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Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Composition of Fair Value of Debt Securities Classified by Rating

At June 30, 2024 and December 31, 2023, the carrying value of investments rated by the Company’s consolidated investment advisor totaled $352 million and $486 million, respectively.


	Percent of Total Debt Securities Carrying Value
	June 30, 2024	December 31, 2023
Investment Rating
U.S. government securities	9.0%	10.1%
AAA	6.3%	6.5%
AA	9.2%	9.0%
A	31.0%	31.5%
BBB	36.8%	35.9%
Investment grade	92.3%	93.0%
BB	3.8%	3.5%
B and below	3.9%	3.5%
Below investment grade	7.7%	7.0%
Total debt securities	100.0%	100.0%

Schedule of Total Carrying Value Debt Securities in Unrealized Loss Position

At June 30, 2024 and December 31, 2023, the total carrying value of debt securities in an unrealized loss position consisted of:


	June 30, 2024	December 31, 2023
Investment grade securities	79%	77%
Below investment grade securities	2%	2%
Not rated securities	19%	21%

Corporate securities in an unrealized loss position were diversified across industries as follows (in millions, except percentages):


	June 30, 2024		December 31, 2023
Industries accounting for the largest percentage of corporate gross unrealized losses:
Utility	18%		17%
Financial Services	13%		14%

Largest unrealized loss related to a single corporate obligor	$	53	$	50

Schedule of Debt Securities - Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and Allowance for Credit Loss and Maturities

At June 30, 2024 and December 31, 2023, the amortized cost, allowance for credit loss ("ACL"), gross unrealized gains and losses, and fair value of debt securities, including trading securities and securities carried at fair value under the fair value option, were as follows (in millions):


				Allowance		Gross		Gross
		Amortized		for		Unrealized		Unrealized		Fair
June 30, 2024		Cost (1)		Credit Loss		Gains		Losses		Value
	U.S. government securities	$	4,780	$	—	$	—	$	934	$	3,846
	Other government securities	1,571		—		—		255		1,316
	Public utilities	5,697		—		26		618		5,105
	Corporate securities	29,313		13		113		2,828		26,585
	Residential mortgage-backed	426		6		11		70		361
	Commercial mortgage-backed	1,641		—		2		125		1,518
	Other asset-backed securities	4,511		8		8		251		4,260
	Total debt securities	$	47,939	$	27	$	160	$	5,081	$	42,991

				Allowance		Gross		Gross
		Amortized		for		Unrealized		Unrealized		Fair
December 31, 2023		Cost (1)		Credit Loss		Gains		Losses		Value
	U.S. government securities	$	5,154	$	—	$	3	$	845	$	4,312
	Other government securities	1,622		—		1		221		1,402
	Public utilities	5,598		—		42		513		5,127
	Corporate securities	27,870		15		194		2,572		25,477
	Residential mortgage-backed	422		6		12		53		375
	Commercial mortgage-backed	1,569		—		1		147		1,423
	Other asset-backed securities	4,830		—		6		309		4,527
	Total debt securities	$	47,065	$	21	$	259	$	4,660	$	42,643

	(1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities.

The amortized cost, ACL, gross unrealized gains and losses, and fair value of debt securities at June 30, 2024, by contractual maturity, are shown below (in millions). Actual maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties.


			Allowance		Gross		Gross
	Amortized		for		Unrealized		Unrealized		Fair
	Cost (1)		Credit Loss		Gains		Losses		Value
Due in 1 year or less	$	2,691	$	—	$	—	$	19	$	2,672
Due after 1 year through 5 years	10,772		10		28		305		10,485
Due after 5 years through 10 years	12,388		3		59		1,023		11,421
Due after 10 years through 20 years	8,551		—		48		1,494		7,105
Due after 20 years	6,959		—		4		1,794		5,169
Residential mortgage-backed	426		6		11		70		361
Commercial mortgage-backed	1,641		—		2		125		1,518
Other asset-backed securities	4,511		8		8		251		4,260
Total	$	47,939	$	27	$	160	$	5,081	$	42,991

(1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities.

Schedule of Residential Mortgage-Backed Securities

The Company’s non-agency RMBS include investments in securities backed by prime, Alt-A, and subprime loans, as follows (in millions):


			Allowance		Gross		Gross
	Amortized		for		Unrealized		Unrealized		Fair
June 30, 2024	Cost (1)		Credit Loss		Gains		Losses		Value
Prime	$	161	$	3	$	1	$	20	$	139
Alt-A	84		3		5		35		51
Subprime	6		—		4		—		10
Total non-agency RMBS	$	251	$	6	$	10	$	55	$	200

			Allowance		Gross		Gross
	Amortized		for		Unrealized		Unrealized		Fair
December 31, 2023	Cost (1)		Credit Loss		Gains		Losses		Value
Prime	$	164	$	2	$	1	$	19	$	144
Alt-A	71		3		5		20		53
Subprime	7		1		4		—		10
Total non-agency RMBS	$	242	$	6	$	10	$	39	$	207


(1) Amortized cost, apart from carrying value for securities carried at fair value under the fair value option and trading securities.

Schedule of Debt Securities in Continuous Unrealized Loss Position

The following table summarizes the number of securities, fair value and the gross unrealized losses of debt securities, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position (dollars in millions):


	June 30, 2024					December 31, 2023
	Less than 12 months					Less than 12 months
	Gross		Fair Value			Gross		Fair Value
	Unrealized				# of	Unrealized				# of
	Losses				securities	Losses				securities
U.S. government securities	$	57	$	537	18	$	52	$	306	11
Other government securities	1		36		9	1		51		9
Public utilities	22		686		84	11		287		32
Corporate securities	119		3,939		538	50		1,331		227
Residential mortgage-backed	5		66		29	2		48		45
Commercial mortgage-backed	18		235		23	—		46		6
Other asset-backed securities	28		665		57	27		707		55
Total temporarily impaired securities	$	250	$	6,164	758	$	143	$	2,776	385

	12 months or longer					12 months or longer
	Gross		Fair Value			Gross		Fair Value
	Unrealized				# of	Unrealized				# of
	Losses				securities	Losses				securities
U.S. government securities	$	877	$	2,705	26	$	793	$	2,774	23
Other government securities	254		1,259		149	220		1,301		151
Public utilities	596		3,792		481	502		4,105		491
Corporate securities	2,709		15,837		2,076	2,522		17,457		2,207
Residential mortgage-backed	65		224		244	51		251		219
Commercial mortgage-backed	107		1,153		165	147		1,294		177
Other asset-backed securities	223		2,056		284	282		3,141		427
Total temporarily impaired securities	$	4,831	$	27,026	3,425	$	4,517	$	30,323	3,695

	Total					Total
	Gross					Gross
	Unrealized		Fair		# of	Unrealized		Fair		# of
	Losses		Value		securities (1)	Losses		Value		securities (1)
U.S. government securities	$	934	$	3,242	38	$	845	$	3,080	30
Other government securities	255		1,295		158	221		1,352		157
Public utilities	618		4,478		544	513		4,392		513
Corporate securities	2,828		19,776		2,488	2,572		18,788		2,355
Residential mortgage-backed	70		290		269	53		299		262
Commercial mortgage-backed	125		1,388		184	147		1,340		182
Other asset-backed securities	251		2,721		337	309		3,848		469
Total temporarily impaired securities	$	5,081	$	33,190	4,018	$	4,660	$	33,099	3,968

(1) Certain securities contain multiple lots and fit the criteria of both aging groups.

Schedule of Rollforward of Debt Securities Allowance for Credit Loss

The roll-forward of the allowance for credit loss for available-for-sale securities by sector is as follows (in millions):


Three Months Ended June 30, 2024	US government securities		Other government securities		Public utilities		Corporate securities		Residential mortgage-backed		Commercial mortgage-backed		Other asset-backed securities		Total
Balance at April 1, 2024	$	—	$	—	$	—	$	13	$	6	$	—	$	1	$	20
Additions for which credit loss was not previously recorded	—		—		—		—		—		—		—		—
Changes for securities with previously recorded credit loss	—		—		—		—		—		—		7		7
Additions for purchases of PCD debt securities (1)	—		—		—		—		—		—		—		—
Reductions from charge-offs	—		—		—		—		—		—		—		—
Reductions for securities disposed	—		—		—		—		—		—		—		—
Securities intended/required to be sold before recovery of amortized cost basis	—		—		—		—		—		—		—		—
Balance at June 30, 2024 (2)	$	—	$	—	$	—	$	13	$	6	$	—	$	8	$	27


Three Months Ended June 30, 2023	US government securities		Other government securities		Public utilities		Corporate securities		Residential mortgage-backed		Commercial mortgage-backed		Other asset-backed securities		Total
Balance at April 1, 2023	$	—	$	3	$	—	$	21	$	5	$	—	$	—	$	29
Additions for which credit loss was not previously recorded	—		—		—		1		—		—		—		1
Changes for securities with previously recorded credit loss	—		—		—		(1)		2		—		—		1
Additions for purchases of PCD debt securities (1)	—		—		—		—		—		—		—		—
Reductions from charge-offs	—		—		—		—		—		—		—		—
Reductions for securities disposed	—		—		—		(14)		(1)		—		—		(15)
Securities intended/required to be sold before recovery of amortized cost basis	—		—		—		—		—		—		—		—
Balance at June 30, 2023 (2)	$	—	$	3	$	—	$	7	$	6	$	—	$	—	$	16


Six Months Ended June 30, 2024	US government securities		Other government securities		Public utilities		Corporate securities		Residential mortgage-backed		Commercial mortgage-backed		Other asset-backed securities		Total
Balance at January 1, 2024	$	—	$	—	$	—	$	15	$	6	$	—	$	—	$	21
Additions for which credit loss was not previously recorded	—		—		—		—		—		—		1		1
Changes for securities with previously recorded credit loss	—		—		—		—		—		—		7		7
Additions for purchases of PCD debt securities (1)	—		—		—		—		—		—		—		—
Reductions from charge-offs	—		—		—		—		—		—		—		—
Reductions for securities disposed	—		—		—		(2)		—		—		—		(2)
Securities intended/required to be sold before recovery of amortized cost basis	—		—		—		—		—		—		—		—
Balance at June 30, 2024 (2)	$	—	$	—	$	—	$	13	$	6	$	—	$	8	$	27


Six Months Ended June 30, 2023	US government securities		Other government securities		Public utilities		Corporate securities		Residential mortgage-backed		Commercial mortgage-backed		Other asset-backed securities		Total
Balance at January 1, 2023	$	—	$	2	$	—	$	15	$	6	$	—	$	—	$	23
Additions for which credit loss was not previously recorded	—		—		—		33		—		—		—		33
Changes for securities with previously recorded credit loss	—		1		—		(1)		2		—		—		2
Additions for purchases of PCD debt securities (1)	—		—		—		—		—		—		—		—
Reductions from charge-offs	—		—		—		—		—		—		—		—
Reductions for securities disposed	—		—		—		(23)		(2)		—		—		(25)
Securities intended/required to be sold before recovery of amortized cost basis	—		—		—		(17)		—		—		—		(17)
Balance at June 30, 2023 (2)	$	—	$	3	$	—	$	7	$	6	$	—	$	—	$	16


(1) Represents purchased credit-deteriorated ("PCD") fixed maturity available-for-sale securities.
(2) Accrued interest receivable on debt securities totaled $425 million and $429 million as of June 30, 2024 and 2023, respectively, and was excluded from the determination of credit losses for the three and six months ended June 30, 2024 and 2023.

Schedule of Sources of Net Investment Income

The sources of net investment income were as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Debt securities (1)	$	394	$	338	$	798	$	720
Equity securities	1		9		3		(1)
Mortgage loans	82		78		165		154
Policy loans	16		16		33		33
Limited partnerships	45		(38)		86		(1)
Other investment income	45		22		84		50
Total investment income excluding funds withheld assets	583		425		1,169		955
Investment expenses (2)(3)	(120)		(35)		(242)		(165)
Net investment income excluding funds withheld assets	463		390		927		790
Net investment income on funds withheld assets (see Note 8)	285		252		555		559
Net investment income	$	748	$	642	$	1,482	$	1,349

(1) Includes changes in fair value gains (losses) on trading securities and includes $(3) million and $22 million for the three and six months ended June 30, 2024, respectively, and $(35) million and $(8) million for the three and six months ended June 30, 2023, respectively, related to the change in fair value for securities carried under the fair value option.

(2) In the first quarter of 2024, interest costs principally associated with repurchase agreements and cash collateral were reclassified from interest expense to net investment income. All prior period amounts have been conformed to current period presentation.

(3) Includes expenses from consolidated variable interest entities, which includes changes in fair value of notes issued by those entities, of $(48) million and $(106) million for the three and six months ended June 30, 2024, respectively, and $19 million and $(72) million for the three and six months ended June 30, 2023, respectively.

The sources of income related to funds withheld under reinsurance treaties reported in net investment income in the Condensed Consolidated Income Statements were as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Debt securities (1)	$	137	$	160	$	282	$	332
Equity securities	—		(37)		9		(38)
Mortgage loans (2)	45		60		94		126
Policy loans	82		77		164		158
Limited partnerships	32		7		28		15
Other investment income	5		3		10		3
Total investment income on funds withheld assets	301		270		587		596
Other investment expenses on funds withheld assets (3)	(16)		(18)		(32)		(37)
Total net investment income on funds withheld reinsurance treaties	$	285	$	252	$	555	$	559

(1) Includes nil and $1 million for the three and six months ended June 30, 2024, respectively, and nil and $2 million for the three and six months ended June 30, 2023, respectively, related to the change in fair value for securities carried under the fair value option.

(2) Includes $1 million and $(3) million for the three and six months ended June 30, 2024, respectively, and nil and $(2) million for the three and six months ended June 30, 2023, respectively, related to the change in fair value for mortgage loans carried under the fair value option.

(3) Includes management fees.

Schedule of Net Gains (Losses) on Derivatives and Investments

The following table summarizes net gains (losses) on derivatives and investments (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Available-for-sale securities
Realized gains on sale	$	4	$	2	$	17	$	6
Realized losses on sale	(31)		(18)		(112)		(43)
Credit loss income (expense)	—		—		—		(11)
Credit loss income (expense) on mortgage loans	2		(13)		(2)		(60)
Other (1)	(5)		(11)		60		—
Net gains (losses) excluding derivatives and funds withheld assets	(30)		(40)		(37)		(108)
Net gains (losses) on derivative instruments (see Note 5)	(1,312)		(2,072)		(4,197)		(4,730)
Net gains (losses) on derivatives and investments	(1,342)		(2,112)		(4,234)		(4,838)

Net gains (losses) on funds withheld reinsurance treaties (see Note 8)	(214)		(134)		(415)		(807)
Total net gains (losses) on derivatives and investments	$	(1,556)	$	(2,246)	$	(4,649)	$	(5,645)

(1) Includes the foreign currency gain or loss related to foreign denominated trust instruments supporting funding agreements.

Schedule of Asset and Liability Information for Consolidated VIEs

Asset and liability information for the consolidated VIEs included on the Condensed Consolidated Balance Sheets are as follows (in millions):


	June 30, 2024		December 31, 2023
Assets
Debt securities, at fair value under fair value option	$	2,409	$	2,037
Debt securities, trading	72		68
Equity securities	6		7
Other invested assets	505		396
Cash and cash equivalents	112		93
Other assets	59		49
Total assets	$	3,163	$	2,650

Liabilities
Notes issued by consolidated VIEs, at fair value under fair value option	$	2,041	$	1,988
Other liabilities	428		98
Total other liabilities	2,469		2,086
Securities lending payable	1		2
Total liabilities	$	2,470	$	2,088

Equity
Noncontrolling interests	$	200	$	164

Schedule of Commercial Mortgage Loans and Residential Mortgage Loans

The following table shows commercial mortgage loans, residential mortgage loans, and the respective accrued interest thereon at June 30, 2024 and December 31, 2023 (in millions):


	June 30, 2024		December 31, 2023
Commercial mortgage loans (1)	$	9,228	$	9,562
Accrued interest receivable on commercial mortgage loans	37		39
Residential mortgage loans (2)	901		1,001
Accrued interest receivable on residential mortgage loans	7		7

(1) Net of an allowance for credit losses of $155 million and $160 million at each date, respectively.

(2) Net of an allowance for credit losses of $5 million and $5 million at each date, respectively.

Schedule of Rollforward of Mortgagees Allowance for Credit Loss

The following table provides the change in the allowance for credit losses in the Company’s mortgage loan portfolios (in millions):


Three Months Ended June 30, 2024	Apartment		Hotel		Office		Retail		Warehouse		Other		Residential Mortgage		Total
Balance at April 1, 2024	$	30	$	6	$	73	$	27	$	17	$	5	$	4	$	162
Charge offs, net of recoveries	—		—		—		—		—		—		—		—
Additions from purchase of PCD mortgage loans	—		—		—		—		—		—		—		—
Provision (release)	(3)		(1)		(3)		—		2		2		1		(2)
Balance at June 30, 2024 (1) (2)	$	27	$	5	$	70	$	27	$	19	$	7	$	5	$	160


Three Months Ended June 30, 2023	Apartment		Hotel		Office		Retail		Warehouse		Other		Residential Mortgage		Total
Balance at April 1, 2023	$	18	$	19	$	67	$	21	$	11	$	3	$	7	$	146
Charge offs, net of recoveries	—		—		—		—		—		—		—		—
Additions from purchase of PCD mortgage loans	—		—		—		—		—		—		—		—
Provision (release)	(2)		(12)		24		4		1		—		1		16
Balance at June 30, 2023 (1) (2)	$	16	$	7	$	91	$	25	$	12	$	3	$	8	$	162


Six Months Ended June 30, 2024	Apartment		Hotel		Office		Retail		Warehouse		Other		Residential Mortgage		Total
Balance at January 1, 2024	$	28	$	4	$	78	$	27	$	17	$	6	$	5	$	165
Charge offs, net of recoveries	—		—		—		—		—		—		—		—
Additions from purchase of PCD mortgage loans	—		—		—		—		—		—		—		—
Provision (release)	(1)		1		(8)		—		2		1		—		(5)
Balance at June 30, 2024 (1) (2)	$	27	$	5	$	70	$	27	$	19	$	7	$	5	$	160


Six Months Ended June 30, 2023	Apartment		Hotel		Office		Retail		Warehouse		Other		Residential Mortgage		Total
Balance at January 1, 2023	$	16	$	20	$	15	$	21	$	16	$	3	$	4	$	95
Charge offs, net of recoveries	—		—		—		—		—		—		—		—
Additions from purchase of PCD mortgage loans	—		—		—		—		—		—		—		—
Provision (release)	—		(13)		76		4		(4)		—		4		67
Balance at June 30, 2023 (1) (2)	$	16	$	7	$	91	$	25	$	12	$	3	$	8	$	162

(1) Accrued interest receivable totaled $44 million and $44 million as of June 30, 2024 and 2023, respectively, and was excluded from the determination of credit losses.

(2) Accrued interest amounting to $1 million and $2 million were written off as of June 30, 2024 and 2023, respectively, relating to loans that were greater than 90 days delinquent or in the process of foreclosure.

Schedule of Impaired Financing Receivables

The following table provides information about our impaired residential mortgage loans (in millions):


	June 30, 2024		December 31, 2023
Recorded investment	$	35	$	24
Unpaid principal balance	39		27
Related loan allowance	2		1
Average recorded investment	26		19
Investment income recognized	—		1

Schedule of Information About Credit Quality and Vintage Year of Commercial Mortgage Loans

The following tables provide information about the credit quality with vintage year and category of mortgage loans (dollars in millions):


	June 30, 2024
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
Commercial mortgage loans
Loan to value ratios:
Less than 70%	$	167	$	663	$	781	$	864	$	586	$	5,240	$	4	$	8,305	90	%
70% - 80%	—		24		99		159		119		107		—		508		5	%
80% - 100%	—		—		63		175		—		126		—		364		4	%
Greater than 100%	—		—		—		—		27		24		—		51		1	%
Total commercial mortgage loans	167		687		943		1,198		732		5,497		4		9,228		100	%

Debt service coverage ratios:
Greater than 1.20x	167		531		651		876		695		5,146		4		8,070		87	%
1.00x - 1.20x	—		148		216		322		37		262		—		985		11	%
Less than 1.00x	—		8		76		—		—		89		—		173		2	%
Total commercial mortgage loans	167		687		943		1,198		732		5,497		4		9,228		100	%

Residential mortgage loans
Performing	39		168		65		129		32		362		—		795		88	%
Nonperforming	—		9		55		10		6		26		—		106		12	%
Total residential mortgage loans	39		177		120		139		38		388		—		901		100	%

Total mortgage loans	$	206	$	864	$	1,063	$	1,337	$	770	$	5,885	$	4	$	10,129	100	%


	December 31, 2023
	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
Commercial mortgage loans
Loan to value ratios:
Less than 70%	$	659	$	800	$	937	$	653	$	1,251	$	4,300	$	4	$	8,604	90	%
70% - 80%	24		138		325		122		61		41		—		711		7	%
80% - 100%	—		25		—		37		41		93		—		196		2	%
Greater than 100%	—		—		26		—		22		3		—		51		1	%
Total commercial mortgage loans	683		963		1,288		812		1,375		4,437		4		9,562		100	%

Debt service coverage ratios:
Greater than 1.20x	546		611		932		667		1,302		4,189		4		8,251		86	%
1.00x - 1.20x	129		277		356		145		30		191		—		1,128		12	%
Less than 1.00x	8		75		—		—		43		57		—		183		2	%
Total commercial mortgage loans	683		963		1,288		812		1,375		4,437		4		9,562		100	%

Residential mortgage loans
Performing	193		136		155		36		30		361		—		911		91	%
Nonperforming	3		41		10		7		3		26		—		90		9	%
Total residential mortgage loans	196		177		165		43		33		387		—		1,001		100	%

Total mortgage loans	$	879	$	1,140	$	1,453	$	855	$	1,408	$	4,824	$	4	$	10,563	100	%


	June 30, 2024
	In Good Standing (1)		Restructured		Greater than 90 Days Delinquent		In the Process of Foreclosure		Total Carrying Value
Apartment	$	2,640	$	—	$	—	$	—	$	2,640
Hotel	807		—		—		—		807
Office	1,276		40		3		—		1,319
Retail	1,817		—		—		—		1,817
Warehouse	1,966		—		—		—		1,966
Other	679		—		—		—		679
Total commercial	9,185		40		3		—		9,228
Residential (2)	795		—		71		35		901
Total	$	9,980	$	40	$	74	$	35	$	10,129


	December 31, 2023
	In Good Standing (1)		Restructured		Greater than 90 Days Delinquent		In the Process of Foreclosure		Total Carrying Value
Apartment	$	2,841	$	—	$	—	$	—	$	2,841
Hotel	767		—		—		—		767
Office	1,379		—		—		—		1,379
Retail	1,864		—		—		—		1,864
Warehouse	2,016		—		—		—		2,016
Other	695		—		—		—		695
Total commercial	9,562		—		—		—		9,562
Residential (2)	911		—		66		24		1,001
Total	$	10,473	$	—	$	66	$	24	$	10,563

(1) At June 30, 2024 and December 31, 2023, includes mezzanine and bridge loans in good standing of $361 million and $368 million in the Apartment category, $27 million and $21 million in the Hotel category, $139 million and $171 million in the Office category, $32 million and $32 million in the Retail category, $295 million and $287 million in the Warehouse category, and $23 million and $48 million in the Other category, respectively. At June 30, 2024 and December 31, 2023, includes restructured mezzanine and bridge loans of $23 million and nil in the Office category.

(2) At June 30, 2024 and December 31, 2023, includes $20 million and $22 million of loans purchased when the loans were greater than 90 days delinquent and $4 million and $5 million of loans in process of foreclosure, are supported with insurance or other guarantees provided by various governmental programs, respectively.

Schedule of Mortgage Loans Identified to Borrowers Experiencing Financial Difficulty

The following table provides information about the mortgage loans modified during the periods indicated to borrowers experiencing financial difficulty (dollars in millions):

Term Extension

Amortized
Cost Basis

Percent of
Total Class

Three Months Ended June 30, 2024

Commercial mortgage loans

—

Three Months Ended June 30, 2023

Commercial mortgage loans

—


	Term Extension
	Amortized Cost Basis		Percent of Total Class
Six Months Ended June 30, 2024
Commercial mortgage loans	$	23	0.25	%

Six Months Ended June 30, 2023
Commercial mortgage loans	$	—	—	%

The following table describes the financial effect of the modifications made to the loans noted above:


						Term Extension
						Financial Effect




Six Months Ended June 30, 2024

Commercial mortgage loans						Granted extension of term for three-years and rate converted from variable to 4% fixed.

The following table depicts the performance of loans that have been modified in the last 12 months (in millions):


	Payment Status (Amortized Cost Basis)
	Current		30-89 Days Past Due		90+ Days Past Due
June 30, 2024
Commercial mortgage loans	$	40	$	—	$	—

June 30, 2023
Commercial mortgage loans	$	—	$	—	$	—