
	June 30, 2022
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale, carried at fair value through other comprehensive income:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	24,916	$	0	$	1,770	$	903	$	25,783
Municipalities	1,003		0		195		32		1,166
Mortgage- and asset-backed securities	245		0		11		6		250
Public utilities	3,816		0		375		52		4,139
Sovereign and supranational	639		0		44		2		681
Banks/financial institutions	6,081		0		421		343		6,159
Other corporate	6,136		0		858		187		6,807
Total yen-denominated	42,836		0		3,674		1,525		44,985
U.S. dollar-denominated:
U.S. government and agencies	180		0		1		5		176
Municipalities	1,274		0		76		48		1,302
Mortgage- and asset-backed securities	1,670		0		85		53		1,702
Public utilities	3,495		0		414		91		3,818
Sovereign and supranational	196		0		48		12		232
Banks/financial institutions	3,091		0		437		62		3,466
Other corporate	21,804		0		2,591		645		23,750
Total U.S. dollar-denominated	31,710		0		3,652		916		34,446
Total securities available for sale	$	74,546	$	0	$	7,326	$	2,441	$	79,431


	December 31, 2021
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale, carried at fair value through other comprehensive income:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	30,335	$	0	$	3,343	$	61	$	33,617
Municipalities	1,192		0		322		5		1,509
Mortgage- and asset-backed securities	300		0		19		1		318
Public utilities	4,462		0		906		2		5,366
Sovereign and supranational	760		0		82		0		842
Banks/financial institutions	6,963		0		787		72		7,678
Other corporate	7,148		0		1,535		26		8,657
Total yen-denominated	51,160		0		6,994		167		57,987
U.S. dollar-denominated:
U.S. government and agencies	196		0		8		1		203
Municipalities	1,340		0		189		2		1,527
Mortgage- and asset-backed securities	897		0		33		2		928
Public utilities	3,781		0		909		5		4,685
Sovereign and supranational	222		0		57		6		273
Banks/financial institutions	3,169		0		747		3		3,913
Other corporate	24,604		0		4,629		53		29,180
Total U.S. dollar-denominated	34,209		0		6,572		72		40,709
Total securities available for sale	$	85,369	$	0	$	13,566	$	239	$	98,696


	June 30, 2022
(In millions)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities held to maturity, carried at amortized cost:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	17,743	$	3	$	17,740	$	2,866	$	0	$	20,606
Municipalities	280		0		280		66		0		346

Public utilities	37		0		37		6		0		43
Sovereign and supranational	436		4		432		82		0		514

Other corporate	18		0		18		5		0		23
Total yen-denominated	18,514		7		18,507		3,025		0		21,532
Total securities held to maturity	$	18,514	$	7	$	18,507	$	3,025	$	0	$	21,532


	December 31, 2021
(In millions)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities held to maturity, carried at amortized cost:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	21,089	$	3	$	21,086	$	4,613	$	0	$	25,699
Municipalities	335		0		335		101		0		436
Public utilities	44		1		43		12		0		55
Sovereign and supranational	518		4		514		136		0		650
Other corporate	22		0		22		7		0		29
Total yen-denominated	22,008		8		22,000		4,869		0		26,869
Total securities held to maturity	$	22,008	$	8	$	22,000	$	4,869	$	0	$	26,869


(In millions)	Amortized Cost (1)			Fair Value
Available for sale:
Due in one year or less		$	1,291		$	1,455
Due after one year through five years		7,265			7,883
Due after five years through 10 years		12,779			14,177
Due after 10 years		51,296			53,964
Mortgage- and asset-backed securities		1,915			1,952
Total fixed maturity securities available for sale		$	74,546		$	79,431
Held to maturity:
Due in one year or less		$	0		$	0
Due after one year through five years		39			42
Due after five years through 10 years		9,840			11,171
Due after 10 years		8,628			10,319
Mortgage- and asset-backed securities		0			0
Total fixed maturity securities held to maturity		$	18,507		$	21,532

The Company's process for investing in credit-related investments begins with an independent approach to underwriting each issuer's fundamental credit quality. The Company evaluates independently those factors that it believes could influence an issuer's ability to make payments under the contractual terms of the Company's instruments. This includes a thorough analysis of a variety of items including the issuer's country of domicile (including political, legal, and financial considerations); the industry in which the issuer competes (with an analysis of industry structure, end-market dynamics, and regulation); company specific issues (such as management, assets, earnings, cash generation, and capital needs); and contractual provisions of the instrument (such as financial covenants and position in the capital structure). The Company further evaluates the investment considering broad business and portfolio management objectives, including asset/liability needs, portfolio diversification, and expected income.


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available for sale:
Gross gains from sales	$	15	$	14	$	85	$	16
Gross losses from sales	(23)		(2)		(26)		(3)
Foreign currency gains (losses)	123		(6)		133		(18)
Other investments:
Gross gains from sales	0		0		9		0
Total sales and redemptions	115		6		201		(5)
Equity securities	(135)		170		(291)		102


Credit losses:
Fixed maturity securities available for sale	0		0		0		11
Fixed maturity securities held to maturity	0		0		0		1
Commercial mortgage and other loans	(12)		17		4		44
Impairment losses	(17)		0		(17)		(20)
Loan commitments	(5)		(5)		2		0
Reinsurance recoverables and other	0		0		2		(2)
Total credit losses	(34)		12		(9)		34
Derivatives and other:
Derivative gains (losses)	(558)		(96)		(1,024)		(383)
Foreign currency gains (losses)	1,176		(3)		1,809		648
Total derivatives and other	618		(99)		785		265
Total net investment gains (losses)	$	564	$	89	$	686	$	396

The unrealized holding losses, net of gains, recorded as a component of net investment gains and losses for the three-month period ended June 30, 2022, that relate to equity securities still held at the June 30, 2022 reporting date, were $137 million. The unrealized holding losses, net of gains, recorded as a component of net investment gains and losses for the six-month period ended June 30, 2022, that relate to equity securities still held at the June 30, 2022 reporting date, were $294 million.

The following tables show the fair values and gross unrealized losses of the Company's available-for-sale investments for the periods ended June 30, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.


	December 31, 2021
	Total						Less than 12 months						12 months or longer
(In millions)	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Fixed maturity securities available for sale:
U.S. government and agencies:
U.S. dollar-denominated		$	1		$	1		$	0		$	1		$	1		$	0
Japan government and agencies:
Yen-denominated		2,868			61			445			3			2,423			58
Municipalities:
U.S. dollar-denominated		82			2			79			2			3			0
Yen-denominated		187			5			53			0			134			5
Mortgage- and asset- backed securities:
U.S. dollar-denominated		278			2			278			2			0			0
Yen-denominated		33			1			0			0			33			1
Public utilities:
U.S. dollar-denominated		130			5			70			2			60			3
Yen-denominated		26			2			0			0			26			2
Sovereign and supranational:
U.S. dollar-denominated		37			6			6			1			31			5
Banks/financial institutions:
U.S. dollar-denominated		292			3			274			3			18			0
Yen-denominated		2,074			72			1,011			16			1,063			56
Other corporate:
U.S. dollar-denominated		1,365			53			458			8			907			45
Yen-denominated		541			26			274			4			267			22
Total		$	7,914		$	239		$	2,948		$	42		$	4,966		$	197

The unrealized losses on the Company's fixed maturity securities investments have been primarily related to general market changes in interest rates, foreign exchange rates, and/or the levels of credit spreads rather than specific concerns with the issuer's ability to pay interest and repay principal.

For any of its fixed maturity securities with significant declines in fair value, the Company performs detailed analyses to identify whether the drivers of the declines are due to general market drivers, such as the recent rise in interest rates, or due to credit-related factors. Identifying the drivers of the declines in fair value helps to align and allocate the Company‘s resources to securities with real credit-related concerns that could impact ultimate collection of principal and interest. For any significant declines in fair value determined to be non-interest rate or market related, the Company performs a more focused review of the related issuers' specific credit profile.

For corporate issuers, the Company evaluates their assets, business profile including industry dynamics and competitive positioning, financial statements and other available financial data. For non-corporate issuers, the Company analyzes all sources of credit support, including issuer-specific factors. The Company utilizes information available in the public domain and, for certain private placement issuers, from consultations with the issuers directly. The Company also considers ratings from Nationally Recognized Statistical Rating Organizations (NRSROs), as well as the specific characteristics of the security it owns including seniority in the issuer's capital structure, covenant protections, or other relevant features. From these reviews, the Company evaluates the issuers' continued ability to service the Company's investment through payment of interest and principal.

Assuming no credit-related factors develop, unrealized gains and losses on fixed maturity securities are expected to diminish as investments near maturity. Based on its credit analysis, the Company believes that the issuers of its fixed maturity investments in the sectors shown in the table above have the ability to service their obligations to the Company, and 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, which may be at maturity.

However, from time to time the Company identifies certain available-for-sale fixed maturity securities where the amortized cost basis exceeds the present value of the cash flows expected to be collected due to credit related factors and as a result, a credit allowance will be estimated. Refer to the Allowance for Credit Losses section below for additional information.

The Company classifies its transitional real estate loans (TREs), commercial mortgage loans (CMLs) and middle market loans (MMLs) as held-for-investment and includes them in the commercial mortgage and other loans line on the consolidated balance sheets. The Company carries them on the balance sheet at amortized cost less an estimated allowance for credit losses.


(In millions)	June 30, 2022				December 31, 2021
	Amortized Cost		% of Total		Amortized Cost		% of Total
Commercial Mortgage and other loans:
Transitional real estate loans:
Office	$	2,057	15.5	%	$	2,001	16.7	%
Retail	348		2.6		267		2.2
Apartments/Multi-Family	2,560		19.4		1,893		15.8
Industrial	154		1.2		94		.8
Hospitality	843		6.4		876		7.3
Other	298		2.3		228		1.9
Total transitional real estate loans	6,260		47.4		5,359		44.7
Commercial mortgage loans:
Office	388		2.9		398		3.3
Retail	315		2.4		332		2.8
Apartments/Multi-Family	640		4.8		649		5.4
Industrial	533		4.0		525		4.4


Total commercial mortgage loans	1,876		14.1		1,904		15.9
Middle market loans	5,087		38.5		4,697		39.4
Total commercial mortgage and other loans	$	13,223	100.0	%	$	11,960	100.0	%
Allowance for credit losses	(170)				(174)
Total net commercial mortgage and other loans	$	13,053			$	11,786

economic profile and do not typically require any principal repayment prior to the maturity date. This loan portfolio is generally considered to be investment grade. As of June 30, 2022, the Company had $763 million in outstanding commitments to fund TREs. These commitments are contingent on the final underwriting and due diligence to be performed.

CMLs are typically fixed rate loans on commercial real estate with partial repayment of principal over the life of the loan with the remaining outstanding principal being repaid upon maturity. This loan portfolio is generally considered higher quality investment grade loans. As of June 30, 2022, the Company had no outstanding commitments to fund CMLs. These commitments are contingent on the final underwriting and due diligence to be performed.

MMLs are typically first lien senior secured cash flow loans to small to mid-size companies for working capital, refinancing, acquisition, and recapitalization. These loans are generally considered to be below investment grade. The carrying value for MMLs included $15 million and $11 million for a short term credit facility that is reflected in other liabilities on the consolidated balance sheets, as of June 30, 2022, and December 31, 2021, respectively.

For TREs, the Company’s key credit quality indicator is loan-to-value (LTV). Given that TRE loans involve properties undergoing renovation or construction, LTV provides the most insight into the credit risk of the loan. The Company monitors the performance of the loans periodically, but not less frequently than quarterly.

For CMLs, the Company’s key credit quality indicators include LTV and debt service coverage ratios (DSCR). LTV is calculated by dividing the current outstanding loan balance by the most recent estimated property value. DSCR is the most recently available operating income of the underlying property compared to the required debt service of the loan.

For MMLs and held-to-maturity fixed maturity securities, the Company’s key credit quality indicator is credit ratings. The Company’s held-to-maturity portfolio is composed of investment grade securities that are senior unsecured instruments, while its MMLs generally have below-investment-grade ratings but are typically senior secured instruments. The Company monitors the credit ratings periodically, but not less frequently than quarterly.

For the Company’s reinsurance recoverable balance, the key credit quality indicator is the credit rating of the Company’s reinsurance counterparty. The Company uses external credit ratings focused on the reinsurer’s financial strength and credit worthiness. As of June 30, 2022, the Company's reinsurance counterparties were rated A+. The Company monitors the credit ratings periodically, but not less frequently than quarterly.


Transitional Real Estate Loans
(In millions)	2022		2021		2020		2019		2018		Prior		Total
Loan-to-Value Ratio:
0%-59.99%	$	452	$	630	$	36	$	268	$	86	$	0	$	1,472
60%-69.99%	423		732		138		524		430		50		2,297
70%-79.99%	672		936		125		412		207		1		2,353
80% or greater	0		138		0		0		0		0		138
Total	$	1,547	$	2,436	$	299	$	1,204	$	723	$	51	$	6,260


Commercial Mortgage Loans
(In millions)	2022		2021		2020		2019		2018		Prior		Total		Weighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%	$	54	$	299	$	46	$	516	$	153	$	586	$	1,654	2.52
60%-69.99%	0		34		0		46		0		77		157		2.08
70%-79.99%	0		0		0		40		0		25		65		1.18
80% or greater	0		0		0		0		0		0		0		0.00
Total	$	54	$	333	$	46	$	602	$	153	$	688	$	1,876	2.43
Weighted Average DSCR	0.00		2.84		1.94		2.55		2.08		2.25


Middle Market Loans
(In millions)	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total
Credit Ratings:
BBB	$	38	$	184	$	67	$	37	$	19	$	0	$	104	$	449
BB	120		437		333		240		86		69		325		1,610
B	196		722		467		525		259		225		291		2,685
CCC	0		0		21		83		70		91		55		320
CC	0		0		0		0		14		8		1		23
C and lower	0		0		0		0		0		0		0		0
Total	$	354	$	1,343	$	888	$	885	$	448	$	393	$	776	$	5,087

The Company calculates its allowance for credit losses for held-to-maturity fixed maturity securities, loan receivables, loan commitments and reinsurance recoverable by grouping assets with similar risk characteristics when there is not a specific expectation of a loss for an individual asset. For held-to-maturity fixed maturity securities, MMLs, and MML commitments, the Company groups assets by credit ratings, industry, and country. The Company groups CMLs and TREs and respective loan commitments by property type, property location and the property’s LTV and debt service coverage ratios. The credit allowance for the reinsurance recoverable balance is estimated using a probability-of-default (PD) / loss-given-default (LGD) method.

The credit allowance for held-to-maturity fixed maturity securities and loan receivables is estimated using a PD / LGD method, discounted for the time value of money. For held-to-maturity fixed maturity securities, available-for-sale fixed maturity securities and loan receivables, the Company includes the change in present value due to the passage of time in the change in the allowance for credit losses. The Company’s methodology for estimating credit losses utilizes the contractual maturity date of the financial asset, adjusted when necessary to reflect the expected timing of repayment (such as prepayment options, renewal options, call options, or extension options). The Company applies reasonable and

supportable forecasts of macroeconomic variables that impact the determination of PD/LGD over a two-year period for held-to-maturity fixed maturity securities and MMLs. The Company reverts to historical loss information over one year, following the two-year forecast period. For the CML and TRE portfolio, the Company applies reasonable and supportable forecasts of macroeconomic variables as well as national and local real-estate market factors to estimate future credit losses where the market factors revert back to historical levels over time with the period being dependent on current market conditions, projected market conditions and difference in the current and historical market levels for each factor. The Company continuously monitors the estimation methodology, due to changes in portfolio composition, changes in underwriting practices and significant events or conditions and makes adjustments as necessary.

The Company’s held-to-maturity fixed maturity portfolio includes Japan Government and Agency securities of $17.6 billion amortized cost as of June 30, 2022 that meet the requirements for zero-credit-loss expectation and therefore these asset classes have been excluded from the current expected credit loss measurement.

An investment in an available-for-sale fixed maturity security may be impaired if the fair value falls below amortized cost. The Company regularly reviews its fixed maturity security investments portfolio for declines in fair value. The Company's debt impairment model focuses on the ultimate collection of the cash flows from its investments and whether the Company has the intent to sell or if it is more likely than not the Company would be required to sell the security prior to recovery of its amortized cost. The determination of the amount of impairments under this model is based upon the Company's periodic evaluation and assessment of known and inherent risks associated with the respective securities. Such evaluations and assessments are revised as conditions change and new information becomes available.

When determining the Company's intention to sell a security prior to recovery of its fair value to amortized cost, the Company evaluates facts and circumstances such as, but not limited to, future cash flow needs, decisions to reposition its security portfolio, and risk profile of individual investment holdings. The Company performs ongoing analyses of its liquidity needs, which includes cash flow testing of its policy liabilities, debt maturities, projected dividend payments, and other cash flow and liquidity needs.

The Company’s methodology for estimating credit losses for available-for-sale fixed maturity securities utilizes the discounted cash flow model, based on past events, current market conditions and future economic conditions, as well as industry analysis and credit ratings of the fixed maturity securities. In addition, the Company evaluates the specific issuer’s probability of default and expected recovery of its position in the event of default based on the underlying financial condition and assets of the borrower as well as seniority and/or security of other debt holders in the issuer when developing management’s best estimate of expected cash flows.

The Company designates nonaccrual status for a nonperforming debt security or a loan that is not generating its stated interest rate because of nonpayment of periodic interest by the borrower. The Company applies the cash basis method to record any payments received on non-accrual assets. The Company resumes the accrual of interest on fixed maturity securities and loans that are currently making contractual payments or for those that are not current where the borrower has paid timely (less than 30 days outstanding).


(in millions)	Transitional Real Estate Loans		Commercial Mortgage Loans		Middle Market Loans		Held to Maturity Securities		Available for Sale Securities		Reinsurance Recoverables
Three Months Ended June 30, 2022:
Balance at March 31, 2022	$	(52)	$	(8)	$	(98)	$	(8)	$	0	$	(9)
(Addition to) release of allowance for credit losses	(1)		0		(16)		0		0		0
Write-offs, net of recoveries	0		0		5		0		0		0
Change in foreign exchange	0		0		0		1		0		1
Balance at June 30, 2022	$	(53)	$	(8)	$	(109)	$	(7)	$	0	$	(8)
Three Months Ended June 30, 2021:
Balance at March 31, 2021	$	(47)	$	(24)	$	(83)	$	(8)	$	(27)	$	(13)
(Addition to) release of allowance for credit losses	6		2		7		0		1		0

Balance at June 30, 2021	$	(41)	$	(22)	$	(76)	$	(8)	$	(26)	$	(13)
Six Months Ended June 30, 2022:
Balance at December 31, 2021	$	(68)	$	(10)	$	(96)	$	(8)	$	0	$	(13)
(Addition to) release of allowance for credit losses	15		2		(18)		0		0		2
Write-offs, net of recoveries	0		0		5		0		0		0
Change in foreign exchange	0		0		0		1		0		3
Balance at June 30, 2022	$	(53)	$	(8)	$	(109)	$	(7)	$	0	$	(8)
Six Months Ended June 30, 2021:
Balance at December 31, 2020	$	(63)	$	(33)	$	(85)	$	(9)	$	(38)	$	(11)

(Addition to) release of allowance for credit losses	22		11		9		1		0		(2)
Write-offs, net of recoveries	0		0		0		0		12		0
Balance at June 30, 2021	$	(41)	$	(22)	$	(76)	$	(8)	$	(26)	$	(13)

For assets that are subject to the credit loss measurement, the change in credit loss allowance will be significantly impacted by purchases and sales in those assets during the period as well as entering into new non-cancelable loan commitments. The estimate of credit losses for loan commitments as of June 30, 2022 was $30 million.

The Parent Company invests in partnerships that specialize in rehabilitating historic structures or the installation of solar equipment in order to receive federal historic rehabilitation and solar tax credits. These investments are classified as limited partnerships and included in other investments in the consolidated balance sheet. The change in value of each investment is recorded as a reduction to net investment income. Tax credits generated by these investments are recorded as an income tax benefit in the consolidated statement of earnings.

The Company's ownership interest in VIEs is limited to holding the obligations issued by them. The Company has no direct or contingent obligations to fund the limited activities of these VIEs, nor does it have any direct or indirect financial guarantees related to the limited activities of these VIEs. The Company has not provided any assistance or any other type of financing support to any of the VIEs it invests in, nor does it have any intention to do so in the future. For those VIEs in which the Company holds debt obligations, the weighted-average lives of the Company's notes are very similar to the underlying collateral held by these VIEs where applicable.


	June 30, 2022						December 31, 2021
(In millions)	Amortized Cost (1)			Fair Value			Amortized Cost (1)			Fair Value
Assets:
Fixed maturity securities, available for sale		$	2,995		$	3,820		$	3,264		$	4,490

Commercial mortgage and other loans		10,630			10,575			9,740			9,910
Other investments (2)		1,823			1,823			1,535			1,535
Other assets (3)		65			65			78			78
Total assets of consolidated VIEs		$	15,513		$	16,283		$	14,617		$	16,013
Liabilities:
Other liabilities (3)		$	457		$	457		$	414		$	414
Total liabilities of consolidated VIEs		$	457		$	457		$	414		$	414

The Company is substantively the only investor in the consolidated VIEs listed in the table above. As the sole investor in these VIEs, the Company has the power to direct the activities of a variable interest entity that most significantly impact the entity's economic performance and is therefore considered to be the primary beneficiary of the VIEs that it consolidates. The Company also participates in substantially all of the variability created by these VIEs. The activities of these VIEs are limited to holding invested assets and foreign currency swaps, as appropriate, and utilizing the cash flows from these securities to service its investment. Neither the Company nor any of its creditors are able to obtain the underlying collateral of the VIEs unless there is an event of default or other specified event. For those VIEs that contain a swap, the Company is not a direct counterparty to the swap contracts and has no control over them. The Company's loss exposure to these VIEs is limited to its original investment. The Company's consolidated VIEs do not rely on outside or ongoing sources of funding to support their activities beyond the underlying collateral and swap contracts, if applicable. With the exception of its investment in unit trust structures, the underlying collateral assets and funding of the Company's consolidated VIEs are generally static in nature.


	June 30, 2022						December 31, 2021
(In millions)	Amortized Cost			Fair Value			Amortized Cost			Fair Value
Assets:
Fixed maturity securities, available for sale		$	4,118		$	4,643		$	4,779		$	5,864
Other investments (1)		350			350			323			323
Total investments in VIEs not consolidated		$	4,468		$	4,993		$	5,102		$	6,187

Certain investments in VIEs that the Company is not required to consolidate are investments that are in the form of debt obligations from the VIEs that are irrevocably and unconditionally guaranteed by their corporate parents or sponsors. These VIEs are the primary financing vehicles used by their corporate sponsors to raise financing in the capital markets. The variable interests created by these VIEs are principally or solely a result of the debt instruments issued by them. The Company does not have the power to direct the activities that most significantly impact the entity's economic performance, nor does it have the obligation to absorb losses of the entity or the right to receive benefits from the entity. As such, the Company is not the primary beneficiary of these VIEs and is therefore not required to consolidate them.

The Company holds alternative investments in limited partnerships that have been determined to be VIEs. These partnerships invest in private equity and structured investments. The Company’s maximum exposure to loss on these investments is limited to the amount of its investment. The Company is not the primary beneficiary of these VIEs and is therefore not required to consolidate them. The Company classifies these investments as Other investments in the consolidated balance sheets.

The Company lends fixed maturity and public equity securities to financial institutions in short-term security-lending transactions. These short-term security-lending arrangements increase investment income with minimal risk. The Company receives cash or other securities as collateral for such loans. The Company's security lending policy requires that the fair value of the securities received as collateral be 102% or more of the fair value of the loaned securities and that unrestricted cash received as collateral be 100% or more of the fair value of the loaned securities. The securities loaned continue to be carried as investment assets on the Company's balance sheet during the terms of the loans and are not reported as sales. For loans involving unrestricted cash or securities as collateral, the collateral is reported as an asset with a corresponding liability for the return of the collateral. For loans where the Company receives as collateral securities that the Company is not permitted to sell or repledge, the collateral is not reflected on the consolidated financial statements.


Securities Lending Transactions Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
	June 30, 2022				December 31, 2021
(In millions)	Overnight and Continuous(1)		Up to 30 days		Total		Overnight and Continuous(1)		Up to 30 days		Total
Securities lending transactions:
Fixed maturity securities:
Japan government and agencies	$	0	$	2,245	$	2,245	$	0	$	920	$	920

Public utilities	17		0		17		40		0		40
Sovereign and supranational	1		0		1		2		0		2
Banks/financial institutions	86		0		86		88		0		88
Other corporate	864		0		864		1,112		0		1,112
Equity securities	48		0		48		0		0		0
Total borrowings	$	1,016	$	2,245	$	3,261	$	1,242	$	920	$	2,162
Gross amount of recognized liabilities for securities lending transactions					$	3,261					$	2,162

In connection with securities lending, in addition to cash collateral received, the Company received from counterparties securities collateral of $5.7 billion and $6.8 billion at June 30, 2022 and December 31, 2021, respectively, which may not be sold or re-pledged, unless the counterparty is in default. Such securities collateral is not reflected on the consolidated financial statements.

Certain fixed maturity securities can be pledged as collateral as part of derivative transactions, or pledged to support state deposit requirements on certain investment programs. For additional information regarding pledged securities related to derivative transactions, see Note 4.