		95		507		130		1,365		225
Total fixed maturity securities	$	31,631	$	3,693	$	12,915	$	3,615	$	44,546	$	7,308


	Less than 12 months				12 months or greater				Total
December 31, 2021:	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	4,135	$	86	$	946	$	51	$	5,081	$	137
Canadian government	20		1		—		—		20		1
RMBS	132		3		102		4		234		7
ABS	1,747		22		589		6		2,336		28
CMBS	152		2		35		2		187		4
U.S. government	1,513		6		31		2		1,544		8
State and political subdivisions	109		3		28		2		137		5
Other foreign government	2,237		33		724		37		2,961		70
Total investment grade securities	10,045		156		2,455		104		12,500		260
Below investment grade securities:
Corporate	463		13		97		44		560		57


ABS	—		—		13		13		13		13


Other foreign government	136		7		75		10		211		17
Total below investment grade securities	599		20		185		67		784		87
Total fixed maturity securities	$	10,644	$	176	$	2,640	$	171	$	13,284	$	347

The Company has no intention to sell, nor does it expect to be required to sell, the securities outlined in the tables above, as of the dates indicated. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Changes in unrealized losses are primarily driven by changes in risk-free interest rates and credit spreads.

In 2021, the Company reclassified approximately $92 million of pre-tax unrealized gains from AOCI to net investment income associated with investments in limited partnerships and private equity funds for which it utilizes the equity method of accounting. The unrealized gains should have been recognized directly in investment income in the same prior periods they were reported by the investees. In addition, the Company recorded approximately $70 million of pre-tax gains in investment related gains (losses), net, associated with investments in limited partnerships considered to be investment companies in order

to adjust the carrying value from cost less impairments to a fair value approach, using the net asset value (“NAV”) per share or its equivalent. Had the adjustments been recorded in the years they were reported by the investees, the Company estimates it would have recognized approximately $102 million, $(2) million, $1 million and $10 million of pre-tax income (loss) in the years ended December 31, 2020, 2019, 2018 and 2017, respectively.


	For the years ended December 31,
	2022		2021		2020
Fixed maturity securities available-for-sale	$	2,305	$	2,059	$	1,928
Equity securities	6		5		6
Mortgage loans	298		293		282
Policy loans	54		55		56
Funds withheld at interest	253		351		279
Limited partnerships and real estate joint ventures	331		419		50
Short-term investments and cash and cash equivalents	29		3		7
Other invested assets	12		61		59
Investment income	3,288		3,246		2,667
Investment expense	(127)		(108)		(92)
Net investment income	$	3,161	$	3,138	$	2,575


	For the years ended December 31,
	2022		2021		2020
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	(6)	$	(11)	$	(20)
Impairments on fixed maturity securities	(17)		(1)		(1)
Realized gains on investment activity	192		299		114
Realized losses on investment activity	(396)		(65)		(82)
Net gains (losses) on equity securities	(21)		25		(15)
Change in mortgage loan allowance for credit losses	(16)		29		(38)
Change in fair value of certain limited partnership investments	38		169		—
Limited partnerships and real estate joint ventures impairment losses	—		—		(18)
Other, net	21		25		24
Net gains (losses) on derivatives	(301)		90		3
Total investment related gains (losses), net	$	(506)	$	560	$	(33)

As of December 31, 2022, the Company held non-income producing securities with amortized costs, net of allowances, of $87 million and estimated fair values of $45 million. As of December 31, 2021, the Company held non-income producing securities with amortized costs, net of allowances, of $26 million and estimated fair values of $26 million. Generally, securities are non-income producing when principal or interest is not paid primarily as a result of bankruptcies or credit defaults.


	2022			2021
	Amortized Cost	Estimated Fair Value		Amortized Cost	Estimated Fair Value
Securities borrowing agreements:
Securities borrowed (1)	n/a	$	852	n/a	$	420
Securities pledged as collateral (2)	859	693		279	290
Securities lending agreements:
Securities loaned (2)	59	55		94	102
Securities received as collateral (3)	n/a	66		n/a	102
Repurchase/reverse repurchase agreements:
Securities sold (2)	898	779		704	736
Cash (4)	—	—		10	10
Securities purchased (3)	n/a	619		n/a	728
Cash received (5)	149	149		—	—

(1)Securities borrowed are not reflected on the condensed consolidated balance sheets. Collateral associated with certain borrowed securities is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows.


	December 31, 2022
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending transactions:
Corporate	$	—	$	—	$	—	$	42	$	42
State and political subdivisions	—		—		—		3		3
Other foreign government	—		—		—		10		10
Total	—		—		—		55		55
Repurchase/reverse repurchase transactions:
Corporate	—		—		—		279		279
RMBS	—		—		—		10		10
ABS	—		—		—		54		54
CMBS	—		—		—		63		63


Other foreign government	—		—		—		373		373




Total	—		—		—		779		779
Total transactions	$	—	$	—	$	—	$	834	$	834


	December 31, 2021
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending transactions:
Corporate	$	—	$	—	$	—	$	94	$	94
State and political subdivisions	—		—		—		3		3
Other foreign government	—		—		—		5		5
Total	—		—		—		102		102
Repurchase/reverse repurchase transactions:
Corporate	—		—		—		366		366
RMBS	—		—		—		—		—
ABS	—		—		—		—		—
CMBS	—		—		—		—		—
Other foreign government	—		—		—		370		370






Total	—		—		—		736		736
Total transactions	$	—	$	—	$	—	$	838	$	838

As of December 31, 2022, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (13.3%), Texas (11.2%) and Washington (7.8%), in addition to loans secured by properties in Canada (3.6%) and United Kingdom (2.4%). The recorded investment in mortgage loans presented below is gross of unamortized deferred loan origination fees and expenses, and allowance for credit losses.


	2022				2021
	Carrying Value		Percentage of Total		Carrying Value		Percentage of Total
Property type:
Office	$	1,706	25.6	%	$	1,683	26.6	%
Retail	2,290		34.4		2,090		33.0
Industrial	1,518		22.8		1,249		19.7
Apartment	763		11.5		801		12.7
Other commercial	376		5.7		506		8.0
Recorded investment	6,653		100.0	%	6,329		100.0	%
Unamortized balance of loan origination fees and expenses	(12)				(11)
Allowance for credit losses	(51)				(35)
Total mortgage loans	$	6,590			$	6,283


	2022				2021
	Recorded Investment		% of Total		Recorded Investment		% of Total
Due within five years	$	2,652	39.9	%	$	2,660	42.0	%
Due after five years through ten years	2,930		44.0		2,593		41.0
Due after ten years	1,071		16.1		1,076		17.0
Total	$	6,653	100.0	%	$	6,329	100.0	%


	Recorded Investment
	Debt Service Ratios						Construction loans
	>1.20x		1.00x – 1.20x		<1.00x				Total		% of Total
December 31, 2022:
Loan-to-Value Ratio
0% – 59.99%	$	3,466	$	215	$	56	$	18	$	3,755	56.4	%
60% – 69.99%	1,894		119		71		—		2,084		31.3
70% – 79.99%	475		49		91		—		615		9.3
80% or greater	81		—		118		—		199		3.0
Total	$	5,916	$	383	$	336	$	18	$	6,653	100.0	%


	Recorded Investment
	Debt Service Ratios						Construction loans
	>1.20x		1.00x – 1.20x		<1.00x				Total		% of Total
December 31, 2021:
Loan-to-Value Ratio
0% – 59.99%	$	3,111	$	238	$	51	$	6	$	3,406	53.8	%
60% – 69.99%	1,906		190		46		—		2,142		33.8
70% – 79.99%	520		41		12		—		573		9.1
80% or greater	148		—		60		—		208		3.3
Total	$	5,685	$	469	$	169	$	6	$	6,329	100.0	%


	Recorded Investment
	Year of Origination
December 31, 2022:	2022		2021		2020		2019		2018		Prior		Total
Internal credit quality grade:
High investment grade	$	698	$	684	$	327	$	561	$	422	$	1,565	$	4,257
Investment grade	586		284		248		279		252		531		2,180
Average	—		6		—		39		52		83		180
Watch list	—		—		—		—		—		—		—
In or near default	—		—		—		—		—		36		36
Total	$	1,284	$	974	$	575	$	879	$	726	$	2,215	$	6,653


	Recorded Investment
	Year of Origination
December 31, 2021:	2021		2020		2019		2018		2017		Prior		Total
Internal credit quality grade:
High investment grade	$	725	$	402	$	645	$	461	$	344	$	1,534	$	4,111
Investment grade	367		272		331		301		296		502		2,069
Average	6		—		27		39		5		32		109
Watch list	—		—		—		—		—		4		4
In or near default	—		—		—		—		—		36		36
Total	$	1,098	$	674	$	1,003	$	801	$	645	$	2,108	$	6,329

During the year ended December 31, 2022, the Company restructured three mortgage loans to interest only payments as a result of lower occupancy levels, one of which was paid in full as of December 31, 2022. The total recorded investment before allowance for credit losses for mortgage loans, which were modified and met the criteria of Troubled Debt Restructuring (“TDR”), is $67 million as of December 31, 2022. During the year ended December 31, 2021, the Company did not have any significant loans that were modified and met the criteria of a TDR. The Company has two mortgage loans in the aggregate amount of $36 million that were on a nonaccrual status as of December 31, 2022. The Company had no mortgage loans that were on a nonaccrual status as of December 31, 2021. The Company did not acquire any impaired mortgage loans during the years ended December 31, 2022 and 2021.

The majority of policy loans are associated with one client. These policy loans present no credit risk as the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.

As of December 31, 2022, $3.8 billion of the funds withheld at interest balance is primarily associated with two clients. For reinsurance agreements written on a modco basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed to the Company from the ceding company.


	2022		2021
Limited partnerships - equity method	$	934	$	780
Limited partnerships - fair value	683		581
Limited partnerships - cost method	49		63
Real estate joint ventures	661		572
Total limited partnerships and real estate joint ventures	$	2,327	$	1,996

Other invested assets include lifetime mortgages and derivative contracts. Other invested assets also includes FHLB common stock and unit-linked investments, which are included in “Other” in the table below. As of December 31, 2022 and 2021, the allowance for credit losses for lifetime mortgages was not material. The carrying values of other invested assets as of December 31, 2022 and 2021 are as follows (dollars in millions):