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Investments (excluding Consolidated Investment Entities) (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Available-for-sale and fair value option ("FVO") fixed maturities

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of December 31, 2023:


	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	417	$	7	$	21	$	—	$	—	$	403
U.S. Government agencies and authorities	54		3		1		—		—		56
State, municipalities and political subdivisions	871		1		101		—		—		771
U.S. corporate public securities	8,402		168		904		—		—		7,666
U.S. corporate private securities	5,040		44		324		—		—		4,760
Foreign corporate public securities and foreign governments(1)	2,928		47		270		—		3		2,702
Foreign corporate private securities(1)	2,916		27		129		—		2		2,812
Residential mortgage-backed securities	3,695		36		257		2		—		3,476
Commercial mortgage-backed securities	4,147		1		644		—		9		3,495
Other asset-backed securities	2,528		16		71		—		3		2,470
Total fixed maturities, including securities pledged	30,998		350		2,722		2		17		28,611
Less: Securities pledged	1,232		—		72		—		—		1,160
Total fixed maturities	$	29,766	$	350	$	2,650	$	2	$	17	$	27,451

(1) Primarily U.S. dollar denominated.

(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 Consolidated Statements of Operations.

Available-for-sale and FVO fixed maturities were as follows as of December 31, 2022:


	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

(1) Primarily U.S. dollar denominated.

Investments Classified by Contractual Maturity Date

The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 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	$	767	$	754
After one year through five years	3,952		3,820
After five years through ten years	3,920		3,805
After ten years	11,989		10,791
Mortgage-backed securities	7,842		6,971
Other asset-backed securities	2,528		2,470
Fixed maturities, including securities pledged	$	30,998	$	28,611

Schedule of Securities Financing Transactions

The following table presents Securities pledged as of the dates indicated:


	December 31, 2023		December 31, 2022
Securities pledged/obligations under repurchase agreements(1)	$	117	$	113
Securities loaned to lending agent(2)	842		907
Securities pledged as collateral(2)(3)	201		142
Total	$	1,160	$	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 Consolidated Balance Sheets.

(2) Included in Securities pledged on the Consolidated Balance Sheets.

(3) See Collateral within the Derivatives Note to these Consolidated Financial Statements for more information.

Schedule of Securities Borrowed Under Securities Lending Transactions

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


	December 31, 2023		December 31, 2022
U.S. Treasuries	$	14	$	53

U.S. corporate public securities	568		604

Short-term investments	55		—
Foreign corporate public securities and foreign governments	238		285
Total(1)	$	875	$	942

(1) As of December 31, 2023 and 2022, liabilities to return cash collateral were $660 and $807, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Consolidated Balance Sheets.

Allowance for Credit Loss on Available-for-sale Fixed Maturity Securities


Allowance for credit losses

The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:
	Year Ended December 31, 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	—		9		—		—		2		11

Reductions for securities sold during the period	—		—		(5)		—		—		(5)


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


Balance as of December 31	$	—	$	9	$	3	$	2	$	3	$	17


	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

Schedule of Unrealized Loss on Investments

The following table presents 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 December 31, 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	$	99	$	3			$	109	$	18	$	208	$	21
U.S. Government agencies and authorities	—		—				3		1		3		1
State, municipalities and political subdivisions	20		—				731		101		751		101
U.S. corporate public securities	321		17				5,101		887		5,422		904
U.S. corporate private securities	176		7				3,365		317		3,541		324
Foreign corporate public securities and foreign governments	82		2				1,749		268		1,831		270
Foreign corporate private securities	189		5				2,101		124		2,290		129
Residential mortgage-backed	114		3				1,354		254		1,468		257
Commercial mortgage-backed	84		2				3,269		642		3,353		644
Other asset-backed	136		3				1,156		68		1,292		71
Total	$	1,221	$	42			$	18,938	$	2,680	$	20,159	$	2,722


	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

Mortgage Loans by Loan to Value Ratio

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 December 31, 2023 and 2022, respectively.


	As of December 31, 2023
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2023	$	150	$	222	$	—	$	—	$	—	$	372
2022	252		326		73		—		—		651
2021	244		214		209		—		—		667
2020	168		112		—		10		16		306
2019	238		68		28		—		—		334
Prior	2,586		280		4		—		18		2,888

Total	$	3,638	$	1,222	$	314	$	10	$	34	$	5,218

	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

Mortgage Loans by Debt Service Coverage Ratio

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 December 31, 2023 and 2022, respectively.


	As of December 31, 2023
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2023	$	189	$	116	$	67	$	—	$	372
2022	204		68		192		187		651
2021	260		14		64		329		667
2020	211		24		21		50		306
2019	203		26		84		21		334
Prior	2,216		264		255		153		2,888

Total	$	3,283	$	512	$	683	$	740	$	5,218
*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
*No commercial mortgage loans were secured by land or construction loans

Mortgage Loans by Geographic Location of Collateral

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 December 31, 2023 and 2022, respectively.


	As of December 31, 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	$	69	$	77	$	12	$	101	$	39	$	42	$	3	$	26	$	3	$	372
2022	140		132		47		100		113		93		5		1		20		651
2021	96		63		124		148		111		75		9		40		1		667
2020	63		155		17		10		12		26		—		7		16		306
2019	53		100		10		74		45		4		14		13		21		334
Prior	734		605		765		189		214		171		47		144		19		2,888

Total	$	1,155	$	1,132	$	975	$	622	$	534	$	411	$	78	$	231	$	80	$	5,218

	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

Mortgage Loans by Property Type of Collateral

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 December 31, 2023 and 2022, respectively.


	As of December 31, 2023
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2023	$	125	$	164	$	33	$	18	$	32	$	—	$	—	$	372
2022	79		263		255		34		10		10		—		651
2021	36		145		335		123		—		18		10		667
2020	57		49		72		128		—		—		—		306
2019	45		82		160		36		11		—		—		334
Prior	780		755		618		463		60		163		49		2,888


Total	$	1,122	$	1,458	$	1,473	$	802	$	113	$	191	$	59	$	5,218







	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

Allowance for Credit Losses for Commercial Mortgage Loans

The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated:


	December 31, 2023		December 31, 2022
Allowance for credit losses, balance at January 1	$	18	$	15
Credit losses on mortgage loans for which credit losses were not previously recorded	2		3


Increase (decrease) on mortgage loans with allowance recorded in previous period	9		—
Provision for expected credit losses	29		18
Write-offs	(3)		—

Allowance for credit losses, end of period	$	26	$	18

Financing Receivable, Past Due

The following table presents past due commercial mortgage loans as of the dates indicated:


	December 31, 2023		December 31, 2022
Delinquency:
Current	$	5,202	$	5,445
30-59 days past due	—		—
60-89 days past due	—		—
Greater than 90 days past due	16		—
Total	$	5,218	$	5,445

Net Investment Income

The following table summarizes Net investment income by investment type for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Fixed maturities	$	1,766	$	1,940	$	1,996
Equity securities	21		12		20
Mortgage loans on real estate	249		237		247
Policy loans	20		21		23
Short-term investments and cash equivalents	39		13		8
Limited partnerships and other	135		118		548
Gross investment income	2,230		2,341		2,842
Less: Investment expenses	71		60		68
Net investment income	$	2,159	$	2,281	$	2,774

Realized Gain (Loss) on Investments

Net gains (losses) were as follows for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Fixed maturities, available-for-sale, including securities pledged	$	(31)	$	(30)	$	1,791
Fixed maturities, at fair value option	(100)		(920)		(717)
Equity securities, at fair value	3		(39)		9
Derivatives	29		305		19
Embedded derivatives - fixed maturities	(1)		(9)		(8)
Other derivatives	—		—		1
Standalone derivatives	—		(12)		2
Managed custody guarantees	(2)		(5)		3
Stabilizer	(1)		19		30
Mortgage loans	(12)		—		182
Other investments	43		5		103
Net gains (losses)	$	(72)	$	(686)	$	1,415

Gain (Loss) on Securities

Proceeds from the sale of fixed maturities, available-for-sale, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Proceeds on sales	$	5,393	$	5,448	$	12,198
Gross gains	69		100		1,769
Gross losses	78		109		9