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INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 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.
  
June 30, 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$23,313 $0 $1,435 $975 $23,773 
Municipalities946 0 150 35 1,061 
Mortgage- and asset-backed securities213 0 8 6 215 
Public utilities3,665 0 367 51 3,981 
Sovereign and supranational498 0 34 4 528 
Banks/financial institutions5,767 0 349 309 5,807 
Other corporate5,947 0 745 280 6,412 
Total yen-denominated40,349 0 3,088 1,660 41,777 
  U.S. dollar-denominated:
U.S. government and agencies187 0 0 7 180 
Municipalities1,251 0 62 51 1,262 
Mortgage- and asset-backed securities2,521 0 189 70 2,640 
Public utilities3,384 0 347 143 3,588 
Sovereign and supranational122 0 34 10 146 
Banks/financial institutions2,766 0 346 70 3,042 
Other corporate20,269 0 2,396 795 21,870 
Total U.S. dollar-denominated30,500 0 3,374 1,146 32,728 
Total securities available for sale$70,849 $0 $6,462 $2,806 $74,505 
  
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
  
June 30, 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$16,717 $2 $16,715 $2,387 $0 $19,102 
Municipalities261 0 261 53 0 314 
Public utilities35 0 35 4 0 39 
Sovereign and supranational411 3 408 54 0 462 
Other corporate17 0 17 4 0 21 
Total yen-denominated17,441 5 17,436 2,502 0 19,938 
Total securities held to maturity$17,441 $5 $17,436 $2,502 $0 $19,938 
  
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)June 30,
2023		December 31, 2022
Equity securities, carried at fair value through net earnings:Fair ValueFair Value
Equity securities:
      Yen-denominated$703 $670 
      U.S. dollar-denominated218 374 
Other currencies44 47 
Total equity securities$965 $1,091 
Investments Classified by Contractual Maturity Date The contractual and economic maturities of the Company's investments in fixed maturity securities at June 30, 2023, were as follows:
(In millions)
Amortized
Cost (1)
Fair
Value
Available for sale:
Due in one year or less$1,808 $1,896 
Due after one year through five years6,636 7,114 
Due after five years through 10 years16,133 17,931 
Due after 10 years43,538 44,709 
Mortgage- and asset-backed securities2,734 2,855 
Total fixed maturity securities available for sale$70,849 $74,505 
Held to maturity:
Due in one year or less$0 $0 
Due after one year through five years37 39 
Due after five years through 10 years9,300 10,414 
Due after 10 years8,099 9,485 
Mortgage- and asset-backed securities0 0 
Total fixed maturity securities held to maturity$17,436 $19,938 
(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:
June 30, 2023December 31, 2022
(In millions)Credit
Rating		Amortized
Cost		Fair
Value		Credit
Rating		Amortized
Cost		Fair
Value
Japan National Government(1)
A+$39,043$41,826A+$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 June 30,Six Months Ended June 30,
(In millions)2023202220232022
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available for sale:
Gross gains from sales$7 $15 $8 $85 
Gross losses from sales(6)(23)(9)(26)
Foreign currency gains (losses)26 123 85 133 
Other investments:
Gross gains (losses) from sales(3)0 (3)9 
Total sales and redemptions24 115 81 201 
Equity securities(9)

(135)(12)(291)
Credit losses:
Fixed maturity securities held to maturity0 0 1 0 
Commercial mortgage and other loans(2)(12)(33)4 
Impairment losses0 (17)0 (17)
Loan commitments1 (5)4 2 
Reinsurance recoverables and other0 0 (3)2 
Total credit losses(1)(34)(31)(9)
Derivatives and other:
Derivative gains (losses)(594)(558)(577)(1,024)
Foreign currency gains (losses)1,135 1,176 1,217 1,809 
Total derivatives and other541 618 640 785 
Total net investment gains (losses)$555 $564 $678 $686 
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)June 30,
2023		December 31,
2022
Unrealized gains (losses) on securities available for sale$3,656 $272 
Deferred income taxes(1,678)(974)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities$1,978 $(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 June 30, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
  
June 30, 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$179 $7 $97 $3 $82 $4 
  Japan government and
      agencies:
  Yen-denominated8,274 975 529 102 7,745 873 
  Municipalities:
  U.S. dollar-denominated700 51 96 6 604 45 
  Yen-denominated283 35 0 0 283 35 
Mortgage- and asset-
    backed securities:
  U.S. dollar-denominated1,057 70 753 55 304 15 
  Yen-denominated61 6 0 0 61 6 
  Public utilities:
  U.S. dollar-denominated1,296 143 690 58 606 85 
      Yen-denominated710 51 57 2 653 49 
  Sovereign and supranational:
  U.S. dollar-denominated33 10 0 0 33 10 
  Yen-denominated63 4 0 0 63 4 
  Banks/financial institutions:
  U.S. dollar-denominated857 70 387 13 470 57 
  Yen-denominated3,626 309 425 9 3,201 300 
  Other corporate:
  U.S. dollar-denominated7,385 795 2,691 118 4,694 677 
  Yen-denominated 1,818 280 412 13 1,406 267 
  Total$26,342 $2,806 $6,137 $379 $20,205 $2,427 
  
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)June 30, 2023December 31, 2022
Amortized Cost% of TotalAmortized Cost% of Total
Commercial Mortgage and other loans:
Transitional real estate loans:
Office$2,162 15.9 %$2,158 15.8 %
Retail468 3.4 493 3.6 
Apartments/Multi-Family2,642 19.5 2,701 19.7 
Industrial449 3.3 123 .9 
Hospitality812 6.0 803 5.9 
Other242 1.8 231 1.7 
Total transitional real estate loans6,775 49.9 6,509 47.6 
Commercial mortgage loans:
Office378 2.8 388 2.8 
Retail306 2.3 310 2.3 
Apartments/Multi-Family607 4.5 630 4.6 
Industrial465 3.4 694 5.1 
Total commercial mortgage loans1,756 13.0 2,022 14.8 
Middle market loans5,040 37.1 5,157 37.6 
Total commercial mortgage and other loans$13,571 100.0 %$13,688 100.0 %
Allowance for credit losses(225)(192)
Total net commercial mortgage and other loans$13,346 $13,496 
Financing Receivable Nonaccrual
The following table presents an aging of past due and nonaccrual loans at amortized cost, before allowance for credit losses, as of the period presented.
June 30, 2023
(In millions)Current Less Than 90 Days Past Due
90 Days
or More
 Past Due(1)
Total Past DueTotal
Loans		Nonaccrual Status
Transitional Real Estate Loans$6,141 $207 $427 $634 $6,775 $612 
Commercial Mortgage Loans1,756 0 0 0 1,756 0 
Middle Market Loans4,997 0 43 43 5,040 43 
Total$12,894 $207 $470 $677 $13,571 $655 
(1) As of June 30, 2023, there were no loans that were 90 days or more past due that continued to accrue interest
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 June 30, 2023:
Balance at March 31, 2023
$(65)$(9)$(149)$(6)$0 $(11)
(Addition to) release of allowance for credit
   losses		(11)0 9 0 0 0 
Write-offs, net of recoveries0 0 0 0 0 0 
Change in foreign exchange0 0 0 1 0 1 
Balance at June 30, 2023
$(76)$(9)$(140)$(5)$0 $(10)
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 recoveries0 0 5 0 0 0 
Change in foreign exchange0 0 0 1 0 1 
Balance at June 30, 2022
$(53)$(8)$(109)$(7)$0 $(8)
Six Months Ended June 30, 2023:
Balance at December 31, 2022
$(54)$(9)$(129)$(7)$0 $(8)
(Addition to) release of allowance for credit
   losses		(22)0 (11)1 0 (2)
Write-offs, net of recoveries0 0 0 0 0 0 
Change in foreign exchange0 0 0 1 0 0 
Balance at June 30, 2023
$(76)$(9)$(140)$(5)$0 $(10)
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 recoveries0 0 5 0 0 0 
Change in foreign exchange0 0 0 1 0 3 
Balance at June 30, 2022
$(53)$(8)$(109)$(7)$0 $(8)
Other Investments
The table below reflects the composition of the carrying value for other investments as of the periods presented.
(In millions)June 30,
2023		December 31, 2022
Other investments:
Policy loans$202 $214 
Short-term investments (1)
2,706 1,532 
Limited partnerships2,551 2,290 
Other32 34 
Total other investments$5,491 $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
June 30, 2023December 31, 2022
(In millions)
Overnight
and
Continuous(1)
Up to 30
days		30-90 daysTotal
Overnight
and
Continuous(1)
Up to 30
days		Total
Securities lending
  transactions:
Fixed maturity securities:
Japan government and
  agencies		$0 $3,784 $566 $4,350 $0 $1,087 $1,087 
Public utilities6 0 0 6 12 0 12 
Banks/financial institutions38 0 0 38 89 0 89 
Other corporate285 0 0 285 621 0 621 
          Total borrowings$329 $3,784 $566 $4,679 $722 $1,087 $1,809 
Gross amount of recognized liabilities for securities
   lending transactions		$4,679 $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
June 30, 2023December 31, 2022
(In millions)
Amortized
Cost (1)
Fair
Value
Amortized
Cost (1)
Fair
Value
Assets:
Fixed maturity securities, available for sale$2,922 $3,766 $3,223 $3,805 
Commercial mortgage and other loans10,652 10,605 10,832 10,762 
Other investments (2)
2,163 2,163 1,909 1,909 
Other assets (3)
61 61 62 62 
Total assets of consolidated VIEs$15,798 $16,595 $16,026 $16,538 
Liabilities:
Other liabilities (3)
$450 $450 $390 $390 
Total liabilities of consolidated VIEs$450 $450 $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
  
June 30, 2023December 31, 2022
(In millions)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Assets:
Fixed maturity securities, available for sale$3,522 $3,924 $3,998 $4,259 
Other investments (1)
388 388 381 381 
Total investments in VIEs not consolidated$3,910 $4,312 $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%$116 $653 $598 $36 $153 $10 $1,566 
60%-69.99%42 733 751 136 497 382 2,541 
70%-79.99%0 868 918 100 365 146 2,397 
80% or greater0 108 163 0 0 0 271 
Total$158 $2,362 $2,430 $272 $1,015 $538 $6,775 
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 $298 $46 $504 $617 $1,465 2.53
60%-69.99%0 0 15 0 45 124 184 1.82
70%-79.99%0 0 0 0 39 20 59 1.18
80% or greater0 0 0 0 0 48 48 2.67
Total$0 $0 $313 $46 $588 $809 $1,756 2.42
Weighted Average DSCR0.000.002.931.982.442.23
Middle market loans  
Financing Receivable Credit Quality Indicators
Middle Market Loans
(In millions)20232022202120202019PriorRevolving LoansTotal
Credit Ratings:
BBB$7 $58 $147 $68 $37 $27 $145 $489 
BB31 340 458 299 170 126 392 1,816 
B22 236 624 381 445 344 287 2,339 
CCC0 0 21 39 104 156 50 370 
CC0 0 0 0 7 10 0 17 
C and lower0 0 0 0 0 6 3 9 
Total$60 $634 $1,250 $787 $763 $669 $877 $5,040