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INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2023
Available-for-Sale Debt Securities
The amortized cost for the Company's investments in fixed maturity securities, the cost for equity securities and the fair values of these investments are shown in the following tables.
  
March 31, 2023
(In millions)
Amortized
Cost		Allowance for Credit LossesGross
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$25,264 $0 $1,534 $1,079 $25,719 
Municipalities1,028 0 152 42 1,138 
Mortgage- and asset-backed securities238 0 9 8 239 
Public utilities3,979 0 351 63 4,267 
Sovereign and supranational543 0 31 3 571 
Banks/financial institutions6,313 0 337 427 6,223 
Other corporate6,402 0 705 309 6,798 
Total yen-denominated43,767 0 3,119 1,931 44,955 
  U.S. dollar-denominated:
U.S. government and agencies179 0 0 5 174 
Municipalities1,280 0 53 55 1,278 
Mortgage- and asset-backed securities2,307 0 90 69 2,328 
Public utilities3,479 0 315 128 3,666 
Sovereign and supranational132 0 36 11 157 
Banks/financial institutions2,966 0 316 85 3,197 
Other corporate21,196 0 1,946 798 22,344 
Total U.S. dollar-denominated31,539 0 2,756 1,151 33,144 
Total securities available for sale$75,306 $0 $5,875 $3,082 $78,099 
  
December 31, 2022
(In millions)Amortized
Cost		Allowance for Credit LossesGross
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$25,418 $0 $1,259 $1,724 $24,953 
Municipalities1,034 0 124 61 1,097 
Mortgage- and asset-backed securities241 0 8 12 237 
Public utilities3,932 0 301 108 4,125 
Sovereign and supranational659 0 24 5 678 
Banks/financial institutions6,348 0 324 531 6,141 
Other corporate6,288 0 555 408 6,435 
Total yen-denominated43,920 0 2,595 2,849 43,666 
  U.S. dollar-denominated:
U.S. government and agencies169 0 0 8 161 
Municipalities1,269 0 43 89 1,223 
Mortgage- and asset-backed securities1,926 0 67 84 1,909 
Public utilities3,481 0 240 180 3,541 
Sovereign and supranational133 0 35 12 156 
Banks/financial institutions2,992 0 271 105 3,158 
Other corporate21,579 0 1,549 1,201 21,927 
Total U.S. dollar-denominated31,549 0 2,205 1,679 32,075 
Total securities available for sale$75,469 $0 $4,800 $4,528 $75,741 
Held-to-maturity Securities
  
March 31, 2023
(In millions)
Amortized
Cost		Allowance for Credit LossesNet Carrying AmountGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair  
Value  
Securities held to maturity, carried at
  amortized cost:
Fixed maturity securities:
  Yen-denominated:
Japan government and agencies$18,154 $2 $18,152 $2,548 $0 $20,700 
Municipalities285 0 285 56 0 341 
Public utilities37 0 37 5 0 42 
Sovereign and supranational447 4 443 67 0 510 
Other corporate19 0 19 4 0 23 
Total yen-denominated18,942 6 18,936 2,680 0 21,616 
Total securities held to maturity$18,942 $6 $18,936 $2,680 $0 $21,616 
  
December 31, 2022
(In millions)Amortized
Cost		Allowance for Credit LossesNet Carrying AmountGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair  
Value
Securities held to maturity, carried at
  amortized cost:
Fixed maturity securities:
  Yen-denominated:
Japan government and agencies$18,269 $2 $18,267 $2,045 $0 $20,312 
Municipalities287 0 287 48 0 335 
Public utilities38 1 37 4 0 41 
Sovereign and supranational450 4 446 54 0 500 
Other corporate19 0 19 3 0 22 
Total yen-denominated19,063 7 19,056 2,154 0 21,210 
Total securities held to maturity$19,063 $7 $19,056 $2,154 $0 $21,210 
Equity securities, FV-NI
(In millions)March 31,
2023		December 31, 2022
Equity securities, carried at fair value through net earnings:Fair ValueFair Value
Equity securities:
      Yen-denominated$679 $670 
      U.S. dollar-denominated360 374 
Other currencies48 47 
Total equity securities$1,087 $1,091 
Investments Classified by Contractual Maturity Date The contractual and economic maturities of the Company's investments in fixed maturity securities at March 31, 2023, were as follows:
(In millions)
Amortized
Cost (1)
Fair
Value
Available for sale:
Due in one year or less$1,690 $1,765 
Due after one year through five years6,964 7,350 
Due after five years through 10 years15,878 17,289 
Due after 10 years48,230 49,128 
Mortgage- and asset-backed securities2,544 2,567 
Total fixed maturity securities available for sale$75,306 $78,099 
Held to maturity:
Due in one year or less$0 $0 
Due after one year through five years40 42 
Due after five years through 10 years10,067 11,271 
Due after 10 years8,829 10,303 
Mortgage- and asset-backed securities0 0 
Total fixed maturity securities held to maturity$18,936 $21,616 
(1) Net of allowance for credit losses
Investment Exposures Exceeding Ten Percent Shareholders Equity
Investment exposures that individually exceeded 10% of shareholders' equity were as follows:
March 31, 2023December 31, 2022
(In millions)Credit
Rating		Amortized
Cost		Fair
Value		Credit
Rating		Amortized
Cost		Fair
Value
Japan National Government(1)
A+$42,355$45,299A+$42,618$44,178
(1)Japan Government Bonds (JGBs) or JGB-backed securities
Gain (Loss) on Investments
Information regarding pretax net gains and losses from investments is as follows:
  
Three Months Ended March 31,
(In millions)20232022
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available for sale:
Gross gains from sales$1 $70 
Gross losses from sales(3)(3)
Foreign currency gains (losses)59 10 
Other investments:
Gross gains from sales0 9 
Total sales and redemptions57 86 
Equity securities(3)(156)
Credit losses:
Fixed maturity securities held to maturity1 0 
Commercial mortgage and other loans(31)16 
Loan commitments3 7 
Reinsurance recoverables and other(3)2 
Total credit losses(30)25 
Derivatives and other:
Derivative gains (losses)17 (466)
Foreign currency gains (losses)82 633 
Total derivatives and other99 167 
Total net investment gains (losses)$123 $122 
Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities
The net effect on shareholders’ equity of unrealized gains and losses from fixed maturity securities was as follows:
(In millions)March 31,
2023		December 31,
2022
Unrealized gains (losses) on securities available for sale$2,793 $272 
Deferred income taxes(1,504)(974)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities$1,289 $(702)
Investments Gross Unrealized Loss Aging The following tables show the fair values and gross unrealized losses of the Company's available-for-sale investments for the periods ended March 31, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
  
March 31, 2023
  
TotalLess than 12 months12 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$149 $5 $62 $1 $87 $4 
  Japan government and
      agencies:
  Yen-denominated8,845 1,079 565 77 8,280 1,002 
  Municipalities:
  U.S. dollar-denominated817 55 356 13 461 42 
  Yen-denominated303 42 57 4 246 38 
Mortgage- and asset-
    backed securities:
  U.S. dollar-denominated1,007 69 753 58 254 11 
  Yen-denominated70 8 5 0 65 8 
  Public utilities:
  U.S. dollar-denominated1,380 128 776 53 604 75 
      Yen-denominated726 63 37 2 689 61 
  Sovereign and supranational:
  U.S. dollar-denominated31 11 0 0 31 11 
  Yen-denominated72 3 35 3 37 0 
  Banks/financial institutions:
  U.S. dollar-denominated982 85 448 17 534 68 
  Yen-denominated3,907 427 736 43 3,171 384 
  Other corporate:
  U.S. dollar-denominated8,128 798 3,297 119 4,831 679 
  Yen-denominated 2,064 309 753 72 1,311 237 
  Total$28,481 $3,082 $7,880 $462 $20,601 $2,620 
  
December 31, 2022
  
TotalLess than 12 months12 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$159 $8 $85 $3 $74 $5 
  Japan government and
      agencies:
  Yen-denominated8,856 1,724 3,733 580 5,123 1,144 
  Municipalities:
  U.S. dollar-denominated854 89 735 57 119 32 
  Yen-denominated286 61 150 26 136 35 
Mortgage- and asset-
    backed securities:
  U.S. dollar-denominated936 84 640 42 296 42 
  Yen-denominated62 12 38 6 24 6 
  Public utilities:
  U.S. dollar-denominated1,852 180 1,667 144 185 36 
  Yen-denominated880 108 576 61 304 47 
  Sovereign and supranational:
  U.S. dollar-denominated30 12 0 0 30 12 
Yen-denominated71 5 34 4 37 1 
  Banks/financial institutions:
  U.S. dollar-denominated1,147 105 786 58 361 47 
  Yen-denominated3,957 531 1,760 174 2,197 357 
  Other corporate:
  U.S. dollar-denominated10,529 1,201 8,636 785 1,893 416 
  Yen-denominated2,090 408 1,507 273 583 135 
  Total $31,709 $4,528 $20,347 $2,213 $11,362 $2,315 
Composition of the Carrying Value for Commercial Mortgage and Other Loans by Property Type
The following table reflects the composition of the carrying value for commercial mortgage and other loans by property type as of the periods presented.
(In millions)March 31, 2023December 31, 2022
Amortized Cost% of TotalAmortized Cost% of Total
Commercial Mortgage and other loans:
Transitional real estate loans:
Office$2,142 15.8 %$2,158 15.8 %
Retail465 3.4 493 3.6 
Apartments/Multi-Family2,616 19.3 2,701 19.7 
Industrial416 3.1 123 .9 
Hospitality825 6.1 803 5.9 
Other236 1.7 231 1.7 
Total transitional real estate loans6,700 49.4 6,509 47.6 
Commercial mortgage loans:
Office380 2.8 388 2.8 
Retail308 2.3 310 2.3 
Apartments/Multi-Family610 4.5 630 4.6 
Industrial469 3.5 694 5.1 
Total commercial mortgage loans1,767 13.1 2,022 14.8 
Middle market loans5,084 37.5 5,157 37.6 
Total commercial mortgage and other loans$13,551 100.0 %$13,688 100.0 %
Allowance for credit losses(223)(192)
Total net commercial mortgage and other loans$13,328 $13,496 
Allowance for Loan Losses by Portfolio Segment
The following table presents the roll forward of the allowance for credit losses by portfolio segment.
(In millions)Transitional Real Estate LoansCommercial Mortgage LoansMiddle Market LoansHeld to Maturity SecuritiesAvailable for Sale SecuritiesReinsurance Recoverables
Three Months Ended March 31, 2023:
Balance at December 31, 2022
$(54)$(9)$(129)$(7)$0 $(8)
(Addition to) release of allowance for credit
   losses		(11)0 (20)1 0 (3)
Write-offs, net of recoveries0 0 0 0 0 0 
Change in foreign exchange0 0 0 0 0 0 
Balance at March 31, 2023
$(65)$(9)$(149)$(6)$0 $(11)
Three Months Ended March 31, 2022:
Balance at December 31, 2021$(68)$(10)$(96)$(8)$0 $(13)
(Addition to) release of allowance for credit
   losses		16 2 (2)0 0 2 
Change in foreign exchange0 0 0 0 0 2 
Balance at March 31, 2022
$(52)$(8)$(98)$(8)$0 $(9)
Other Investments
The table below reflects the composition of the carrying value for other investments as of the periods presented.
(In millions)March 31,
2023		December 31, 2022
Other investments:
Policy loans$214 $214 
Short-term investments (1)
2,561 1,532 
Limited partnerships2,432 2,290 
Other34 34 
Total other investments$5,241 $4,070 
(1) Includes securities lending collateral
Securities Lending Transactions Accounted for as Secured Borrowings
Details of collateral by loaned security type and remaining maturity of the agreements were as follows:
Securities Lending Transactions Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
March 31, 2023December 31, 2022
(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 $2,912 $2,912 $0 $1,087 $1,087 
Public utilities4 0 4 12 0 12 
Banks/financial institutions60 0 60 89 0 89 
Other corporate484 0 484 621 0 621 
          Total borrowings$548 $2,912 $3,460 $722 $1,087 $1,809 
Gross amount of recognized liabilities for securities
   lending transactions		$3,460 $1,809 
(1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous.
Variable Interest Entity, Consolidated  
Investments in Variable Interest Entities
VIEs - Consolidated

The following table presents the cost or amortized cost, fair value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported.

Investments in Consolidated Variable Interest Entities
March 31, 2023December 31, 2022
(In millions)
Amortized
Cost (1)
Fair
Value
Amortized
Cost (1)
Fair
Value
Assets:
Fixed maturity securities, available for sale$3,222 $3,925 $3,223 $3,805 
Commercial mortgage and other loans10,684 10,688 10,832 10,762 
Other investments (2)
2,049 2,049 1,909 1,909 
Other assets (3)
63 63 62 62 
Total assets of consolidated VIEs$16,018 $16,725 $16,026 $16,538 
Liabilities:
Other liabilities (3)
$399 $399 $390 $390 
Total liabilities of consolidated VIEs$399 $399 $390 $390 
(1) Net of allowance for credit losses
(2) Consists entirely of alternative investments in limited partnerships
(3) Consists entirely of derivatives
Variable Interest Entity, Not Consolidated  
Investments in Variable Interest Entities
VIEs - Not Consolidated
The table below reflects the amortized cost, fair value and balance sheet caption in which the Company's investment in VIEs not consolidated are reported.
Investments in Variable Interest Entities Not Consolidated
  
March 31, 2023December 31, 2022
(In millions)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Assets:
Fixed maturity securities, available for sale$3,890 $4,274 $3,998 $4,259 
Other investments (1)
383 383 381 381 
Total investments in VIEs not consolidated$4,273 $4,657 $4,379 $4,640 
(1) Consists entirely of alternative investments in limited partnerships
Transitional real estate loans  
Financing Receivable Credit Quality Indicators
Transitional Real Estate Loans
(In millions)20232022202120202019PriorTotal
Loan-to-Value Ratio:
0%-59.99%$77 $692 $588 $36 $153 $10 $1,556 
60%-69.99%42 663 707 135 490 430 2,467 
70%-79.99%0 882 947 98 365 146 2,438 
80% or greater0 77 162 0 0 0 239 
Total$119 $2,314 $2,404 $269 $1,008 $586 $6,700 
Commercial mortgage loans  
Financing Receivable Credit Quality Indicators
Commercial Mortgage Loans
(In millions)20232022202120202019PriorTotalWeighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%$0 $0 $299 $46 $507 $599 $1,451 2.52
60%-69.99%0 0 15 0 45 169 229 2.00
70%-79.99%0 0 0 0 39 24 63 2.21
80% or greater0 0 0 0 0 24 24 1.41
Total$0 $0 $314 $46 $591 $816 $1,767 2.43
Weighted Average DSCR0.000.002.931.932.452.24
Middle market loans  
Financing Receivable Credit Quality Indicators
Middle Market Loans
(In millions)20232022202120202019PriorRevolving LoansTotal
Credit Ratings:
BBB$7 $75 $142 $70 $37 $17 $134 $482 
BB1 347 444 299 171 128 381 1,771 
B20 230 661 382 464 406 297 2,460 
CCC0 0 21 39 111 128 57 356 
CC0 0 0 0 0 14 1 15 
C and lower0 0 0 0 0 0 0 0 
Total$28 $652 $1,268 $790 $783 $693 $870 $5,084