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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, 2024December 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, 2024December 31, 2023
Investment grade securities79%77%
Below investment grade securities2%2%
Not rated securities19%21%
Corporate securities in an unrealized loss position were diversified across industries as follows (in millions, except percentages):

June 30, 2024December 31, 2023
Industries accounting for the largest percentage of corporate gross unrealized losses:
Utility18%17%
Financial Services13%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 GrossGross
Amortizedfor UnrealizedUnrealizedFair
June 30, 2024
Cost (1)
Credit LossGainsLossesValue
U.S. government securities$4,780 $— $— $934 $3,846 
Other government securities1,571 — — 255 1,316 
Public utilities5,697 — 26 618 5,105 
Corporate securities29,313 13 113 2,828 26,585 
Residential mortgage-backed426 6 11 70 361 
Commercial mortgage-backed1,641 — 2 125 1,518 
Other asset-backed securities4,511 8 8 251 4,260 
Total debt securities$47,939 $27 $160 $5,081 $42,991 
Allowance GrossGross
Amortizedfor UnrealizedUnrealizedFair
December 31, 2023
Cost (1)
Credit LossGainsLossesValue
U.S. government securities$5,154 $— $3 $845 $4,312 
Other government securities1,622 — 1 221 1,402 
Public utilities5,598 — 42 513 5,127 
Corporate securities27,870 15 194 2,572 25,477 
Residential mortgage-backed422 6 12 53 375 
Commercial mortgage-backed1,569 — 1 147 1,423 
Other asset-backed securities4,830 — 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 GrossGross
Amortizedfor UnrealizedUnrealizedFair
Cost (1)
Credit LossGainsLossesValue
Due in 1 year or less$2,691 $— $— $19 $2,672 
Due after 1 year through 5 years10,772 10 28 305 10,485 
Due after 5 years through 10 years12,388 3 59 1,023 11,421 
Due after 10 years through 20 years8,551 — 48 1,494 7,105 
Due after 20 years6,959 — 4 1,794 5,169 
Residential mortgage-backed426 6 11 70 361 
Commercial mortgage-backed1,641 — 2 125 1,518 
Other asset-backed securities4,511 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 GrossGross
Amortizedfor UnrealizedUnrealizedFair
June 30, 2024
Cost (1)
Credit LossGainsLossesValue
Prime$161 $3 $1 $20 $139 
Alt-A84 3 5 35 51 
Subprime6 — 4 — 10 
Total non-agency RMBS$251 $6 $10 $55 $200 
Allowance GrossGross
Amortizedfor UnrealizedUnrealizedFair
December 31, 2023
Cost (1)
Credit LossGainsLossesValue
Prime$164 $2 $1 $19 $144 
Alt-A71 3 5 20 53 
Subprime7 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, 2024December 31, 2023
Less than 12 monthsLess than 12 months
GrossFair
Value		GrossFair
Value
Unrealized# ofUnrealized# of
LossessecuritiesLossessecurities
U.S. government securities$57 $537 18 $52 $306 11 
Other government securities 1 36 9 1 51 9 
Public utilities22 686 84 11 287 32 
Corporate securities119 3,939 538 50 1,331 227 
Residential mortgage-backed5 66 29 2 48 45 
Commercial mortgage-backed18 235 23 — 46 6 
Other asset-backed securities28 665 57 27 707 55 
Total temporarily impaired securities$250 $6,164 758 $143 $2,776 385 
12 months or longer12 months or longer
GrossFair
Value		GrossFair
Value
Unrealized# ofUnrealized# of
LossessecuritiesLossessecurities
U.S. government securities$877 $2,705 26 $793 $2,774 23 
Other government securities 254 1,259 149 220 1,301 151 
Public utilities596 3,792 481 502 4,105 491 
Corporate securities2,709 15,837 2,076 2,522 17,457 2,207 
Residential mortgage-backed65 224 244 51 251 219 
Commercial mortgage-backed107 1,153 165 147 1,294 177 
Other asset-backed securities223 2,056 284 282 3,141 427 
Total temporarily impaired securities$4,831 $27,026 3,425 $4,517 $30,323 3,695 
TotalTotal
GrossGross
UnrealizedFair# ofUnrealizedFair# of
LossesValue
securities (1)
LossesValue
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 utilities618 4,478 544 513 4,392 513 
Corporate securities
2,828 19,776 2,488 2,572 18,788 2,355 
Residential mortgage-backed70 290 269 53 299 262 
Commercial mortgage-backed125 1,388 184 147 1,340 182 
Other asset-backed securities251 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, 2024US
government
securities		Other government securitiesPublic
utilities		Corporate securitiesResidential mortgage-backedCommercial mortgage-backedOther
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——————77
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, 2023US
government
securities		Other government securitiesPublic
utilities		Corporate securitiesResidential mortgage-backedCommercial mortgage-backedOther
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$6$—$—$16
Six Months Ended June 30, 2024US
government
securities		Other government securitiesPublic
utilities		Corporate securitiesResidential mortgage-backedCommercial mortgage-backedOther
asset-backed securities		Total
Balance at January 1, 2024$—$—$—$15$6$—$—$21
Additions for which credit loss was not previously recorded——————11
Changes for securities with previously recorded credit loss——————77
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, 2023US
government
securities		Other government securitiesPublic
utilities		Corporate securitiesResidential mortgage-backedCommercial mortgage-backedOther
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,
2024202320242023
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 assets583 425 1,169 955 
Investment expenses (2)(3)
(120)(35)(242)(165)
Net investment income excluding funds withheld assets463 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,
2024202320242023
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,
2024202320242023
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 loans2 (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, 2024December 31, 2023
Assets
Debt securities, at fair value under fair value option$2,409 $2,037 
Debt securities, trading72 68 
Equity securities 6 7 
Other invested assets505 396 
Cash and cash equivalents112 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 liabilities428 98 
Total other liabilities 2,469 2,086 
Securities lending payable1 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, 2024December 31, 2023
Commercial mortgage loans (1)
$9,228 $9,562 
Accrued interest receivable on commercial mortgage loans37 39 
Residential mortgage loans (2)
901 1,001 
Accrued interest receivable on residential mortgage loans7 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, 2024ApartmentHotelOfficeRetailWarehouseOtherResidential MortgageTotal
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, 2023ApartmentHotelOfficeRetailWarehouseOtherResidential MortgageTotal
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, 2024ApartmentHotelOfficeRetailWarehouseOtherResidential MortgageTotal
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, 2023ApartmentHotelOfficeRetailWarehouseOtherResidential MortgageTotal
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, 2024December 31, 2023
Recorded investment$35$24
Unpaid principal balance3927
Related loan allowance21
Average recorded investment2619
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
20242023202220212020PriorRevolving
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 loans167 687 943 1,198 732 5,497 4 9,228 100 %
Debt service coverage ratios:
Greater than 1.20x167 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 loans167 687 943 1,198 732 5,497 4 9,228 100 %
Residential mortgage loans
Performing39 168 65 129 32 362 — 795 88 %
Nonperforming— 9 55 10 6 26 — 106 12 %
Total residential mortgage loans39 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
20232022202120202019PriorRevolving
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 loans683 963 1,288 812 1,375 4,437 4 9,562 100 %
Debt service coverage ratios:
Greater than 1.20x546 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 1.00x8 75 — — 43 57 — 183 2 %
Total commercial mortgage loans683 963 1,288 812 1,375 4,437 4 9,562 100 %
Residential mortgage loans
Performing193 136 155 36 30 361 — 911 91 %
Nonperforming3 41 10 7 3 26 — 90 9 %
Total residential mortgage loans196 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 
Other679 — — — 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 
Other695 — — — 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)
Current30-89 Days Past Due90+ Days Past Due
June 30, 2024
Commercial mortgage loans$40 $— $— 
June 30, 2023
Commercial mortgage loans$— $— $—