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Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Investments [Abstract]  
Investments by category and current or long-term classification
The following table summarizes the Company's investments by category and current or long-term classification:
September 30, 2023December 31, 2022
(In millions)CurrentLong-termTotalCurrentLong-termTotal
Debt securities$612 $8,927 $9,539 $654 $9,218 $9,872 
Equity securities31 3,345 3,376 45 577 622 
Commercial mortgage loans215 1,402 1,617 67 1,547 1,614 
Policy loans— 1,224 1,224 — 1,218 1,218 
Other long-term investments— 4,076 4,076 — 3,728 3,728 
Short-term investments188 — 188 139 — 139 
Total$1,046 $18,974 $20,020 $905 $16,288 $17,193 
Debt Securities by Contractual Maturity
The amortized cost and fair value by contractual maturity periods for debt securities were as follows as of September 30, 2023:
(In millions)Amortized
Cost		Fair
Value
Due in one year or less$657 $631 
Due after one year through five years3,983 3,710 
Due after five years through ten years3,306 2,914 
Due after ten years2,294 1,938 
Mortgage and other asset-backed securities394 346 
Total$10,634 $9,539 
Gross Unrealized Appreciation (Depreciation) on Debt Securities
Gross unrealized appreciation (depreciation) on debt securities by type of issuer is shown below:
(In millions)Amortized
Cost		Allowance for Credit LossUnrealized
Appreciation		Unrealized
Depreciation		Fair
Value
September 30, 2023
Federal government and agency$278 $— $19 $(14)$283 
State and local government41 — — (3)38 
Foreign government373 — 4 (21)356 
Corporate9,548 (45)50 (1,037)8,516 
Mortgage and other asset-backed394 — — (48)346 
Total$10,634 $(45)$73 $(1,123)$9,539 
December 31, 2022
Federal government and agency$292 $— $32 $(12)$312 
State and local government43 — — (2)41 
Foreign government375 — 11 (21)365 
Corporate9,742 (44)89 (981)8,806 
Mortgage and other asset-backed390 — 1 (43)348 
Total$10,842 $(44)$133 $(1,059)$9,872 
Summary of Debt Securities with a Decline in Fair Value
The table below summarizes debt securities with a decline in fair value from amortized cost for which an allowance for credit losses has not been recorded, by investment grade and the length of time these securities have been in an unrealized loss position. Unrealized depreciation on these debt securities is primarily due to declines in fair value resulting from increasing interest rates since these securities were purchased.
September 30, 2023December 31, 2022
(Dollars in millions)Fair
Value		Amortized
Cost		Unrealized
Depreciation		Number
of Issues		Fair
Value		Amortized
Cost		Unrealized
Depreciation		Number
of Issues
One year or less
Investment grade$1,679 $1,746 $(67)589$5,533 $6,127 $(594)1,659 
Below investment grade283 291 (8)1,094887 964 (77)1,287 
More than one year
Investment grade5,262 6,200 (938)1,6461,151 1,487 (336)462 
Below investment grade774 884 (110)859330 382 (52)369 
Total$7,998 $9,121 $(1,123)4,188 $7,901 $8,960 $(1,059)3,777 
Equity Security Investments
The following table provides the values of the Company's equity security investments as of September 30, 2023 and December 31, 2022:
September 30, 2023 December 31, 2022
(In millions) CostCarrying Value CostCarrying Value
Equity securities with readily determinable fair values$662 $53 $673 $138 
Equity securities with no readily determinable fair value3,217 3,323 380 484 
Total$3,879 $3,376 $1,053 $622 
Summary of the Credit Risk Profile of the Commercial Mortgage Loan Portfolio
The following table summarizes the credit risk profile of the Company's commercial mortgage loan portfolio:
(Dollars in millions)September 30, 2023December 31, 2022
Loan-to-Value RatioCarrying ValueAverage Debt Service Coverage RatioAverage Loan-to-Value RatioCarrying ValueAverage Debt Service Coverage RatioAverage Loan-to-Value Ratio
Below 60%$909 2.18$901 2.12
60% to 79%542 1.80564 1.73
80% to 100%166 1.48149 1.17
Total$1,617 1.9762 %$1,614 1.8960 %
Carrying Value Information for Other Long-Term Investments The following table provides the carrying value information for these investments:
Carrying Value as of
(In millions)September 30, 2023December 31, 2022
Real estate investments$1,511 $1,319 
Securities partnerships2,360 2,166 
Other205 243 
Total$4,076 $3,728 
Realized Gains and Losses on Investments
The following realized gains and losses on investments exclude realized gains and losses attributed to the Company's separate accounts because those gains and losses generally accrue directly to separate account policyholders:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2023202220232022
Net realized investment (losses) gains, excluding credit loss expense and asset write-downs
$(9)$(67)$(29)$(454)
Credit loss (expense)
(5)(15)(3)(39)
Other investment asset write-downs— — (12)— 
Net realized investment (losses), before income taxes
$(14)$(82)$(44)$(493)