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”), Japanese government and agencies (“Japanese government”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), 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”). ABS, CMBS and RMBS are collectively “structured securities.”


December 31, 2024:	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	54,705	$	82	$	642	$	4,274	$	50,991	65.7	%
Canadian government	4,655		—		412		51		5,016		6.5
Japanese government	5,319		—		1		875		4,445		5.7
ABS	5,197		15		42		184		5,040		6.5
CMBS	2,344		1		22		98		2,267		2.9
RMBS	1,412		—		12		107		1,317		1.7
U.S. government	2,734		—		11		281		2,464		3.2
State and political subdivisions	789		—		3		99		693		0.9
Other foreign government	5,752		—		56		424		5,384		6.9
Total fixed maturity securities	$	82,907	$	98	$	1,201	$	6,393	$	77,617	100.0	%


December 31, 2023:	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	42,014	$	62	$	554	$	3,751	$	38,755	64.1	%
Canadian government	3,477		—		473		33		3,917		6.5
Japanese government	3,630		—		3		502		3,131		5.2
ABS	4,661		12		19		239		4,429		7.3
CMBS	1,969		1		7		202		1,773		2.9
RMBS	1,173		—		8		102		1,079		1.8
U.S. government	2,725		—		9		214		2,520		4.2
State and political subdivisions	1,236		—		7		129		1,114		1.8
Other foreign government	4,092		—		45		388		3,749		6.2
Total fixed maturity securities	$	64,977	$	75	$	1,125	$	5,560	$	60,467	100.0	%

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, including certain agencies, greater than 10% of the Company’s equity are disclosed below, as of December 31, 2024 and 2023 (dollars in millions):


	2024				2023
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities guaranteed or issued by:
Japanese government	$	5,319	$	4,445	$	3,630	$	3,131
U.S. government	2,734		2,464		2,725		2,520
Canadian province of Quebec	1,537		1,741		1,467		1,748
Canadian province of Ontario	1,117		1,207		1,019		1,125

The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of December 31, 2024, 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	$	1,730	$	1,747
Due after one year through five years	13,226		13,177
Due after five years through ten years	13,555		13,233
Due after ten years	45,443		40,836
Structured securities	8,953		8,624
Total	$	82,907	$	77,617


December 31, 2024:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	17,905	$	16,673	32.7	%
Industrial	28,267		26,476		51.9
Utility	8,533		7,842		15.4
Total	$	54,705	$	50,991	100.0	%

December 31, 2023:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	15,052	$	13,789	35.6	%
Industrial	21,413		19,935		51.4
Utility	5,549		5,031		13.0
Total	$	42,014	$	38,755	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 Company estimates the amount of the credit loss component of a fixed maturity security impairment as the difference between amortized cost and the present value of the expected cash flows of the security. Any remaining difference between the fair value and amortized cost is recognized in OCI.


	Corporate		ABS		CMBS		Total
For the year ended December 31, 2024:
Balance, beginning of period	$	62	$	12	$	1	$	75
Credit losses recognized on securities for which credit losses were not previously recorded	56		—		—		56
Reductions for securities sold during the period	(30)		—		—		(30)

Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	(7)		3		—		(4)
Write-offs recognized against the allowance	—		—		—		—
Foreign currency translation	1		—		—		1
Balance, end of period	$	82	$	15	$	1	$	98


	Corporate		ABS		CMBS		Total
For the year ended December 31, 2023:
Balance, beginning of period	$	27	$	10	$	—	$	37
Credit losses recognized on securities for which credit losses were not previously recorded	51		—		1		52
Reductions for securities sold during the period	(10)		—		—		(10)

Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	—		2		—		2
Write-offs recognized against the allowance	(6)		—		—		(6)
Foreign currency translation	—		—		—		—
Balance, end of period	$	62	$	12	$	1	$	75

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 tables present the estimated fair value and gross unrealized losses for the 6,401 and 5,788 fixed maturity securities for which both the estimated fair value had declined and remained below amortized cost and an allowance for credit loss has not been recorded as of December 31, 2024 and 2023 (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, 2024:	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	14,741	$	529	$	18,851	$	3,682	$	33,592	$	4,211
Canadian government	286		5		469		46		755		51
Japanese government	2,037		192		2,365		683		4,402		875
ABS	940		19		1,730		159		2,670		178
CMBS	333		4		980		91		1,313		95
RMBS	354		7		593		100		947		107
U.S. government	792		15		656		266		1,448		281
State and political subdivisions	155		7		417		92		572		99
Other foreign government	1,408		42		1,816		344		3,224		386
Total investment grade securities	21,046		820		27,877		5,463		48,923		6,283
Below investment grade securities:
Corporate	347		7		347		50		694		57


ABS	101		1		40		5		141		6
CMBS	—		—		—		—		—		—

Other foreign government	—		—		130		38		130		38
Total below investment grade securities	448		8		517		93		965		101
Total fixed maturity securities	$	21,494	$	828	$	28,394	$	5,556	$	49,888	$	6,384


	Less than 12 months				12 months or greater				Total
December 31, 2023:	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	2,134	$	70	$	24,207	$	3,524	$	26,341	$	3,594
Canadian government	—		—		459		33		459		33
Japanese government	876		50		2,193		452		3,069		502
ABS	336		5		3,025		223		3,361		228
CMBS	160		5		1,328		190		1,488		195
RMBS	115		3		681		99		796		102
U.S. government	614		10		717		204		1,331		214
State and political subdivisions	73		1		864		128		937		129
Other foreign government	254		3		2,290		333		2,544		336
Total investment grade securities	4,562		147		35,764		5,186		40,326		5,333
Below investment grade securities:
Corporate	295		36		649		121		944		157


ABS	—		—		68		10		68		10
CMBS	—		—		4		1		4		1

Other foreign government	—		—		193		52		193		52
Total below investment grade securities	295		36		914		184		1,209		220
Total fixed maturity securities	$	4,857	$	183	$	36,678	$	5,370	$	41,535	$	5,553

The Company did not intend to sell, and more likely than not would not be required to sell, the securities outlined in the tables above, as of the dates presented. 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.


	For the years ended December 31,
	2024		2023		2022
Fixed maturity securities available-for-sale	$	3,541	$	2,753	$	2,305
Equity securities	6		6		6
Mortgage loans	401		324		298
Policy loans	56		54		54
Funds withheld at interest	341		317		253
Limited partnerships and real estate joint ventures	96		181		331
Short-term investments and cash and cash equivalents	182		99		29
Other invested assets	(11)		21		12
Investment income	4,612		3,755		3,288
Investment expense	(196)		(164)		(127)
Net investment income	$	4,416	$	3,591	$	3,161

As of December 31, 2024, the Company held non-income producing securities with amortized costs, net of allowances, of $144 million and estimated fair values of $159 million. As of December 31, 2023, the Company held non-income producing securities with amortized costs, net of allowances, of $88 million and estimated fair values of $46 million. Generally, securities are non-income producing when principal or interest is not paid primarily as a result of bankruptcies or credit defaults.


	For the years ended December 31,
	2024		2023		2022
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	(22)	$	(38)	$	(6)
Impairments on fixed maturity securities	(1)		(3)		(17)
Realized gains on investment activity	194		72		192
Realized losses on investment activity	(811)		(275)		(396)
Net gains (losses) on equity securities	1		(1)		(21)
Change in mortgage loan allowance for credit losses	(26)		(16)		(16)
Limited partnerships and real estate joint ventures impairment losses	(23)		—		—
Change in fair value of certain limited partnership investments	39		48		38
Net losses on free standing derivatives	(229)		(129)		(166)
Net gains (losses) on embedded derivatives	116		(163)		(173)
Other, net	17		24		26
Total investment related gains (losses), net	$	(745)	$	(481)	$	(539)

The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of invested assets as collateral. Pledged invested assets are included in the condensed consolidated balance sheets. Invested assets received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed 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, 2024 and 2023, none of the collateral received had been sold or repledged.


	2024				2023
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Invested assets on deposit (regulatory deposits)	$	10	$	8	$	12	$	9
Invested assets pledged as collateral	1,200		1,046		572		517
Invested assets received as collateral	n/a		2,233		n/a		1,827
Assets in trust held to satisfy collateral requirements	47,162		44,473		32,758		30,359
FHLB common stock restricted as to sale	71		71		63		63


	2024						2023
	Securities Loaned, Pledged, or Sold (1)		Securities Borrowed or Collateral Received from Counterparties (2)		Cash Collateral Received from Counterparties (3)		Securities Loaned, Pledged, or Sold (1)		Securities Borrowed or Collateral Received from Counterparties (2)		Cash Collateral Received from Counterparties (3)
Securities lending transactions	$	836	$	1,093	$	—	$	732	$	1,013	$	—
Repurchase/reverse repurchase transactions	1,781		688		982		1,333		517		820

(1)Securities loaned or pledged through securities lending transactions or sold to counterparties through repurchase transactions are included within fixed maturity securities. Collateral associated with certain securities lending transactions is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. Certain securities lending transactions do not require collateral.


	December 31, 2024										December 31, 2023
	Remaining Contractual Maturity of the Agreements										Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total		Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending transactions:
Corporate	$	—	$	75	$	7	$	333	$	415	$	—	$	—	$	94	$	41	$	135

Japanese government	—		227		—		75		302		—		88		—		480		568
ABS	—		—		17		3		20		—		—		—		—		—
CMBS	—		—		46		—		46		—		—		—		—		—
RMBS	—		—		13		6		19		—		—		—		—		—
U.S. government	—		—		—		8		8		—		—		—		—		—
State and political subdivisions	—		—		—		6		6		—		—		—		11		11
Other foreign government	—		—		—		20		20		—		—		13		5		18
Total	—		302		83		451		836		—		88		107		537		732
Repurchase/reverse repurchase transactions:
Corporate	—		—		—		527		527		—		—		—		553		553
Japanese government	—		—		214		144		358		—		—		—		158		158
ABS	—		—		27		251		278		—		—		—		229		229
CMBS	—		—		49		184		233		—		—		—		221		221
RMBS	—		—		7		42		49		—		—		—		52		52
U.S. government	—		—		—		257		257		—		—		—		14		14
Other foreign government	—		—		—		79		79		—		—		—		106		106



Total	—		—		297		1,484		1,781		—		—		—		1,333		1,333
Total transactions	$	—	$	302	$	380	$	1,935	$	2,617	$	—	$	88	$	107	$	1,870	$	2,065

As of December 31, 2024, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (12.4%), Texas (9.6%) and Colorado (6.1%), in addition to loans secured by properties in Canada (7.0%) and the United Kingdom (2.3%). The recorded investment in mortgage loans presented below is gross of unamortized deferred loan origination fees and expenses, and allowance for credit losses.


	2024				2023
	Carrying Value		% of Total		Carrying Value		% of Total
Property type:
Office	$	1,717	19.2	%	$	1,700	22.8	%
Retail	2,925		32.7		2,437		32.7
Industrial	2,714		30.3		1,947		26.1
Apartment	1,121		12.5		913		12.2
Hotel	443		4.9		413		5.5
Other commercial	32		0.4		49		0.7
Recorded investment	8,952		100.0	%	7,459		100.0	%
Unamortized balance of loan origination fees and expenses	(20)				(15)
Allowance for credit losses	(93)				(67)
Total mortgage loans	$	8,839			$	7,377


	Recorded Investment
	Debt Service Ratios						Construction loans
	>1.20x		1.00x – 1.20x		<1.00x				Total		% of Total
December 31, 2024:
Loan-to-Value Ratio
0% – 59.99%	$	4,017	$	189	$	42	$	7	$	4,255	47.5	%
60% – 69.99%	2,298		184		51		46		2,579		28.8
70% – 79.99%	1,205		178		47		—		1,430		16.0
80% or greater	523		45		120		—		688		7.7
Total	$	8,043	$	596	$	260	$	53	$	8,952	100.0	%


	Recorded Investment
	Debt Service Ratios						Construction loans
	>1.20x		1.00x – 1.20x		<1.00x				Total		% of Total
December 31, 2023:
Loan-to-Value Ratio
0% – 59.99%	$	3,672	$	272	$	27	$	46	$	4,017	53.9	%
60% – 69.99%	1,947		154		44		—		2,145		28.8
70% – 79.99%	843		52		34		—		929		12.4
80% or greater	198		70		100		—		368		4.9
Total	$	6,660	$	548	$	205	$	46	$	7,459	100.0	%


	Recorded Investment
	Year of Origination
December 31, 2024:	2024		2023		2022		2021		2020		Prior		Total
Internal credit quality grade:
High investment grade	$	593	$	436	$	543	$	600	$	246	$	1,828	$	4,246
Investment grade	1,270		750		806		404		219		850		4,299
Average	—		19		—		36		18		203		276
Watch list	—		—		—		—		—		125		125
In or near default	—		—		—		—		—		6		6
Total	$	1,863	$	1,205	$	1,349	$	1,040	$	483	$	3,012	$	8,952


	Recorded Investment
	Year of Origination
December 31, 2023:	2023		2022		2021		2020		2019		Prior		Total
Internal credit quality grade:
High investment grade	$	475	$	635	$	573	$	304	$	491	$	1,734	$	4,212
Investment grade	754		668		384		245		313		564		2,928
Average	12		—		—		18		63		203		296
Watch list	—		—		—		—		—		16		16
In or near default	—		—		—		—		—		7		7
Total	$	1,241	$	1,303	$	957	$	567	$	867	$	2,524	$	7,459

During 2024, the Company modified eleven mortgage loans for borrowers experiencing financial difficulty providing interest only payments and maturity extensions. The total recorded investment before allowance for credit losses for the modified loans was $124 million as of December 31, 2024. During 2023, the company modified ten mortgage loans providing interest only payments and maturity extensions, two of which were paid in full as of December 31, 2023. The total recorded investment before allowance for credit losses for the remaining modified loans was $92 million as of December 31, 2023. During 2022, the company modified three mortgage loans to interest only payments, one of which was paid in full as of December 31, 2022. During 2022, the total recorded investment before allowance for credit losses for mortgage loans that were modified and met the criteria of Troubled Debt Restructuring (“TDR”) was $67 million.

The Company had one mortgage loan in the amount of $6 million on nonaccrual status as of December 31, 2024. The Company had one mortgage loan in the amount of $7 million that was on nonaccrual status as of December 31, 2023. During 2024, the Company converted four mortgage loans totaling $46 million to owned properties. Additionally, the Company reclassified one property in the amount of $21 million, that was previously held for sale, to held for use. During 2023, the Company converted three mortgage loans totaling $62 million at the time of foreclosure to owned properties as a result of foreclosures. The Company did not acquire any impaired mortgage loans during 2024, 2023 and 2022.

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, 2024, $3.1 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.

Other invested assets include lifetime mortgages, derivative contracts and FHLB common stock. Other invested assets also include real estate held for investment, which is included in “Other” in the table below. As of December 31, 2024 and 2023, the allowance for credit losses for lifetime mortgages was not material. The carrying values of other invested assets as of December 31, 2024 and 2023 are as follows (dollars in millions):