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INVESTMENTS (Tables)
9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-Sale Fixed Maturities by Classification
The following tables provide information relating to the Company’s fixed maturities classified as AFS:
AFS Fixed Maturities by Classification
 
Amortized CostAllowance for Credit Losses Gross Unrealized GainsGross Unrealized LossesFair Value
 
 (in millions)
September 30, 2023
Fixed Maturities:
Corporate (1)$50,800 $2 $58 $8,082 $42,774 
U.S. Treasury, government and agency
5,744   1,573 4,171 
States and political subdivisions615  2 102 515 
Foreign governments
821  1 161 661 
Residential mortgage-backed (2)1,791   136 1,655 
Asset-backed (3)10,477  15 212 10,280 
Commercial mortgage-backed4,051   680 3,371 
Redeemable preferred stock41  2  43 
Total at September 30, 2023$74,340 $2 $78 $10,946 $63,470 
December 31, 2022:
Fixed Maturities:
Corporate (1)
$50,712 $24 $89 $7,206 $43,571 
U.S. Treasury, government and agency
7,054 — 1,218 5,837 
States and political subdivisions
609 — 89 527 
Foreign governments
985 — 151 836 
Residential mortgage-backed (2)908 — 87 822 
Asset-backed (3)8,859 — 373 8,490 
Commercial mortgage-backed3,823 — — 588 3,235 
Redeemable preferred stock 41 — — 43 
Total at December 31, 2022$72,991 $24 $106 $9,712 $63,361 
______________
(1)Corporate fixed maturities include both public and private issues.
(2)Includes publicly traded agency pass-through securities and collateralized obligations.
(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.
Schedule of Contractual Maturities of Available-for-Sale Fixed Maturities The contractual maturities of AFS fixed maturities as of September 30, 2023 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or pre-payment penalties.
Contractual Maturities of AFS Fixed Maturities
 Amortized Cost (Less Allowance for Credit Losses)Fair Value
 (in millions)
September 30, 2023
Contractual maturities:
Due in one year or less$1,677 $1,658 
Due in years two through five14,540 13,675 
Due in years six through ten17,460 15,411 
Due after ten years24,301 17,377 
Subtotal57,978 48,121 
Residential mortgage-backed1,791 1,655 
Asset-backed10,477 10,280 
Commercial mortgage-backed4,051 3,371 
Redeemable preferred stock 41 43 
Total at September 30, 2023$74,338 $63,470 
Schedule of Proceeds and Gains (Losses) on Sales for Available-for-Sale Fixed Maturities
The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities:
Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities

 
Three Months Ended September 30,Nine Months Ended September 30,
 
2023202220232022
 
(in millions)
Proceeds from sales$2,524 $905 $5,579 $11,640 
Gross gains on sales$1 $— $8 $44 
Gross losses on sales$(348)$(62)$(417)$(653)
Net (increase) decrease in Allowance for Credit and Intent to Sell losses $(1)$(243)$(64)$(246)
Schedule of Debt Securities, Available-for-Sale, Allowance for Credit Loss
The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts:
AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments

Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in millions)
Balance, beginning of period$44 $32 $36 $44 
Previously recognized impairments on securities that matured, paid, prepaid or sold(1)(2)(58)(17)
Recognized impairments on securities impaired to fair value this period (1) (2) 246 52 246 
Credit losses recognized this period on securities for which credit losses were not previously recognized1 (1)10 — 
Additional credit losses this period on securities previously impaired 4 
Balance, end of period$44 $280 $44 $280 
______________
(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.(2)Amounts reflected for the nine months ended September 30, 2023 represent AFS fixed maturities in an unrealized loss position, which the Company sold in anticipation of Equitable Financial’s ordinary dividend to Holdings.
Schedule of Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities
The tables below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI:
Net Unrealized Gains (Losses) on AFS Fixed Maturities
Three Months Ended September 30, 2023
Net Unrealized Gains (Losses) on InvestmentsPolicyholders’ LiabilitiesDeferred Income Tax Asset (Liability)AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
(in millions)
Balance, beginning of period$(8,641)$36 $238 $(8,367)
Net investment gains (losses) arising during the period(2,575)  (2,575)
Reclassification adjustment:
Included in net income (loss)348   348 
Excluded from net income (loss)    
Other     
Impact of net unrealized investment gains (losses) 38 460 498 
Net unrealized investment gains (losses) excluding credit losses(10,868)74 698 (10,096)
Net unrealized investment gains (losses) with credit losses1   1 
Balance, end of period$(10,867)$74 $698 $(10,095)
Three Months Ended September 30, 2022
Net Unrealized Gains (Losses) on InvestmentsPolicyholders’ LiabilitiesDeferred Income Tax Asset (Liability)AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
(in millions)
Balance, beginning of period$(6,965)$25 $1,457 $(5,483)
Net investment gains (losses) arising during the period(4,045)— — (4,045)
Reclassification adjustment:
Included in net income (loss)311 — — 311 
Excluded from net income (loss)— — — — 
Other— — — — 
Impact of net unrealized investment gains (losses)— 16 781 797 
Net unrealized investment gains (losses) excluding credit losses(10,699)41 2,238 (8,420)
Net unrealized investment gains (losses) with credit losses— — 
Balance, end of period$(10,698)$41 $2,238 $(8,419)
Nine Months Ended September 30, 2023
Net Unrealized Gains (Losses) on InvestmentsPolicyholders’ LiabilitiesDeferred Income Tax Asset (Liability)AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
(in millions)
Balance, beginning of period$(9,606)$41 $440 $(9,125)
Net investment gains (losses) arising during the period(1,730)  (1,730)
Reclassification adjustment:
Included in net income (loss)474   474 
Other    
Impact of net unrealized investment gains (losses) 33 257 290 
Net unrealized investment gains (losses) excluding credit losses(10,862)74 697 (10,091)
Net unrealized investment gains (losses) with credit losses(5) 1 (4)
Balance, end of period$(10,867)$74 $698 $(10,095)
Nine Months Ended September 30, 2022
Net Unrealized Gains (Losses) on InvestmentsPolicyholders’ LiabilitiesDeferred Income Tax Asset (Liability)AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
(in millions)
Balance, beginning of period$4,809 $(169)$(974)$3,666 
Net investment gains (losses) arising during the period(16,359)— — (16,359)
Reclassification adjustment:
Included in net income (loss)859 — — 859 
Other— — — — 
Impact of net unrealized investment gains (losses)— 210 3,210 3,420 
Net unrealized investment gains (losses) excluding credit losses(10,691)41 2,236 (8,414)
Net unrealized investment gains (losses) with credit losses(7)— (5)
Balance, end of period$(10,698)$41 $2,238 $(8,419)
Schedule of Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities The following tables disclose the fair values and gross unrealized losses of the 5,517 issues as of September 30, 2023 and the 5,209 issues as of December 31, 2022 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:
AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded

Less Than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in millions)
September 30, 2023
Fixed Maturities:
Corporate$7,091 $349 $32,564 $7,733 $39,655 $8,082 
U.S. Treasury, government and agency175 7 3,994 1,566 4,169 1,573 
States and political subdivisions137 2 270 100 407 102 
Foreign governments46 2 556 159 602 161 
Residential mortgage-backed967 22 675 114 1,642 136 
Asset-backed2,067 18 6,244 194 8,311 212 
Commercial mortgage-backed300 8 2,956 672 3,256 680 
Total at September 30, 2023$10,783 $408 $47,259 $10,538 $58,042 $10,946 
December 31, 2022:
Fixed Maturities:
Corporate$24,580 $2,668 $16,534 $4,536 $41,114 $7,204 
U.S. Treasury, government and agency5,564 1,200 204 18 5,768 1,218 
States and political subdivisions130 25 173 64 303 89 
Foreign governments349 42 417 109 766 151 
Residential mortgage-backed671 49 83 38 754 87 
Asset-backed6,298 230 1,765 143 8,063 373 
Commercial mortgage-backed1,577 201 1,640 387 3,217 588 
Total at December 31, 2022$39,169 $4,415 $20,816 $5,295 $59,985 $9,710 
Schedule of Financing Receivable, Allowance for Credit Loss
The change in the allowance for credit losses for commercial, agricultural and residential mortgage loans were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period$140 $58 $123 $57 
Current-period provision for expected credit losses63 19 80 20 
Write-offs charged against the allowance —  — 
Recoveries of amounts previously written off —  — 
Net change in allowance63 19 80 20 
Balance, end of period$203 $77 $203 $77 
Agricultural mortgages:
Balance, beginning of period$5 $$6 $
Current-period provision for expected credit losses1 —  
Write-offs charged against the allowance —  — 
Recoveries of amounts previously written off —  — 
Net change in allowance1 —  
Balance, end of period$6 $$6 $
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in millions)
Residential mortgages:
Balance, beginning of period$ $— $ $— 
Current-period provision for expected credit losses —  — 
Write-offs charged against the allowance —  — 
Recoveries of amounts previously written off —  — 
Net change in allowance —  — 
Balance, end of period$ $— $ $— 
Total allowance for credit losses$209 $83 $209 $83 
Schedule of Financing Receivable Credit Quality Indicators
The Company’s commercial and agricultural mortgage loans segregated by risk rating exposure were as follows:
Loan to Value (“LTV”) Ratios (1) (3)
September 30, 2023
Amortized Cost Basis by Origination Year
20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%$250 $484 $130 $35 $ $1,620 $ $ $2,519 
50% - 70%688 2,313 815 869 257 2,618 419 96 8,075 
70% - 90%247 488 1,139 463 289 1,198 6 36 3,866 
90% plus  34  92 696   822 
Total commercial$1,185 $3,285 $2,118 $1,367 $638 $6,132 $425 $132 $15,282 
Agricultural:
0% - 50%$86 $163 $186 $235 $134 $811 $ $ $1,615 
50% - 70%46 146 162 204 58 303   919 
70% - 90%     16   16 
90% plus         
Total agricultural$132 $309 $348 $439 $192 $1,130 $ $ $2,550 
September 30, 2023
Amortized Cost Basis by Origination Year
20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Total commercial and agricultural mortgage loans:
0% - 50%$336 $647 $316 $270 $134 $2,431 $ $ $4,134 
50% - 70%734 2,459 977 1,073 315 2,921 419 96 8,994 
70% - 90%247 488 1,139 463 289 1,214 6 36 3,882 
90% plus  34  92 696   822 
Total commercial and agricultural mortgage loans
$1,317 $3,594 $2,466 $1,806 $830 $7,262 $425 $132 $17,832 


Debt Service Coverage (“DSC”) Ratios (2) (3)
September 30, 2023
Amortized Cost Basis by Origination Year
20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x$175 $695 $1,126 $1,140 $157 $3,127 $ $ $6,420 
1.8x to 2.0x  181 167 172 737 256 96 1,609 
1.5x to 1.8x81 799 234  236 984 92  2,426 
1.2x to 1.5x522 762 455  30 761 6  2,536 
1.0x to 1.2x400 674 43  43 416 71 36 1,683 
Less than 1.0x7 355 79 60  107   608 
Total commercial$1,185 $3,285 $2,118 $1,367 $638 $6,132 $425 $132 $15,282 
Agricultural:
Greater than 2.0x$7 $51 $39 $60 $20 $184 $ $ $361 
1.8x to 2.0x16 16 56 32 23 62   205 
1.5x to 1.8x9 50 31 109 18 199   416 
1.2x to 1.5x38 111 155 173 99 374   950 
1.0x to 1.2x33 57 63 57 26 287   523 
Less than 1.0x29 24 4 8 6 24   95 
Total agricultural$132 $309 $348 $439 $192 $1,130 $ $ $2,550 
September 30, 2023
Amortized Cost Basis by Origination Year
20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Total commercial and agricultural mortgage loans:
Greater than 2.0x$182 $746 $1,165 $1,200 $177 $3,311 $ $ $6,781 
1.8x to 2.0x16 16 237 199 195 799 256 96 1,814 
1.5x to 1.8x90 849 265 109 254 1,183 92  2,842 
1.2x to 1.5x560 873 610 173 129 1,135 6  3,486 
1.0x to 1.2x433 731 106 57 69 703 71 36 2,206 
Less than 1.0x36 379 83 68 6 131   703 
Total commercial and agricultural mortgage loans
$1,317 $3,594 $2,466 $1,806 $830 $7,262 $425 $132 $17,832 
______________
(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.
(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.
(3)Residential mortgage loans are excluded from the above tables.
LTV Ratios (1) (3)
December 31, 2022
Amortized Cost Basis by Origination Year
20222021202020192018PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%$624 $130 $— $— $119 $1,259 $— $— $2,132 
50% - 70%2,285 1,569 906 313 623 2,254 328 — 8,278 
70% - 90%363 415 463 329 424 1,314 — 34 3,342 
90% plus— — — — 35 233 — — 268 
Total commercial$3,272 $2,114 $1,369 $642 $1,201 $5,060 $328 $34 $14,020 
Agricultural:
0% - 50%$163 $182 $228 $129 $132 $725 $— $— $1,559 
50% - 70%190 185 222 68 83 267 — — 1,015 
70% - 90%— — — — — 16 — — 16 
90% plus— — — — — — — — — 
Total agricultural$353 $367 $450 $197 $215 $1,008 $— $— $2,590 
December 31, 2022
Amortized Cost Basis by Origination Year
20222021202020192018PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Total commercial and agricultural mortgage loans:
0% - 50%$787 $312 $228 $129 $251 $1,984 $— $— $3,691 
50% - 70%2,475 1,754 1,128 381 706 2,521 328 — 9,293 
70% - 90%363 415 463 329 424 1,330 — 34 3,358 
90% plus— — — — 35 233 — — 268 
Total commercial and agricultural mortgage loans
$3,625 $2,481 $1,819 $839 $1,416 $6,068 $328 $34 $16,610 

DSC Ratios (2) (3)
December 31, 2022
Amortized Cost Basis by Origination Year
20222021202020192018PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x$771 $1,159 $1,113 $102 $571 $1,923 $— $— $5,639 
1.8x to 2.0x158 215 164 197 186 482 279 — 1,681 
1.5x to 1.8x337 390 32 153 176 1,175 — 2,267 
1.2x to 1.5x1,041 259 — 92 73 917 — — 2,382 
1.0x to 1.2x507 43 60 98 160 492 45 34 1,439 
Less than 1.0x458 48 — — 35 71 — — 612 
Total commercial$3,272 $2,114 $1,369 $642 $1,201 $5,060 $328 $34 $14,020 
December 31, 2022
Amortized Cost Basis by Origination Year
20222021202020192018PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Agricultural:
Greater than 2.0x$51 $40 $62 $21 $12 $193 $— $— $379 
1.8x to 2.0x16 58 35 24 14 51 — — 198 
1.5x to 1.8x69 42 111 18 19 196 — — 455 
1.2x to 1.5x107 147 177 98 99 298 — — 926 
1.0x to 1.2x91 80 61 30 60 257 — — 579 
Less than 1.0x19 — 11 13 — — 53 
Total agricultural$353 $367 $450 $197 $215 $1,008 $— $— $2,590 
Total commercial and agricultural mortgage loans:
Greater than 2.0x$822 $1,199 $1,175 $123 $583 $2,116 $— $— $6,018 
1.8x to 2.0x174 273 199 221 200 533 279 — 1,879 
1.5x to 1.8x406 432 143 171 195 1,371 — 2,722 
1.2x to 1.5x1,148 406 177 190 172 1,215 — — 3,308 
1.0x to 1.2x598 123 121 128 220 749 45 34 2,018 
Less than 1.0x477 48 46 84 — — 665 
Total commercial and agricultural mortgage loans
$3,625 $2,481 $1,819 $839 $1,416 $6,068 $328 $34 $16,610 
______________
(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.
(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.
(3)Residential mortgage loans are excluded from the above tables.
The amortized cost of residential mortgage loans by credit quality indicator and origination year was as follows:
September 30, 2023
Amortized Cost Basis by Origination Year
20232022202120202019PriorTotal
(in millions)
Performance indicators:
Performing
$21 $11 $ $ $ $ $32 
Nonperforming
       
Total
$21 $11 $ $ $ $ $32 
Schedule of Age Analysis Of Past Due Mortgage Loans
The aging analysis of past-due mortgage loans were as follows:
Age Analysis of Past Due Mortgage Loans (1)
Accruing LoansNon-accruing LoansTotal LoansNon-accruing Loans with No AllowanceInterest Income on Non-accruing Loans
Past DueCurrentTotal
30-59 Days60-89 Days90 Days or MoreTotal
(in millions)
September 30, 2023:
Mortgage loans:
Commercial$ $ $ $ $15,248 $15,248 $34 $15,282 $ $1 
Agricultural18 4 42 64 2,467 2,531 19 2,550 3  
Residential
    32 32  32   
Total$18 $4 $42 $64 $17,747 $17,811 $53 $17,864 $3 $1 
December 31, 2022:
Mortgage loans:
Commercial$56 $— $— $56 $13,964 $14,020 $— $14,020 $— $— 
Agricultural13 21 2,553 2,574 16 2,590 — — 
Residential
— — — — — — — — — — 
Total$59 $$13 $77 $16,517 $16,594 $16 $16,610 $— $— 
_______________
(1)Amounts presented at amortized cost basis.
Schedule of Unrealized and Realized Gains (Losses) from Equity Securities and Net Investment Income (Loss) from Trading Securities and Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option
The breakdown of unrealized and realized gains and (losses) on equity securities was as follows:
Unrealized and Realized Gains (Losses) from Equity Securities
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$(5)$(33)$(3)$(143)
Net investment gains (losses) recognized on securities sold during the period(6)— (9)(11)
Unrealized and realized gains (losses) on equity securities $(11)$(33)$(12)$(154)
The breakdown of net investment income (loss) from trading securities was as follows:
Net Investment Income (Loss) from Trading Securities
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$(26)$(44)$20 $(246)
Net investment gains (losses) recognized on securities sold during the period(1)— (3)
Unrealized and realized gains (losses) on trading securities(27)(44)17 (240)
Interest and dividend income from trading securities8 20 20 
Net investment income (loss) from trading securities$(19)$(42)$37 $(220)
The breakdown of net investment income (loss) from fixed maturities, at fair value using the fair value option were as follows:
Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$4 $(7)$23 $(20)
Net investment gains (losses) recognized on securities sold during the period(5)(1)(19)
Unrealized and realized gains (losses) from fixed maturities(1)(8)4 (15)
Interest and dividend income from fixed maturities3 7 — 
Net investment income (loss) from fixed maturities$2 $(7)$11 $(15)
Schedule of Net Investment Income
The following tables provides the components of net investment income by investment type:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in millions)
Fixed maturities$788 $700 $2,254 $1,939 
Mortgage loans on real estate224 148 599 424 
Other equity investments33 13 63 129 
Policy loans55 49 158 160 
Trading securities(19)(42)37 (220)
Other investment income18 14 59 17 
Fixed maturities, at fair value using the fair value option2 (7)11 (15)
Gross investment income (loss)1,101 875 3,181 2,434 
Investment expenses(30)(33)(84)(77)
Net investment income (loss)$1,071 $842 $3,097 $2,357 
Schedule of Investment Gains (Losses), Net
Investment gains (losses), net, including changes in the valuation allowances and credit losses were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in millions)
Fixed maturities$(348)$(311)$(475)$(859)
Mortgage loans on real estate(63)(19)(80)(21)
Other equity investments (1) —  — 
Other (2)1 (10)
Investment gains (losses), net$(411)$(332)$(554)$(890)
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(1)    Investment gains (losses), net of Other equity investments includes Real Estate Held for production.