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INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
Available-for-Sale Debt Securities
The amortized cost and allowance for credit losses for the Company's investments in fixed maturity securities and the fair values of these investments as well as the fair value of the Company's investments in equity securities are shown in the following tables.
  
March 31, 2024
(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$21,577 $0 $874 $1,811 $20,640 
Municipalities907 0 102 59 950 
Mortgage- and asset-backed securities201 0 6 12 195 
Public utilities3,281 0 262 77 3,466 
Sovereign and supranational349 0 24 7 366 
Banks/financial institutions5,546 0 323 285 5,584 
Other corporate5,532 0 663 245 5,950 
Total yen-denominated37,393 0 2,254 2,496 37,151 
  U.S. dollar-denominated:
U.S. government and agencies177 0 1 4 174 
Municipalities1,237 0 72 49 1,260 
Mortgage- and asset-backed securities2,968 0 270 48 3,190 
Public utilities3,595 0 388 136 3,847 
Sovereign and supranational95 0 33 4 124 
Banks/financial institutions2,971 0 385 41 3,315 
Other corporate19,158 0 2,635 724 21,069 
Total U.S. dollar-denominated30,201 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 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$23,067 $0 $1,040 $1,696 $22,411 
Municipalities968 0 115 58 1,025 
Mortgage- and asset-backed securities215 0 6 11 210 
Public utilities3,757 0 325 82 4,000 
Sovereign and supranational373 0 24 7 390 
Banks/financial institutions5,896 0 320 365 5,851 
Other corporate5,898 0 699 294 6,303 
Total yen-denominated40,174 0 2,529 2,513 40,190 
  U.S. dollar-denominated:
U.S. government and agencies191 0 2 4 189 
Municipalities1,246 0 65 38 1,273 
Mortgage- and asset-backed securities2,748 0 184 56 2,876 
Public utilities3,346 0 360 114 3,592 
Sovereign and supranational122 0 33 8 147 
Banks/financial institutions2,676 0 359 51 2,984 
Other corporate20,186 0 2,518 665 22,039 
Total U.S. dollar-denominated30,515 0 3,521 936 33,100 
Total securities available-for-sale$70,689 $0 $6,050 $3,449 $73,290 
Held-to-maturity Securities
  
March 31, 2024
(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$16,002 $2 $16,000 $1,474 $0 $17,474 
Municipalities248 0 248 37 0 285 
Public utilities33 0 33 3 0 36 
Sovereign and supranational394 3 391 40 0 431 
Other corporate17 0 17 2 0 19 
Total yen-denominated16,694 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 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$17,085 $2 $17,083 $1,746 $0 $18,829 
Municipalities266 0 266 41 0 307 
Public utilities34 0 34 4 0 38 
Sovereign and supranational421 3 418 44 0 462 
Other corporate18 0 18 3 0 21 
Total yen-denominated17,824 5 17,819 1,838 0 19,657 
Total securities held-to-maturity$17,824 $5 $17,819 $1,838 $0 $19,657 
Equity securities, FV-NI
March 31,
2024		December 31, 2023
(In millions)Fair ValueFair Value
Equity securities, carried at fair value through net earnings:
Equity securities:
      Yen-denominated$522 $751 
      U.S. dollar-denominated240 252 
Other currencies0 85 
Total equity securities$762 $1,088 
Investments Classified by Contractual Maturity Date
The contractual and economic maturities of the Company's investments in fixed maturity securities at March 31, 2024, were as follows:
(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 years6,659 7,480 
Due after five years through 10 years17,904 19,556 
Due after 10 years38,590 38,417 
Mortgage- and asset-backed securities3,169 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 years35 36 
Due after five years through 10 years8,901 9,714 
Due after 10 years7,753 8,495 
Total fixed maturity securities held-to-maturity$16,689 $18,245 
(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, 2024December 31, 2023
(In millions)Credit
Rating		Amortized
Cost		Fair
Value		Credit
Rating		Amortized
Cost		Fair
Value
Japan National Government(1)
A+$36,641$37,170A+$39,151$40,222
(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)20242023
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 redemptions5 0 
Total sales and redemptions173 57 
Equity securities76 (3)
Credit losses:
Fixed maturity securities held-to-maturity0 1 
Commercial mortgage and other loans(7)(31)
Impairment losses0 0 
Loan commitments1 3 
Reinsurance recoverables and other5 (3)
Total credit losses(1)(30)
Derivatives and other:
Derivative gains (losses)(215)17 
Foreign currency gains (losses)918 82 
Total derivatives and other703 99 
Total net investment gains (losses)$951 $123 
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,
2024		December 31,
2023
Unrealized gains (losses) on securities available-for-sale$2,536 $2,601 
Deferred income taxes(1,444)(1,462)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities$1,092 $1,139 
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, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
  
March 31, 2024
  
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$141 $4 $59 $1 $82 $3 
  Japan government and
      agencies:
  Yen-denominated7,828 1,811 1,628 395 6,200 1,416 
  Municipalities:
  U.S. dollar-denominated662 49 9 0 653 49 
  Yen-denominated277 59 31 1 246 58 
Mortgage- and asset-
    backed securities:
  U.S. dollar-denominated754 48 304 4 450 44 
  Yen-denominated54 12 1 0 53 12 
  Public utilities:
  U.S. dollar-denominated1,383 136 391 9 992 127 
      Yen-denominated915 77 351 13 564 64 
  Sovereign and supranational:
  U.S. dollar-denominated14 4 0 0 14 4 
  Yen-denominated55 7 0 0 55 7 
  Banks/financial institutions:
  U.S. dollar-denominated628 41 228 2 400 39 
  Yen-denominated2,973 285 62 1 2,911 284 
  Other corporate:
  U.S. dollar-denominated6,196 724 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
  
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$123 $4 $53 $1 $70 $3 
  Japan government and
      agencies:
  Yen-denominated8,393 1,696 1,657 303 6,736 1,393 
  Municipalities:
  U.S. dollar-denominated703 38 31 1 672 37 
  Yen-denominated301 58 34 0 267 58 
Mortgage- and asset-
    backed securities:
  U.S. dollar-denominated925 56 340 6 585 50 
  Yen-denominated58 11 0 0 58 11 
  Public utilities:
  U.S. dollar-denominated1,120 114 228 4 892 110 
  Yen-denominated1,028 82 444 13 584 69 
  Sovereign and supranational:
  U.S. dollar-denominated35 8 0 0 35 8 
Yen-denominated60 7 0 0 60 7 
  Banks/financial institutions:
  U.S. dollar-denominated655 51 159 4 496 47 
  Yen-denominated3,673 365 186 4 3,487 361 
  Other corporate:
  U.S. dollar-denominated6,380 665 799 19 5,581 646 
  Yen-denominated1,948 294 308 9 1,640 285 
  Total $25,402 $3,449 $4,239 $364 $21,163 $3,085 
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, 2024December 31, 2023
Amortized Cost% of TotalAmortized Cost% of Total
Commercial Mortgage and other loans:
Transitional real estate loans:
Office$1,768 14.0 %$1,807 14.1 %
Retail335 2.7 473 3.7 
Apartments/Multi-Family2,550 20.3 2,608 20.4 
Industrial152 1.2 157 1.2 
Hospitality818 6.5 814 6.4 
Other455 3.7 255 2.0 
Total transitional real estate loans6,078 48.4 6,114 47.8 
Commercial mortgage loans:
Office356 2.8 359 2.8 
Retail254 2.0 301 2.4 
Apartments/Multi-Family583 4.6 586 4.6 
Industrial445 3.5 463 3.6 
Other15 .1 0 0.0 
Total commercial mortgage loans1,653 13.0 1,709 13.4 
Middle market loans4,586 36.4 4,677 36.5 
Other loans275 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 
Financing Receivable Nonaccrual
The following tables present an aging of past due and nonaccrual loans at amortized cost, before allowance for credit losses, as of the periods presented.
March 31, 2024
(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$5,152 $97 $829 $926 $6,078 $829 
Commercial mortgage loans1,598 0 55 55 1,653 55 
Middle market loans4,560 0 26 26 4,586 26 
Other loans275 0 0 0 275 0 
Total$11,585 $97 $910 $1,007 $12,592 $910 
(1) As of March 31, 2024, there were no loans that were 90 days or more past due that continued to accrue interest.

December 31, 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$5,481 $108 $525 $633 $6,114 $633 
Commercial mortgage loans1,676 33 0 33 1,709 0 
Middle market loans4,592 0 85 85 4,677 85 
Other loans301 0 0 0 301 0 
Total$12,050 $141 $610 $751 $12,801 $718 
(1) As of December 31, 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 for loans and by accounting classification for securities.
(In millions)Transitional Real Estate LoansCommercial Mortgage LoansMiddle Market LoansOther Loans and Loan CommitmentsHeld-to-Maturity SecuritiesAvailable-for-Sale SecuritiesTotal
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 recoveries0 0 50 0 0 0 50 
Change in foreign exchange0 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 recoveries0 0 0 0 0 0 0 
Change in foreign exchange0 0 0 0 0 0 0 
Balance at March 31, 2023
$(65)$(9)$(149)$(21)$(6)$0 $(250)
Other Investments
The table below reflects the composition of the carrying value for other investments as of the periods presented.
(In millions)March 31,
2024		December 31, 2023
Other investments:
Policy loans$203 $214 
Short-term investments (1)
3,341 1,304 
Limited partnerships (2)
2,838 2,750 
Real estate owned253 227 
Other42 35 
Total other investments$6,677 $4,530 
(1) Includes securities lending collateral
(2) Includes tax credit investments and asset classes such as private equity and real estate funds
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, 2024December 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 utilities33 0 33 19 0 19 
Banks/financial institutions148 0 148 72 0 72 
Other corporate643 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 
(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
The following table presents carrying value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported.

Investments in Consolidated Variable Interest Entities
(In millions)March 31,
2024		December 31,
2023
Assets:
Fixed maturity securities, available-for-sale$3,678 $3,712 
Commercial mortgage and other loans9,947 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 
(1) Consists entirely of alternative investments in limited partnerships
(2) Consists entirely of derivatives
Variable Interest Entity, Not Consolidated  
Investments in Variable Interest Entities
The table below reflects the carrying value and balance sheet caption in which the Company's investments in VIEs that are not consolidated are reported.
Investments in Variable Interest Entities Not Consolidated
(In millions)March 31,
2024		December 31,
2023
Assets:
Fixed maturity securities, available-for-sale$6,486 $6,424 
Other investments (1)
395 369 
Total investments in VIEs not consolidated$6,881 $6,793 
(1) Consists entirely of alternative investments in limited partnerships
Transitional real estate loans  
Financing Receivable Credit Quality Indicators
Transitional Real Estate Loans
(In millions)20242023202220212020PriorTotal
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 greater0 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  
Financing Receivable Credit Quality Indicators
Commercial Mortgage Loans
(In millions)20242023202220212020PriorTotalWeighted-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 greater0 0 0 0 0 133 133 0.52
Total$0 $33 $0 $309 $45 $1,266 $1,653 2.30
Weighted Average DSCR0.002.580.002.922.262.14
Current-period gross
  writeoffs:		$0 $0 $0 $0 $0 $0 $0 
Middle market loans  
Financing Receivable Credit Quality Indicators
Middle Market Loans
(In millions)20242023202220212020PriorRevolving LoansTotal
Credit Ratings:
BBB$0 $17 $45 $123 $54 $64 $77 $380 
BB18 60 308 408 251 287 446 1,778 
B48 53 218 547 302 633 290 2,091 
CCC0 0 20 50 51 136 48 305 
CC0 0 0 0 0 10 0 10 
C and lower0 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 
Other loans  
Financing Receivable Credit Quality Indicators
Other Loans
(In millions)20242023202220212020PriorRevolving LoansTotal
Credit Ratings:
A$0 $22 $94 $0 $0 $0 $0 $116 
AA0 0 5 5 0 0 0 10 
BBB5 68 0 0 0 0 0 73 
BB0 0 76 0 0 0 0 76 
Total$5 $90 $175 $5 $0 $0 $0 $275 
Current-period gross writeoffs:$0 $0 $0 $0 $0 $0 $0 $0