
	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	458	$	—	$	40	$	—	$	—	$	418
U.S. Government agencies and authorities	54		1		2		—		—		53
State, municipalities and political subdivisions	881		—		155		—		—		726
U.S. corporate public securities	8,554		57		1,436		—		—		7,175
U.S. corporate private securities	5,114		10		521		—		—		4,603
Foreign corporate public securities and foreign governments(1)	2,974		10		431		—		6		2,547
Foreign corporate private securities(1)	3,111		10		241		—		1		2,879
Residential mortgage-backed securities	3,710		28		340		(1)		—		3,397
Commercial mortgage-backed securities	4,226		2		739		—		10		3,479
Other asset-backed securities	2,439		11		105		—		2		2,343
Total fixed maturities, including securities pledged	31,521		129		4,010		(1)		19		27,620
Less: Securities pledged	1,157		—		155		—		—		1,002
Total fixed maturities	$	30,364	$	129	$	3,855	$	(1)	$	19	$	26,618

(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.


	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	590	$	12	$	21	$	—	$	—	$	581
U.S. Government agencies and authorities	58		3		2		—		—		59
State, municipalities and political subdivisions	978		1		134		—		—		845
U.S. corporate public securities	9,343		97		1,239		—		—		8,201
U.S. corporate private securities	5,087		14		409		—		—		4,692
Foreign corporate public securities and foreign governments(1)	3,343		18		403		—		9		2,949
Foreign corporate private securities(1)	3,254		7		225		—		2		3,034
Residential mortgage-backed securities	4,230		34		290		3		—		3,977
Commercial mortgage-backed securities	4,466		2		585		—		—		3,883
Other asset-backed securities	2,307		3		173		—		1		2,136
Total fixed maturities, including securities pledged	33,656		191		3,481		3		12		30,357
Less: Securities pledged	1,303		3		144		—		—		1,162
Total fixed maturities	$	32,353	$	188	$	3,337	$	3	$	12	$	29,195

The amortized cost and fair value of fixed maturities, including securities pledged, as of September 30, 2023, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.


	Amortized Cost		Fair Value
Due to mature:
One year or less	$	831	$	812
After one year through five years	3,890		3,663
After five years through ten years	4,091		3,738
After ten years	12,334		10,188
Mortgage-backed securities	7,936		6,876
Other asset-backed securities	2,439		2,343
Fixed maturities, including securities pledged	$	31,521	$	27,620

As of September 30, 2023 and December 31, 2022, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company’s Total shareholders' equity.

The Company engages in securities lending whereby the initial collateral is required at a rate of at least 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in high quality liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss.

In the normal course of business, the Company receives cash collateral and non-cash collateral in the form of securities. If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. Securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected on the Company’s Condensed Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools.


	September 30, 2023		December 31, 2022
Securities pledged/obligations under repurchase agreements(1)	$	112	$	113
Securities loaned to lending agent(2)	682		907
Securities pledged as collateral(2)(3)	208		142
Total	$	1,002	$	1,162

(1) Comprised of other asset-backed securities and included in Securities pledged and Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets.

The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:


	September 30, 2023		December 31, 2022
U.S. Treasuries	$	19	$	53

U.S. corporate public securities	494		604

Short-term investments	1		—

Foreign corporate public securities and foreign governments	193		285
Total(1)	$	707	$	942

(1) As of September 30, 2023 and December 31, 2022, liabilities to return cash collateral were $560 and $807, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets.

The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program.


	Nine Months Ended September 30, 2023
	U.S. corporate public securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	—	$	—	$	9	$	2	$	1	$	12
Credit losses on securities for which credit losses were not previously recorded	—		10		—		—		1		11

Reductions for securities sold during the period	—		—		(2)		—		—		(2)


Increase (decrease) on securities with allowance recorded in previous period	—		—		(1)		(1)		—		(2)


Balance as of September 30	$	—	$	10	$	6	$	1	$	2	$	19


	Year Ended December 31, 2022
	Residential mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	1	$	—	$	56	$	1	$	58
Credit losses on securities for which credit losses were not previously recorded	—		9		—		—		9

Reductions for securities sold during the period	—		—		(57)		—		(57)


Increase (decrease) on securities with allowance recorded in previous period	(1)		—		3		—		2


Balance as of December 31	$	—	$	9	$	2	$	1	$	12

For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K.

The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:


	As of September 30, 2023
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost	Total
	Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	276	$	11		$	99	$	29	$	375	$	40
U.S. Government agencies and authorities	13		1			3		1		16		2
State, municipalities and political subdivisions	28		1			682		154		710		155
U.S. corporate public securities	1,375		97			4,761		1,339		6,136		1,436
U.S. corporate private securities	967		39			3,249		482		4,216		521
Foreign corporate public securities and foreign governments	565		25			1,670		406		2,235		431
Foreign corporate private securities	437		18			2,101		223		2,538		241
Residential mortgage-backed	349		17			1,307		323		1,656		340
Commercial mortgage-backed	84		4			3,234		735		3,318		739
Other asset-backed	110		5			1,618		100		1,728		105
Total	$	4,204	$	218		$	18,724	$	3,792	$	22,928	$	4,010


	As of December 31, 2022
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost	Total
	Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	197	$	19		$	9	$	2	$	206	$	21
U.S. Government agencies and authorities	21		2			—		—		21		2
State, municipalities and political subdivisions	751		121			30		13		781		134
U.S. corporate public securities	5,479		792			1,137		447		6,616		1,239
U.S. corporate private securities	3,569		322			458		87		4,027		409
Foreign corporate public securities and foreign governments	2,050		260			391		143		2,441		403
Foreign corporate private securities	2,728		211			65		14		2,793		225
Residential mortgage-backed	1,538		128			562		162		2,100		290
Commercial mortgage-backed	2,628		390			1,133		195		3,761		585
Other asset-backed	1,430		104			578		69		2,008		173
Total	$	20,391	$	2,349		$	4,363	$	1,132	$	24,754	$	3,481

As of September 30, 2023 and December 31, 2022, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities, in accordance with its impairment policy in order to evaluate whether such investments are impaired.

For the three and nine months ended September 30, 2023, intent impairments included in the Condensed Consolidated Statements of Operations, but excluding impairments included in Other comprehensive income (loss), were $18 and $25, respectively. For the three and nine months ended September 30, 2022, intent impairments were $12 and $21, respectively.

The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses.

Upon the adoption of ASU 2022-02 as of January 1, 2023, the Company no longer identifies certain debt modifications as troubled debt restructuring, but instead evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the three and nine months ended September 30, 2023, the Company had no material debt modifications that require such disclosure.

The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. These ratios are utilized as part of the review process described above.

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of September 30, 2023 and December 31, 2022, respectively.


	As of September 30, 2023
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2023	$	89	$	255	$	—	$	—	$	—	$	344
2022	243		342		65		—		—		650
2021	247		224		230		—		—		701
2020	161		145		—		10		16		332
2019	234		74		29		—		—		337
Prior	2,603		359		6		—		41		3,009
Total	$	3,577	$	1,399	$	330	$	10	$	57	$	5,373


	As of December 31, 2022
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2022	$	250	$	320	$	65	$	—	$	—	$	635
2021	240		272		255		10		—		777
2020	119		209		25		10		—		363
2019	227		94		29		—		—		350
2018	163		41		2		—		—		206
Prior	2,606		482		26		—		—		3,114
Total	$	3,605	$	1,418	$	402	$	20	$	—	$	5,445

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of September 30, 2023 and December 31, 2022, respectively.


	As of September 30, 2023
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2023	$	168	$	109	$	67	$	—	$	344
2022	229		56		203		162		650
2021	262		14		77		348		701
2020	225		25		5		77		332
2019	204		26		86		21		337
Prior	2,243		315		261		190		3,009
Total	$	3,331	$	545	$	699	$	798	$	5,373
*No commercial mortgage loans were secured by land or construction loans


	As of December 31, 2022
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2022	$	331	$	100	$	181	$	23	$	635
2021	273		33		269		202		777
2020	259		11		11		82		363
2019	222		54		67		7		350
2018	128		27		51		—		206
Prior	2,172		454		226		262		3,114
Total	$	3,385	$	679	$	805	$	576	$	5,445

The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of September 30, 2023 and December 31, 2022, respectively.


	As of September 30, 2023
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2023	$	70	$	55	$	7	$	99	$	39	$	42	$	3	$	26	$	3	$	344
2022	140		131		48		99		113		93		5		1		20		650
2021	99		63		126		148		111		94		10		49		1		701
2020	73		156		17		10		12		40		—		7		17		332
2019	53		101		10		75		46		4		14		13		21		337
Prior	778		620		777		202		217		202		47		146		20		3,009
Total	$	1,213	$	1,126	$	985	$	633	$	538	$	475	$	79	$	242	$	82	$	5,373


	As of December 31, 2022
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2022	$	140	$	129	$	48	$	98	$	114	$	82	$	4	$	1	$	19	$	635
2021	99		72		134		143		112		138		9		48		22		777
2020	74		170		18		16		12		39		—		7		27		363
2019	58		106		10		77		46		5		14		13		21		350
2018	50		62		55		10		14		10		—		5		—		206
Prior	777		623		759		248		227		257		49		149		25		3,114
Total	$	1,198	$	1,162	$	1,024	$	592	$	525	$	531	$	76	$	223	$	114	$	5,445

The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of September 30, 2023 and December 31, 2022, respectively.


	As of September 30, 2023
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2023	$	110	$	157	$	26	$	19	$	32	$	—	$	—	$	344
2022	79		264		253		34		10		10		—		650
2021	36		151		363		124		—		18		9		701
2020	57		59		73		143		—		—		—		332
2019	46		83		161		36		11		—		—		337
Prior	800		768		668		491		67		165		50		3,009
Total	$	1,128	$	1,482	$	1,544	$	847	$	120	$	193	$	59	$	5,373


	As of December 31, 2022
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2022	$	79	$	255	$	247	$	34	$	10	$	10	$	—	$	635
2021	37		168		420		125		—		18		9		777
2020	58		61		93		151		—		—		—		363
2019	46		85		165		40		14		—		—		350
2018	37		84		56		12		—		17		—		206
Prior	888		757		679		513		69		156		52		3,114
Total	$	1,145	$	1,410	$	1,660	$	875	$	93	$	201	$	61	$	5,445


	September 30, 2023		December 31, 2022
Allowance for credit losses, beginning of period	$	18	$	15
Credit losses on mortgage loans for which credit losses were not previously recorded	2		3

Increase (decrease) on mortgage loans with an allowance recorded in a previous period	9		—
Provision for expected credit losses	29		18
Write-offs	—		—
Recoveries of amounts previously written-off	—		—
Allowance for credit losses, end of period	$	29	$	18

Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. As of September 30, 2023, the Company had $38 of matured loans not paid off or extended, with an LTV ratio of 100%. As of December 31, 2022, the Company had no commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the nine months ended September 30, 2023 was immaterial. There was no interest income recognized on loans in non-accrual status for the year ended December 31, 2022.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed maturities	$	438	$	483	$	1,336	$	1,457
Equity securities	3		(3)		17		6
Mortgage loans on real estate	64		58		187		177
Policy loans	5		5		16		16
Short-term investments and cash equivalents	10		3		28		6
Limited partnerships and other	44		(10)		106		115
Gross investment income	564		536		1,690		1,777
Less: Investment expenses	17		14		53		44
Net investment income	$	547	$	522	$	1,637	$	1,733

As of September 30, 2023 and December 31, 2022, the Company had $18 and $11, respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed maturities, available-for-sale, including securities pledged	$	(24)	$	8	$	(41)	$	(71)
Fixed maturities, at fair value option	(135)		(294)		(243)		(844)

Equity securities, at fair value	(3)		(7)		(6)		(39)
Derivatives	134		174		199		300
Embedded derivatives - fixed maturities	(3)		(2)		(4)		(8)
Other derivatives	—		2		—		—
Standalone derivatives	1		(3)		1		(2)
Managed custody guarantees	(15)		(6)		(12)		(8)
Stabilizer	(9)		—		(9)		19
Mortgage loans	(1)		(1)		(11)		4
Other investments	48		4		47		10
Net gains (losses)	$	(7)	$	(125)	$	(79)	$	(639)

The Company recorded a gain of $45 in relation to its revaluation of the existing investment in Voya India which was recorded in Net gains (losses) in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023.