
	March 31, 2024
(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	$	21,577	$	0	$	874	$	1,811	$	20,640
Municipalities	907		0		102		59		950
Mortgage- and asset-backed securities	201		0		6		12		195
Public utilities	3,281		0		262		77		3,466
Sovereign and supranational	349		0		24		7		366
Banks/financial institutions	5,546		0		323		285		5,584
Other corporate	5,532		0		663		245		5,950
Total yen-denominated	37,393		0		2,254		2,496		37,151
U.S. dollar-denominated:
U.S. government and agencies	177		0		1		4		174
Municipalities	1,237		0		72		49		1,260
Mortgage- and asset-backed securities	2,968		0		270		48		3,190
Public utilities	3,595		0		388		136		3,847
Sovereign and supranational	95		0		33		4		124
Banks/financial institutions	2,971		0		385		41		3,315
Other corporate	19,158		0		2,635		724		21,069
Total U.S. dollar-denominated	30,201		0		3,784		1,006		32,979
Total securities available-for-sale	$	67,594	$	0	$	6,038	$	3,502	$	70,130


	December 31, 2023
(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	$	23,067	$	0	$	1,040	$	1,696	$	22,411
Municipalities	968		0		115		58		1,025
Mortgage- and asset-backed securities	215		0		6		11		210
Public utilities	3,757		0		325		82		4,000
Sovereign and supranational	373		0		24		7		390
Banks/financial institutions	5,896		0		320		365		5,851
Other corporate	5,898		0		699		294		6,303
Total yen-denominated	40,174		0		2,529		2,513		40,190
U.S. dollar-denominated:
U.S. government and agencies	191		0		2		4		189
Municipalities	1,246		0		65		38		1,273
Mortgage- and asset-backed securities	2,748		0		184		56		2,876
Public utilities	3,346		0		360		114		3,592
Sovereign and supranational	122		0		33		8		147
Banks/financial institutions	2,676		0		359		51		2,984
Other corporate	20,186		0		2,518		665		22,039
Total U.S. dollar-denominated	30,515		0		3,521		936		33,100
Total securities available-for-sale	$	70,689	$	0	$	6,050	$	3,449	$	73,290


	March 31, 2024
(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	$	16,002	$	2	$	16,000	$	1,474	$	0	$	17,474
Municipalities	248		0		248		37		0		285

Public utilities	33		0		33		3		0		36
Sovereign and supranational	394		3		391		40		0		431

Other corporate	17		0		17		2		0		19
Total yen-denominated	16,694		5		16,689		1,556		0		18,245
Total securities held-to-maturity	$	16,694	$	5	$	16,689	$	1,556	$	0	$	18,245


	December 31, 2023
(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	$	17,085	$	2	$	17,083	$	1,746	$	0	$	18,829
Municipalities	266		0		266		41		0		307
Public utilities	34		0		34		4		0		38
Sovereign and supranational	421		3		418		44		0		462
Other corporate	18		0		18		3		0		21
Total yen-denominated	17,824		5		17,819		1,838		0		19,657
Total securities held-to-maturity	$	17,824	$	5	$	17,819	$	1,838	$	0	$	19,657


(In millions)	Amortized Cost (1)			Fair Value
Available-for-sale:
Due in one year or less		$	1,272		$	1,292
Due after one year through five years		6,659			7,480
Due after five years through 10 years		17,904			19,556
Due after 10 years		38,590			38,417
Mortgage- and asset-backed securities		3,169			3,385
Total fixed maturity securities available-for-sale		$	67,594		$	70,130
Held-to-maturity:
Due in one year or less		$	0		$	0
Due after one year through five years		35			36
Due after five years through 10 years		8,901			9,714
Due after 10 years		7,753			8,495

Total fixed maturity securities held-to-maturity		$	16,689		$	18,245

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 March 31,
(In millions)		2024		2023
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available-for-sale:
Gross gains from sales		$	34	$	1
Gross losses from sales		(282)		(3)
Foreign currency gains (losses)		416		59
Other investments:
Gross gains (losses) from sales and redemptions		5		0
Total sales and redemptions		173		57
Equity securities		76		(3)


Credit losses:

Fixed maturity securities held-to-maturity		0		1
Commercial mortgage and other loans		(7)		(31)
Impairment losses		0		0
Loan commitments		1		3
Reinsurance recoverables and other		5		(3)
Total credit losses		(1)		(30)
Derivatives and other:
Derivative gains (losses)		(215)		17
Foreign currency gains (losses)		918		82
Total derivatives and other		703		99
Total net investment gains (losses)		$	951	$	123

The unrealized holding gains, net of losses, recorded as a component of net investment gains and losses for the three-month period ended March 31, 2024 that relate to equity securities held at the March 31, 2024 reporting date were $71 million. The unrealized holding losses, net of gains, recorded as a component of net investment gains and losses for the three-month period ended March 31, 2023 that relate to equity securities held at the March 31, 2023 reporting date were $5 million.


	March 31, 2024
	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		$	141		$	4		$	59		$	1		$	82		$	3
Japan government and agencies:
Yen-denominated		7,828			1,811			1,628			395			6,200			1,416
Municipalities:
U.S. dollar-denominated		662			49			9			0			653			49
Yen-denominated		277			59			31			1			246			58
Mortgage- and asset- backed securities:
U.S. dollar-denominated		754			48			304			4			450			44
Yen-denominated		54			12			1			0			53			12
Public utilities:
U.S. dollar-denominated		1,383			136			391			9			992			127
Yen-denominated		915			77			351			13			564			64
Sovereign and supranational:
U.S. dollar-denominated		14			4			0			0			14			4
Yen-denominated		55			7			0			0			55			7
Banks/financial institutions:
U.S. dollar-denominated		628			41			228			2			400			39
Yen-denominated		2,973			285			62			1			2,911			284
Other corporate:
U.S. dollar-denominated		6,196			724			1,254			36			4,942			688
Yen-denominated		1,747			245			355			9			1,392			236
Total		$	23,627		$	3,502		$	4,673		$	471		$	18,954		$	3,031


	December 31, 2023
	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		$	123		$	4		$	53		$	1		$	70		$	3
Japan government and agencies:
Yen-denominated		8,393			1,696			1,657			303			6,736			1,393
Municipalities:
U.S. dollar-denominated		703			38			31			1			672			37
Yen-denominated		301			58			34			0			267			58
Mortgage- and asset- backed securities:
U.S. dollar-denominated		925			56			340			6			585			50
Yen-denominated		58			11			0			0			58			11
Public utilities:
U.S. dollar-denominated		1,120			114			228			4			892			110
Yen-denominated		1,028			82			444			13			584			69
Sovereign and supranational:
U.S. dollar-denominated		35			8			0			0			35			8
Yen-denominated		60			7			0			0			60			7
Banks/financial institutions:
U.S. dollar-denominated		655			51			159			4			496			47
Yen-denominated		3,673			365			186			4			3,487			361
Other corporate:
U.S. dollar-denominated		6,380			665			799			19			5,581			646
Yen-denominated		1,948			294			308			9			1,640			285
Total		$	25,402		$	3,449		$	4,239		$	364		$	21,163		$	3,085

For any available-for-sale 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 available-for-sale securities are expected to diminish as investments near maturity. Based on its credit analysis, the Company believes that the issuers of its available-for-sale investments in the sectors shown in the table above have the ability to service their obligations to the Company. Further, 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 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 loss allowance will be estimated. Based on an evaluation of its securities currently in an unrealized loss position, the Company has determined that those securities should not have a credit loss allowance as of March 31, 2024. 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), middle market loans (MMLs), and other loans 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)	March 31, 2024				December 31, 2023
	Amortized Cost		% of Total		Amortized Cost		% of Total
Commercial Mortgage and other loans:
Transitional real estate loans:
Office	$	1,768	14.0	%	$	1,807	14.1	%
Retail	335		2.7		473		3.7
Apartments/Multi-Family	2,550		20.3		2,608		20.4
Industrial	152		1.2		157		1.2
Hospitality	818		6.5		814		6.4
Other	455		3.7		255		2.0
Total transitional real estate loans	6,078		48.4		6,114		47.8
Commercial mortgage loans:
Office	356		2.8		359		2.8
Retail	254		2.0		301		2.4
Apartments/Multi-Family	583		4.6		586		4.6
Industrial	445		3.5		463		3.6

Other	15		.1		0		0.0
Total commercial mortgage loans	1,653		13.0		1,709		13.4
Middle market loans	4,586		36.4		4,677		36.5
Other loans	275		2.2		301		2.3
Total commercial mortgage and other loans	$	12,592	100.0	%	$	12,801	100.0	%
Allowance for credit losses	(232)				(274)
Total net commercial mortgage and other loans	$	12,360			$	12,527

TREs are commercial mortgage loans that are typically relatively short-term floating rate instruments secured by a first lien on the property. These loans provide funding for properties undergoing a change in their physical characteristics and/or economic profile and do not typically require any principal repayment prior to the maturity date.

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 $24 million for a short-term credit facility that is reflected in other liabilities on the consolidated balance sheets at both March 31, 2024 and December 31, 2023.

Other loans are primarily infrastructure loans. Infrastructure loans are typically senior secured, financing operating portfolios of contracted solar and wind assets generating cash flow for loan repayment. The infrastructure loan portfolio weighted average rating is investment grade. As of March 31, 2024, the Company had commitments of approximately $5 million to fund future other loans. These commitments are contingent upon the availability of other loans that meet the Company's underwriting criteria.

For TREs, the Company’s key credit quality indicators include performance of the loan and loan-to-value (LTV), which is calculated by dividing the current outstanding loan balance by the estimated property value, primarily using values at origination. Given that TREs involve properties undergoing a repositioning of their commercial profile, 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. The monitoring process also focuses on higher risk loans, which include those that are delinquent or for which foreclosure or deed in lieu of foreclosure is anticipated.

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.


Transitional Real Estate Loans
(In millions)	2024		2023		2022		2021		2020		Prior		Total
Loan-to-Value Ratio:
0%-59.99%	$	131	$	86	$	609	$	507	$	36	$	125	$	1,494
60%-69.99%	34		126		496		637		18		552		1,863
70%-79.99%	0		14		883		900		83		47		1,927
80% or greater	0		0		218		251		80		245		794
Total	$	165	$	226	$	2,206	$	2,295	$	217	$	969	$	6,078
Current-period gross writeoffs:	$	0	$	0	$	0	$	0	$	0	$	0	$	0


Commercial Mortgage Loans
(In millions)	2024		2023		2022		2021		2020		Prior		Total		Weighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%	$	0	$	33	$	0	$	309	$	45	$	983	$	1,370	2.57
60%-69.99%	0		0		0		0		0		30		30		1.73
70%-79.99%	0		0		0		0		0		120		120		1.26
80% or greater	0		0		0		0		0		133		133		0.52
Total	$	0	$	33	$	0	$	309	$	45	$	1,266	$	1,653	2.30
Weighted Average DSCR	0.00		2.58		0.00		2.92		2.26		2.14
Current-period gross writeoffs:	$	0	$	0	$	0	$	0	$	0	$	0	$	0


Middle Market Loans
(In millions)	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
Credit Ratings:
BBB	$	0	$	17	$	45	$	123	$	54	$	64	$	77	$	380
BB	18		60		308		408		251		287		446		1,778
B	48		53		218		547		302		633		290		2,091
CCC	0		0		20		50		51		136		48		305
CC	0		0		0		0		0		10		0		10
C and lower	0		0		0		0		0		6		16		22
Total	$	66	$	130	$	591	$	1,128	$	658	$	1,136	$	877	$	4,586
Current-period gross writeoffs:	$	0	$	0	$	0	$	27	$	0	$	23	$	0	$	50

The Company granted certain loan modifications to borrowers experiencing financial difficulty during the first three months of 2024 and 2023. The amount, timing, and extent of modifications granted are considered in determining any credit loss allowance recorded. For the three-month period ended March 31, 2024, 3% of TREs with an amortized cost of $210 million were modified in the form of interest rate reductions and other-than-insignificant payment delays. The modifications resulted in a reduction in the weighted-average contractual interest rate from 8.3% to 6.9%. Loan modifications for the three-month period ended March 31, 2023 were immaterial.


	March 31, 2024
(In millions)	Current		Less Than 90 Days Past Due		90 Days or More Past Due(1)		Total Past Due		Total Loans		Nonaccrual Status
Transitional real estate loans	$	5,152	$	97	$	829	$	926	$	6,078	$	829
Commercial mortgage loans	1,598		0		55		55		1,653		55
Middle market loans	4,560		0		26		26		4,586		26
Other loans	275		0		0		0		275		0
Total	$	11,585	$	97	$	910	$	1,007	$	12,592	$	910


	December 31, 2023
(In millions)	Current		Less Than 90 Days Past Due		90 Days or More Past Due(1)		Total Past Due		Total Loans		Nonaccrual Status
Transitional real estate loans	$	5,481	$	108	$	525	$	633	$	6,114	$	633
Commercial mortgage loans	1,676		33		0		33		1,709		0
Middle market loans	4,592		0		85		85		4,677		85
Other loans	301		0		0		0		301		0
Total	$	12,050	$	141	$	610	$	751	$	12,801	$	718

For the three-month periods ended March 31, 2024 and March 31, 2023, the Company recognized no interest income for TREs, CMLs, MMLs, or other loans on nonaccrual status. Of these loans, TREs with an amortized cost of $383 million had no credit loss allowance as of March 31, 2024 because these loans are collateral dependent assets for which the estimated fair values of the collateral are in excess of amortized cost. As of March 31, 2024 and December 31, 2023, there were no MMLs on nonaccrual status without an allowance for credit losses.

The Company calculates its allowance for credit losses for held-to-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 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 DSCR. On a quarterly basis, CMLs and TREs within a portfolio segment that share similar risk characteristics are pooled for calculation of credit loss allowance. On an ongoing basis, TREs, CMLs and other loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is probable), are evaluated individually for credit loss. For example, the credit loss allowance for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of the collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the credit loss allowance as a component of net investment gains (losses) in the consolidated statements of earnings.

The credit allowance for held-to-maturity fixed maturity securities and loan receivables is estimated using a probability-of-default (PD) / loss-given-default (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.

An investment in an available-for-sale security may be impaired if the fair value falls below amortized cost. The Company regularly reviews its available-for-sale portfolio for declines in fair value. The Company's available-for-sale 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 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 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.


(In millions)	Transitional Real Estate Loans		Commercial Mortgage Loans		Middle Market Loans		Other Loans and Loan Commitments		Held-to-Maturity Securities		Available-for-Sale Securities		Total












Three Months Ended March 31, 2024:
Balance at December 31, 2023	$	(112)	$	(16)	$	(146)	$	(16)	$	(5)	$	0	$	(295)
(Addition to) release of allowance for credit losses	(2)		(3)		(3)		1		0		0		(7)
Writeoffs, net of recoveries	0		0		50		0		0		0		50
Change in foreign exchange	0		0		0		0		0		0		0
Balance at March 31, 2024	$	(114)	$	(19)	$	(99)	$	(15)	$	(5)	$	0	$	(252)
Three Months Ended March 31, 2023:
Balance at December 31, 2022	$	(54)	$	(9)	$	(129)	$	(24)	$	(7)	$	0	$	(223)
(Addition to) release of allowance for credit losses	(11)		0		(20)		3		1		0		(27)
Writeoffs, net of recoveries	0		0		0		0		0		0		0
Change in foreign exchange	0		0		0		0		0		0		0
Balance at March 31, 2023	$	(65)	$	(9)	$	(149)	$	(21)	$	(6)	$	0	$	(250)

For the three-month period ended March 31, 2024, the Company completed foreclosure or deed in lieu of foreclosure on TREs collateralized with commercial real estate properties with an amortized cost of $31 million. As a result of the excess of amortized cost over the estimated fair value of the collateral of the TREs, upon consummating the foreclosures or deed in lieu of foreclosure transactions, the Company recognized a net gain of $4 million for the three-month period ended March 31, 2024 in net investment gains (losses). The Company did not complete any foreclosure or deed in lieu of foreclosure transactions in the three-month period ended March 31, 2023. Refer to the Other Investments section below for additional information.

As of March 31, 2024, the Company identified additional TREs with an amortized cost of $601 million in anticipation of potential foreclosure or deed in lieu of foreclosure transactions. As of March 31, 2024, the Company established a credit allowance of $60 million for $598 million of loans for which the fair value of the collateral was below the amortized cost of the loans.

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 sheets. 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 statements of earnings.

Real estate owned (REO) consists of office buildings or other commercial properties obtained through foreclosure or deed in lieu of foreclosure of certain of the Company’s TREs. As of March 31, 2024, all REO was classified as held-and-used for the production of income and is carried at cost less accumulated depreciation. As of December 31, 2023, $210 million of REO was classified as held-and-used with the remaining $17 million classified as held-for-sale, which is carried at the lower of depreciated cost or fair value less cost to sell and is not further depreciated once classified as such. Depreciation expense was $1 million for the three-month period ended March 31, 2024. Additionally, as of March 31, 2024 and December 31, 2023, accumulated depreciation was $2 million and an immaterial amount, respectively.

In the normal course of its activities, the Company invests in legal entities that are VIEs. The Company's debt or ownership interest in VIEs is limited to holding the equity interests and obligations issued by them. With the exception of commitments to limited partnerships and to certain loan investments made in the normal course of business, the Company has not provided any direct or contingent obligations to fund the limited activities of these VIEs or support related to the limited activities of these VIE and does not have any intention to do so in the future, nor does it have any direct or indirect financial guarantees.

If the Company determines that it is the VIE’s primary beneficiary, it consolidates the VIE. Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company except to the extent of the unfunded commitments referenced above, as the Company’s obligation to each VIE is limited to the amount of its committed investment.


(In millions)	March 31, 2024			December 31, 2023
Assets:
Fixed maturity securities, available-for-sale		$	3,678		$	3,712

Commercial mortgage and other loans		9,947			10,150
Other investments (1)		2,443			2,381
Other assets (2)		57			55
Total assets of consolidated VIEs		$	16,125		$	16,298
Liabilities:
Other liabilities (2)		$	583		$	507
Total liabilities of consolidated VIEs		$	583		$	507

The Company is the sole investor in the consolidated VIEs listed in the table above. The Company invests in fixed maturity securities issued by VIEs that in turn hold U.S. dollar-denominated fixed maturity securities coupled with foreign currency swap agreements. The weighted-average lives of the Company's investments in these VIEs are very similar to the underlying collateral held by these VIEs. The activities of these VIEs are limited to holding invested assets and foreign currency swaps and utilizing the cash flows from these securities to service the VIEs' debt. Neither the Company nor any of its creditors are able to obtain the underlying collateral of these VIEs unless there is an event of default or other specified event. The Company is not a direct counterparty to the foreign currency swap contracts and has no control over them. The Company's loss exposure to these VIEs is limited to its original investment. These consolidated VIEs do not rely on outside or ongoing sources of funding to support their activities beyond the underlying collateral and foreign currency swap contracts, if applicable. The underlying collateral assets and funding of these consolidated VIEs are generally static in nature.

The Company also utilizes unit trust structures in its Aflac Japan segment to invest in various asset classes, which include CMLs, MMLs, TREs, other loans and limited partnerships. The limited partnership investments are comprised of private equity and real estate funds. The Company’s loss exposure to these VIEs is limited to its original investments, together with any unfunded portion of the Company’s commitments made in the normal course of business to fund certain loan investments and limited partnership investments, as described in the Commercial Mortgage and Other Loans and Other Investments sections of this note. Excluding these commitments, the Company does not provide financial or other support to consolidated VIEs.

Certain investments in VIEs that the Company is not required to consolidate are investments that are in the form of debt obligations issued by the VIEs. These fixed maturity securities include structured securities, primarily asset-backed securities. The Company's involvement in the related VIEs is limited to that of a passive investor in asset-backed securities issued by the VIEs. The Company also invests in VIEs that 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 VIE entity or the right to receive benefits from the entity that could be significant to the entity. As such, the Company is not the primary beneficiary of these VIEs and therefore is not required to consolidate them. The Company's maximum exposure to loss on these investments is limited to the amount of the Company's investment.

The Company also holds equity investments in limited partnerships that have been determined to be VIEs. These partnerships primarily invest in private equity and real estate funds. The Company’s maximum exposure to loss on these investments is limited to the amount of its investment and any unfunded commitments. As described in the Other Investments section of this note, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to unconsolidated VIEs. 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.

with minimal risk. The Company receives cash or other securities as collateral for such loans. The Company's securities 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
	March 31, 2024				December 31, 2023
(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	$	2,542	$	2,542	$	0	$	737	$	737

Public utilities	33		0		33		19		0		19

Banks/financial institutions	148		0		148		72		0		72
Other corporate	643		0		643		675		0		675

Total borrowings	$	824	$	2,542	$	3,366	$	766	$	737	$	1,503
Gross amount of recognized liabilities for securities lending transactions					$	3,366					$	1,503

In connection with securities lending, in addition to cash collateral received, the Company received from counterparties securities collateral of $4.5 billion and $4.3 billion at March 31, 2024 and December 31, 2023, 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.