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Investments

3 Months Ended

Mar. 31, 2024

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:


	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	27,113	$	729	$	4,811	$	0	$	23,031
Obligations of U.S. states and their political subdivisions	8,619		217		558		0		8,278
Foreign government bonds	67,025		3,235		5,661		31		64,568
U.S. public corporate securities	110,786		1,765		11,139		76		101,336
U.S. private corporate securities(1)	43,096		874		2,936		12		41,022
Foreign public corporate securities	21,715		387		1,420		19		20,663
Foreign private corporate securities	35,870		447		3,976		32		32,309
Asset-backed securities(2)	15,090		229		88		1		15,230
Commercial mortgage-backed securities	10,288		31		671		0		9,648
Residential mortgage-backed securities(3)	2,626		18		219		0		2,425
Total fixed maturities, available-for-sale(1)	$	342,228	$	7,932	$	31,479	$	171	$	318,510

__________

(1)Excludes notes with amortized cost of $13,582 million (fair value, $13,592 million), which have been offset with the associated debt under a netting agreement.

(2)Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, home equity loans and other asset types.

(3)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 millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	24,874	$	1,091	$	4,169	$	0	$	21,796
Obligations of U.S. states and their political subdivisions	8,650		267		459		0		8,458
Foreign government bonds	71,556		3,895		5,208		53		70,190
U.S. public corporate securities	105,593		2,357		9,711		67		98,172
U.S. private corporate securities(1)	42,801		807		2,574		14		41,020
Foreign public corporate securities	20,473		487		1,298		19		19,643
Foreign private corporate securities	35,128		613		3,446		5		32,290
Asset-backed securities(2)	12,514		202		119		2		12,595
Commercial mortgage-backed securities	10,571		34		713		0		9,892
Residential mortgage-backed securities(3)	2,438		24		197		0		2,265
Total fixed maturities, available-for-sale(1)	$	334,598	$	9,777	$	27,894	$	160	$	316,321

__________

(1)Excludes notes with amortized cost of $12,370 million (fair value, $12,370 million), which have been offset with the associated debt under a netting agreement.

(2)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types.

(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity 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:


	March 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 millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	5,597	$	236	$	11,354	$	4,575	$	16,951	$	4,811
Obligations of U.S. states and their political subdivisions	1,491		28		3,940		530		5,431		558
Foreign government bonds	9,857		755		17,951		4,905		27,808		5,660
U.S. public corporate securities	12,399		287		60,497		10,837		72,896		11,124
U.S. private corporate securities	5,258		126		26,589		2,810		31,847		2,936
Foreign public corporate securities	2,489		42		10,256		1,355		12,745		1,397
Foreign private corporate securities	3,246		79		21,666		3,895		24,912		3,974
Asset-backed securities	2,841		25		2,545		63		5,386		88
Commercial mortgage-backed securities	398		3		7,971		668		8,369		671
Residential mortgage-backed securities	294		2		1,535		217		1,829		219
Total fixed maturities, available-for-sale	$	43,870	$	1,583	$	164,304	$	29,855	$	208,174	$	31,438


	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 millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	2,718	$	95	$	12,642	$	4,074	$	15,360	$	4,169
Obligations of U.S. states and their political subdivisions	862		14		3,816		445		4,678		459
Foreign government bonds	9,098		542		19,589		4,664		28,687		5,206
U.S. public corporate securities	4,881		103		61,204		9,604		66,085		9,707
U.S. private corporate securities	3,026		69		27,062		2,504		30,088		2,573
Foreign public corporate securities	1,766		37		10,812		1,246		12,578		1,283
Foreign private corporate securities	1,578		120		22,145		3,324		23,723		3,444
Asset-backed securities	846		30		5,886		89		6,732		119
Commercial mortgage-backed securities	287		3		8,251		710		8,538		713
Residential mortgage-backed securities	92		2		1,599		195		1,691		197
Total fixed maturities, available-for-sale	$	25,154	$	1,015	$	173,006	$	26,855	$	198,160	$	27,870

As of March 31, 2024 and December 31, 2023, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $30,334 million and $26,879 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 $1,104 million and $991 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2024, the $29,855 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities. As of December 31, 2023, the $26,855 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities and foreign government securities.

In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 2024. This conclusion was based on 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 March 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 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:


	March 31, 2024
	Available-for-Sale
	Amortized Cost		Fair Value
	(in millions)
Fixed maturities:
Due in one year or less	$	14,917	$	14,826
Due after one year through five years	55,756		54,747
Due after five years through ten years(1)	58,432		57,487
Due after ten years(1)	185,119		164,147
Asset-backed securities	15,090		15,230
Commercial mortgage-backed securities	10,288		9,648
Residential mortgage-backed securities	2,626		2,425
Total	$	342,228	$	318,510

__________

(1)Excludes notes with amortized cost of $13,582 million (fair value, $13,592 million), which have been offset with the associated debt under a netting agreement.

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:


	Three Months Ended March 31,
	2024		2023
	(in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	5,751	$	7,350
Proceeds from maturities/prepayments	4,932		3,988
Gross investment gains from sales and maturities	394		290
Gross investment losses from sales and maturities	(360)		(305)
Write-downs recognized in earnings(2)	(5)		(9)
(Addition to) release of allowance for credit losses	(11)		(131)
Fixed maturities, held-to-maturity:
Proceeds from maturities/prepayments(3)	$	0	$	7
(Addition to) release of allowance for credit losses	0		0

__________

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $111 million and $(160) million for the three months ended March 31, 2024 and 2023, respectively.

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

(3)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $0 million and less than $1 million for the three months ended March 31, 2024 and 2023, respectively.

The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated:


	Three Months Ended March 31, 2024
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Bonds		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	53	$	105	$	2	$	0	$	0	$	160
Additions to allowance for credit losses not previously recorded	0		0		46		0		0		0		46
Reductions for securities sold during the period	0		0		(12)		0		0		0		(12)
Additions (reductions) on securities with previous allowance	0		(22)		0		(1)		0		0		(23)
Balance, end of period	$	0	$	31	$	139	$	1	$	0	$	0	$	171


	Three Months Ended March 31, 2023
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Bonds		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	1	$	136	$	1	$	0	$	0	$	138
Additions to allowance for credit losses not previously recorded	0		62		75		0		0		0		137
Reductions for securities sold during the period	0		0		(40)		0		0		0		(40)
Additions (reductions) on securities with previous allowance	0		(1)		35		0		0		0		34
Balance, end of period	$	0	$	62	$	206	$	1	$	0	$	0	$	269


	Three Months Ended March 31, 2024
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Bonds		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in millions)
Fixed maturities, held-to-maturity:
Balance, beginning of period	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Current period provision for expected losses	0		0		0		0		0		0		0
Change in foreign exchange	0		0		0		0		0		0		0
Balance, end of period	$	0	$	0	$	0	$	0	$	0	$	0	$	0


	Three Months Ended March 31, 2023
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Bonds		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in millions)
Fixed maturities, held-to-maturity:
Balance, beginning of period	$	0	$	0	$	2	$	0	$	0	$	0	$	2
Current period provision for expected losses	0		0		0		0		0		0		0
Change in foreign exchange	0		0		0		0		0		0		0
Balance, end of period	$	0	$	0	$	2	$	0	$	0	$	0	$	2

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

For the three months ended March 31, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the consumer cyclical and communications sectors within corporate securities due to adverse projected cash flows. Partially offsetting these additions, was a net release within foreign government securities. For the three months ended March 31, 2023, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the communications and finance sectors within corporate securities, as well as foreign government securities due to adverse projected cash flows. Partially offsetting the additions was a net release within the utility and capital goods sectors within corporate securities.

The Company did not have any fixed maturity securities purchased with credit deterioration, as of March 31, 2024 or December 31, 2023.

Assets Supporting Experience-Rated Contractholder Liabilities

The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:


	March 31, 2024				December 31, 2023
	Amortized Cost or Cost		Fair Value		Amortized Cost or Cost		Fair Value
	(in millions)
Fixed maturities:
Corporate securities	$	77	$	75	$	81	$	79
Foreign government bonds	587		587		606		604
Obligations of U.S. government authorities and agencies and obligations of U.S. states	196		208		202		206
Total fixed maturities(1)	860		870		889		889
Equity securities	1,548		2,489		1,607		2,279
Total assets supporting experience-rated contractholder liabilities(2)	$	2,408	$	3,359	$	2,496	$	3,168

__________

(1)As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of both March 31, 2024 and December 31, 2023.

(2)As a percentage of amortized cost, 100% of the portfolio consisted of public securities, as of both March 31, 2024 and December 31, 2023.

The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities still held at period end, recorded within “Other income (loss),” was $299 million and $134 million during the three months ended March 31, 2024 and 2023, respectively.

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 $(181) million and $194 million during the three months ended March 31, 2024 and 2023, respectively.

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $431 million and $297 million during the three months ended March 31, 2024 and 2023, respectively.

Concentrations of Financial Instruments

The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any single issuer.

As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:


	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale	$	58,152	$	56,194	$	62,591	$	61,484
Fixed maturities, trading	18		18		19		19
Assets supporting experience-rated contractholder liabilities	509		501		522		514
Total	$	58,679	$	56,713	$	63,132	$	62,017


	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in millions)
Investments in Brazil government and government agency securities:
Fixed maturities, available-for-sale	$	3,056	$	2,887	$	3,028	$	2,992
Short-term investments	26		26		0		0
Cash equivalents	286		286		427		427
Total	$	3,368	$	3,199	$	3,455	$	3,419

Commercial Mortgage and Other Loans

The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:


	March 31, 2024				December 31, 2023
	Amount (in millions)		% of Total		Amount (in millions)		% of Total
Commercial mortgage and agricultural property loans by property type:
Office	$	8,265	14.1	%	$	8,402	14.2	%
Retail	5,332		9.1		5,384		9.1
Apartments/Multi-Family	16,123		27.4		16,555		28.0
Industrial	15,184		25.8		15,263		25.8
Hospitality	2,070		3.5		2,086		3.5
Other	4,272		7.3		4,069		6.9
Total commercial mortgage loans	51,246		87.2		51,759		87.5
Agricultural property loans	7,504		12.8		7,426		12.5
Total commercial mortgage and agricultural property loans	58,750		100.0	%	59,185		100.0	%
Allowance for credit losses	(513)				(459)
Total net commercial mortgage and agricultural property loans	58,237				58,726
Other loans:
Uncollateralized loans	394				425
Residential property loans	26				30
Other collateralized loans	125				125
Total other loans	545				580
Allowance for credit losses	(1)				(1)
Total net other loans	544				579
Total net commercial mortgage and other loans(1)	$	58,781			$	59,305

__________

(1)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of March 31, 2024 and December 31, 2023, the net carrying value of these loans was $157 million and $519 million, respectively.

As of March 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 (30%), Texas (7%) and New York (6%), and included loans secured by properties in Europe (6%), Mexico (2%), Asia (1%) and Australia (1%).

The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, for the periods indicated:


	Three Months Ended March 31, 2024
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Property Loans		Other Collateralized Loans		Uncollateralized Loans		Total
	(in millions)
Allowance, beginning of period	$	443	$	16	$	0	$	0	$	1	$	460
Addition to (release of) allowance for expected losses	47		5		0		0		0		52
Change in foreign exchange	2		0		0		0		0		2
Allowance, end of period	$	492	$	21	$	0	$	0	$	1	$	514


	Three Months Ended March 31, 2023
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Property Loans		Other Collateralized Loans		Uncollateralized Loans		Total
	(in millions)
Allowance, beginning of period	$	188	$	13	$	0	$	0	$	2	$	203
Addition to (release of) allowance for expected losses	17		2		0		0		0		19
Reduction for loans sold during the period	0		0		0		0		(1)		(1)
Allowance, end of period	$	205	$	15	$	0	$	0	$	1	$	221

For the three months ended March 31, 2024, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to an increase in loan-specific reserves within the office sector. For the three months ended March 31, 2023, the net addition to the allowance for credit losses on commercial mortgage and other loans was due to increases to reserves to reflect declining market conditions and an increase in loan-specific reserves.

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:


	March 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
	(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	57	$	1,476	$	906	$	2,195	$	1,426	$	18,767	$	0	$	24,827
60%-69.99%	1,201		2,690		1,449		2,568		1,094		6,261		0		15,263
70%-79.99%	114		959		1,027		1,250		421		3,165		0		6,936
80% or greater	3		134		320		186		313		3,264		0		4,220
Total	$	1,375	$	5,259	$	3,702	$	6,199	$	3,254	$	31,457	$	0	$	51,246
Debt Service Coverage Ratio:
Greater than 1.2x	$	1,222	$	4,777	$	3,187	$	6,066	$	3,162	$	27,975	$	0	$	46,389
1.0 - 1.2x	153		332		363		53		38		2,141		0		3,080
Less than 1.0x	0		150		152		80		54		1,341		0		1,777
Total	$	1,375	$	5,259	$	3,702	$	6,199	$	3,254	$	31,457	$	0	$	51,246
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	39	$	361	$	900	$	2,031	$	760	$	1,880	$	112	$	6,083
60%-69.99%	58		574		625		10		53		29		50		1,399
70%-79.99%	0		0		0		0		0		0		0		0
80% or greater	0		0		0		0		0		22		0		22
Total	$	97	$	935	$	1,525	$	2,041	$	813	$	1,931	$	162	$	7,504
Debt Service Coverage Ratio:
Greater than 1.2x	$	93	$	930	$	1,512	$	2,029	$	741	$	1,734	$	162	$	7,201
1.0 - 1.2x	4		0		5		4		56		146		0		215
Less than 1.0x	0		5		8		8		16		51		0		88
Total	$	97	$	935	$	1,525	$	2041	$	813	$	1,931	$	162	$	7,504


	December 31, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total
	(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	1,822	$	911	$	2,264	$	1,437	$	3,205	$	16,569	$	0	$	26,208
60%-69.99%	2,765		1,440		2,541		1,107		2,146		4,530		0		14,529
70%-79.99%	1,001		1,004		1,278		401		1,013		2,277		0		6,974
80% or greater	145		357		203		330		209		2,804		0		4,048
Total	$	5,733	$	3,712	$	6,286	$	3,275	$	6,573	$	26,180	$	0	$	51,759
Debt Service Coverage Ratio:
Greater than 1.2x	$	5,237	$	3,194	$	6,122	$	3,182	$	5,988	$	23,196	$	0	$	46,919
1.0 - 1.2x	346		366		82		38		265		1,713		0		2,810
Less than 1.0x	150		152		82		55		320		1,271		0		2,030
Total	$	5,733	$	3,712	$	6,286	$	3,275	$	6,573	$	26,180	$	0	$	51,759
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	360	$	880	$	2,027	$	774	$	455	$	1,481	$	74	$	6,051
60%-69.99%	586		668		25		50		20		4		0		1,353
70%-79.99%	7		0		0		0		0		0		0		7
80% or greater	0		0		0		0		15		0		0		15
Total	$	953	$	1,548	$	2,052	$	824	$	490	$	1,485	$	74	$	7,426
Debt Service Coverage Ratio:
Greater than 1.2x	$	948	$	1,535	$	2,040	$	750	$	489	$	1,290	$	74	$	7,126
1.0 - 1.2x	0		5		4		58		0		151		0		218
Less than 1.0x	5		8		8		16		1		44		0		82
Total	$	953	$	1,548	$	2,052	$	824	$	490	$	1,485	$	74	$	7,426

For additional information regarding the Company’s commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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.

During the three months ended March 31, 2024, a commercial mortgage loan with an amortized cost of $162 million was granted a term extension with a borrower experiencing financial difficulties. The modified loan represents less than 1 percent of the portfolio. This modification added less than one year to the weighted average life of loans in this portfolio.

For the three months ended March 31, 2024, the Company did not have any commercial mortgage loans that were modified to borrowers experiencing financial difficulty that are not considered current.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulty on modified loans as of March 31, 2024.

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:


	March 31, 2024
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)(2)		Total Past Due		Total Loans		Non-Accrual Status(3)
	(in millions)
Commercial mortgage loans	$	51,007	$	0	$	0	$	239	$	239	$	51,246	$	239
Agricultural property loans	7,379		78		0		47		125		7,504		62
Residential property loans	26		0		0		0		0		26		0
Other collateralized loans	125		0		0		0		0		125		0
Uncollateralized loans	394		0		0		0		0		394		25
Total	$	58,931	$	78	$	0	$	286	$	364	$	59,295	$	326

__________

(1)As of March 31, 2024, there were no loans in this category accruing interest.

(2)Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees.

(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.


	December 31, 2023
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)(2)		Total Past Due		Total Loans		Non-Accrual Status(3)
	(in millions)
Commercial mortgage loans	$	51,665	$	34	$	0	$	60	$	94	$	51,759	$	94
Agricultural property loans	7,392		15		15		4		34		7,426		38
Residential property loans	30		0		0		0		0		30		0
Other collateralized loans	125		0		0		0		0		125		0
Uncollateralized loans	425		0		0		0		0		425		25
Total	$	59,637	$	49	$	15	$	64	$	128	$	59,765	$	157

__________

(1)As of December 31, 2023, there were no loans in this category accruing interest.

(2)Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees.

Loans on non-accrual status recognized interest of less than $1 million for both the three months ended March 31, 2024 and 2023. Loans on non-accrual status that did not have a related allowance for credit losses were $122 million and $126 million as of March 31, 2024 and December 31, 2023, respectively.

The Company did not have any losses on commercial mortgage and other loans purchased with credit deterioration as of March 31, 2024 or December 31, 2023.

Other Invested Assets

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


	March 31, 2024		December 31, 2023
	(in millions)
LPs/LLCs:
Equity method:
Private equity	$	9,307	$	8,929
Hedge funds	3,215		3,164
Real estate-related	2,859		2,578
Subtotal equity method	15,381		14,671
Fair value:
Private equity	1,642		1,247
Hedge funds	2,081		2,078
Real estate-related	795		800
Subtotal fair value	4,518		4,125
Total LPs/LLCs	19,899		18,796
Real estate held through direct ownership(1)	1,773		1,794
Derivative instruments	1,377		1,100
Other(2)	1,178		1,165
Total other invested assets	$	24,227	$	22,855

_________

(1)As of March 31, 2024 and December 31, 2023, real estate held through direct ownership had mortgage debt of $153 million and $158 million, respectively.

(2)Primarily includes equity investments accounted for under the measurement alternative, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Accrued Investment Income

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


	March 31, 2024		December 31, 2023
	(in millions)
Fixed maturities	$	2,803	$	2,727
Equity securities	8		6
Commercial mortgage and other loans	216		224
Policy loans	237		259
Other invested assets	35		23
Short-term investments and cash equivalents	62		48
Total accrued investment income	$	3,361	$	3,287

Write-downs on accrued investment income were less than $1 million for both the three months ended March 31, 2024 and 2023.

Net Investment Income

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


	Three Months Ended March 31,
	2024		2023
	(in millions)
Fixed maturities, available-for-sale(1)	$	3,592	$	3,235
Fixed maturities, held-to-maturity(1)	0		50
Fixed maturities, trading	116		55
Assets supporting experience-rated contractholder liabilities	14		13
Equity securities	38		40
Commercial mortgage and other loans	611		543
Policy loans	122		124
Other invested assets	321		310
Short-term investments and cash equivalents	298		238
Gross investment income	5,112		4,608
Less: investment expenses	(348)		(288)
Net investment income	$	4,764	$	4,320

__________

(1)Includes income on credit-linked notes which are reported on the same financial statement line items as related surplus notes, as conditions are met for right to offset.

Realized Investment Gains (Losses), Net

The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:


	Three Months Ended March 31,
	2024		2023
	(in millions)
Fixed maturities(1)	$	18	$	(155)
Commercial mortgage and other loans	(51)		(12)
Investment real estate	2		32
LPs/LLCs	19		(16)
Derivatives	(233)		358
Other	(63)		10
Realized investment gains (losses), net	$	(308)	$	217

__________

(1)Excludes fixed maturity securities classified as trading.

Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:


	March 31, 2024		December 31, 2023
	(in millions)
Fixed maturity securities, available-for-sale with an allowance	$	(73)	$	(72)
Fixed maturity securities, available-for-sale without an allowance	(23,474)		(18,045)
Derivatives designated as cash flow hedges(1)	1,199		869
Derivatives designated as fair value hedges(1)	(51)		(60)
Other investments(2)	54		57
Net unrealized gains (losses) on investments	$	(22,345)	$	(17,251)

__________

(1)For additional information regarding cash flow and fair value hedges, see Note 5.

(2)Includes net unrealized gains 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. The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:


	March 31, 2024								December 31, 2023
	Remaining Contractual Maturities of the Agreements								Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 Days		30 to 90 Days		Total		Overnight & Continuous		Up to 30 Days		30 to 90 Days		Total
	(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	6,402	$	0	$	0	$	6,402	$	5,693	$	0	$	0	$	5,693
U.S. public corporate securities	0		161		0		161		0		118		0		118
Commercial mortgage-backed securities	0		0		0		0		245		0		0		245
Total securities sold under agreements to repurchase	$	6,402	$	161	$	0	$	6,563	$	5,938	$	118	$	0	$	6,056

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:


	March 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 millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	1	$	0	$	1	$	1	$	0	$	1
Obligations of U.S. states and their political subdivisions	43		0		43		67		0		67
Foreign government bonds	173		4		177		242		0		242
U.S. public corporate securities	5,185		334		5,519		4,399		420		4,819
Foreign public corporate securities	876		83		959		649		76		725
Equity securities	278		1		279		623		0		623
Total cash collateral for loaned securities(1)	$	6,556	$	422	$	6,978	$	5,981	$	496	$	6,477

__________

(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.