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INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 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.
  
September 30, 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$22,304 $0 $758 $2,322 $20,740 
Municipalities963 0 85 77 971 
Mortgage- and asset-backed securities384 0 5 22 367 
Public utilities3,043 0 232 116 3,159 
Sovereign and supranational368 0 23 8 383 
Banks/financial institutions5,929 0 309 332 5,906 
Other corporate5,898 0 628 300 6,226 
Total yen-denominated38,889 0 2,040 3,177 37,752 
  U.S. dollar-denominated:
U.S. government and agencies199 0 3 1 201 
Municipalities1,218 0 73 32 1,259 
Mortgage- and asset-backed securities3,211 0 199 47 3,363 
Public utilities3,982 0 431 98 4,315 
Sovereign and supranational79 0 32 0 111 
Banks/financial institutions3,462 0 415 23 3,854 
Other corporate19,352 0 2,554 497 21,409 
Total U.S. dollar-denominated31,503 0 3,707 698 34,512 
  Other currencies:
Other corporate2701 0 28 
Total other currencies2701 0 28 
Total securities available-for-sale$70,419 $0 $5,748 $3,875 $72,292 
  
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 
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
  
September 30, 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$16,970 $2 $16,968 $1,200 $0 $18,168 
Municipalities262 0 262 31 0 293 
Public utilities35 0 35 2 0 37 
Sovereign and supranational418 3 415 42 0 457 
Other corporate18 0 18 2 0 20 
Total yen-denominated17,703 5 17,698 1,277 0 18,975 
Total securities held-to-maturity$17,703 $5 $17,698 $1,277 $0 $18,975 
  
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 
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
September 30,
2024		December 31,
2023
(In millions)Fair ValueFair Value
Equity securities, carried at fair value through net earnings:
Equity securities:
      Yen-denominated$515 $751 
      U.S. dollar-denominated293 252 
Other currencies0 85 
Total equity securities$808 $1,088 
Investments Classified by Contractual Maturity Date
The contractual and economic maturities of the Company's investments in fixed maturity securities at September 30, 2024, were as follows:
(In millions)
Amortized
Cost (1)
Fair
Value
Available-for-sale:
Due in one year or less$1,240 $1,329 
Due after one year through five years7,793 8,611 
Due after five years through 10 years19,539 21,081 
Due after 10 years38,252 37,541 
Mortgage- and asset-backed securities3,595 3,730 
Total fixed maturity securities available-for-sale$70,419 $72,292 
Held-to-maturity:
Due in one year or less$0 $0 
Due after one year through five years37 38 
Due after five years through 10 years9,440 10,201 
Due after 10 years8,221 8,736 
Total fixed maturity securities held-to-maturity$17,698 $18,975 
(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:
September 30, 2024December 31, 2023
(In millions)Credit
Rating		Amortized
Cost		Fair
Value		Credit
Rating		Amortized
Cost		Fair
Value
Japan National Government(1)
A+$38,280$37,942A+$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 September 30,Nine Months Ended September 30,
(In millions)2024202320242023
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available-for-sale:
Gross gains from sales$1 $3 $41 $11 
Gross losses from sales(66)(13)(375)(22)
Foreign currency gains (losses)173 51 660 136 
Other investments:
Gross gains (losses) from sales and redemptions(3)36 7 33 
Total sales and redemptions105 77 333 158 
Equity securities13 

47 100 35 
Credit losses:
Fixed maturity securities held-to-maturity0 0 0 1 
Commercial mortgage and other loans(85)(83)(113)(116)
Impairment losses(55)0 (55)0 
Loan commitments(1)1 2 5 
Reinsurance recoverables and other0 0 5 (3)
Total credit losses(141)(82)(161)(113)
Derivatives and other:
Derivative gains (losses)436 (53)(54)(630)
Foreign currency gains (losses)(1,821)434 21 1,651 
Total derivatives and other(1,385)381 (33)1,021 
Total net investment gains (losses)$(1,408)$423 $239 $1,101 
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)September 30,
2024		December 31,
2023
Unrealized gains (losses) on securities available-for-sale$1,873 $2,601 
Deferred income taxes(1,316)(1,462)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities$557 $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 September 30, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
  
September 30, 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$76 $1 $27 $0 $49 $1 
  Japan government and
      agencies:
  Yen-denominated8,088 2,322 874 230 7,214 2,092 
  Municipalities:
  U.S. dollar-denominated636 32 8 0 628 32 
  Yen-denominated289 77 10 0 279 77 
Mortgage- and asset-
    backed securities:
  U.S. dollar-denominated999 47 580 20 419 27 
  Yen-denominated208 22 0 0 208 22 
  Public utilities:
  U.S. dollar-denominated1,256 98 369 9 887 89 
      Yen-denominated910 116 304 32 606 84 
  Sovereign and supranational:
  Yen-denominated56 8 0 0 56 8 
  Banks/financial institutions:
  U.S. dollar-denominated716 23 419 3 297 20 
  Yen-denominated3,484 332 431 10 3,053 322 
  Other corporate:
  U.S. dollar-denominated6,079 497 1,579 31 4,500 466 
  Yen-denominated 1,807 300 213 7 1,594 293 
  Total$24,604 $3,875 $4,814 $342 $19,790 $3,533 
  
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)September 30, 2024December 31, 2023
Amortized
Cost		% of
Total		Amortized
Cost		% of
Total
Commercial Mortgage and other loans:
Transitional real estate loans:
Office$1,513 12.8 %$1,807 14.1 %
Retail350 3.0 473 3.7 
Apartments/Multi-Family2,334 19.7 2,608 20.4 
Industrial116 1.0 157 1.2 
Hospitality663 5.6 814 6.4 
Other424 3.6 255 2.0 
Total transitional real estate loans5,400 45.7 6,114 47.8 
Commercial mortgage loans:
Office330 2.8 359 2.8 
Retail216 1.8 301 2.4 
Apartments/Multi-Family576 4.9 586 4.6 
Industrial438 3.7 463 3.6 
Other15 .1 0 0.0 
Total commercial mortgage loans1,575 13.3 1,709 13.4 
Middle market loans4,511 38.1 4,677 36.5 
Other loans342 2.9 301 2.3 
Total commercial mortgage and other loans$11,828 100.0 %$12,801 100.0 %
Allowance for credit losses(284)(274)
Total net commercial mortgage and other loans$11,544 $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.
September 30, 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$4,843 $32 $525 $557 $5,400 $525 
Commercial mortgage loans1,575 0 0 0 1,575 0 
Middle market loans4,403 46 62 108 4,511 67 
Other loans342 0 0 0 342 0 
Total$11,163 $78 $587 $665 $11,828 $592 
(1) As of September 30, 2024, there were $18 of 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
Due		Total
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.
Effect of Loan Modifications
The following tables present the amortized cost basis of modified loans to borrowers experiencing financial difficulty and the financial effect of the modifications, disaggregated by loan classification and type of modification.
Three Months Ended
September 30, 2024
(In millions)
Amortized Cost (1)
% of TotalFinancial Effect
Transitional Real Estate Loans:
Other-than-insignificant payment
  delays		$123 2.3 %
Delay in payments of 24 months on average
(1) Net of allowance for credit losses
Nine Months Ended
September 30, 2024
(In millions)
Amortized Cost (1)
% of TotalFinancial Effect
Transitional Real Estate Loans:
Other-than-insignificant payment
  delays		$198 3.8 %
Delay in payments of 29 months on average
Other-than-insignificant payment
  delays and interest rate
  reduction
216 4.1 
Delay in payments of 47 months on average, and reduction in the weighted-average contractual interest rate from 7.9% to 6.6%
(1) Net of allowance for credit losses
Loan Performance After Modifications
The following table presents an aging of loans that received modifications in the 12 months preceding the period presented, at amortized cost.
September 30, 2024
(In millions)Current Less Than
90 Days
Past Due		90 Days
or More
 Past Due
Transitional real estate loans$414 $0 $0 
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
Loans		Commercial
Mortgage Loans		Middle Market
Loans		Other Loans
and Loan
Commitments		Held-to-
Maturity
Securities		Available-
for-Sale
Securities		Total
Three Months Ended
  September 30, 2024:
Balance at June 30, 2024
$(123)$(17)$(98)$(13)$(5)$0 $(256)
(Addition to) release of allowance
  for credit losses
(67)(16)(5)(1)0 0 (89)
Writeoffs, net of recoveries39 3 0 0 0 0 42 
Change in foreign exchange0 0 0 0 0 0 0 
Balance at September 30, 2024
$(151)$(30)$(103)$(14)$(5)$0 $(303)
Three Months Ended
  September 30, 2023:
Balance at June 30, 2023
$(76)$(9)$(140)$(20)$(5)$0 $(250)
(Addition to) release of allowance for credit losses (1)
(35)(3)3 1 1 0 (33)
Writeoffs, net of recoveries0 0 0 0 0 0 0 
Change in foreign exchange0 0 0 0 (1)0 (1)
Balance at September 30, 2023
$(111)$(12)$(137)$(19)$(5)$0 $(284)
Nine Months Ended
  September 30, 2024:
Balance at December 31, 2023
$(112)$(16)$(146)$(16)$(5)$0 $(295)
(Addition to) release of allowance for credit losses
(93)(17)(7)2 0 0 (115)
Writeoffs, net of recoveries54 3 50 0 0 0 107 
Change in foreign exchange0 0 0 0 0 0 0 
Balance at September 30, 2024
$(151)$(30)$(103)$(14)$(5)$0 $(303)
Nine Months Ended
  September 30, 2023:
Balance at December 31, 2022
$(54)$(9)$(129)$(24)$(7)$0 $(223)
(Addition to) release of allowance for credit losses (1)
(57)(3)(8)5 1 0 (62)
Writeoffs, net of recoveries0 0 0 0 0 0 0 
Change in foreign exchange0 0 0 0 1 0 1 
Balance at September 30, 2023
$(111)$(12)$(137)$(19)$(5)$0 $(284)
(1) Includes an allowance for credit losses of $4 recognized on financial assets accounted for as purchased financial assets with credit deterioration that is not recorded in earnings upon recognition.
Other Investments
The table below reflects the composition of the carrying value for other investments as of the periods presented.
(In millions)September 30,
2024		December 31, 2023
Other investments:
Policy loans$221 $214 
Short-term investments (1)
3,533 1,304 
Limited partnerships (2)
3,206 2,750 
Real estate owned645 227 
Other42 35 
Total other investments$7,647 $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
September 30, 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 $3,179 $3,179 $0 $737 $737 
Public utilities52 0 52 19 0 19 
Banks/financial institutions133 0 133 72 0 72 
Other corporate869 0 869 675 0 675 
          Total borrowings$1,054 $3,179 $4,233 $766 $737 $1,503 
Gross amount of recognized liabilities for securities
   lending transactions		$4,233 $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)September 30,
2024		December 31,
2023
Assets:
Fixed maturity securities, available-for-sale$4,031 $3,712 
Commercial mortgage and other loans9,261 10,150 
Other investments (1)
2,704 2,381 
Other assets (2)
52 55 
Total assets of consolidated VIEs$16,048 $16,298 
Liabilities:
Other liabilities (2)
$623 $507 
Total liabilities of consolidated VIEs$623 $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)September 30,
2024		December 31,
2023
Assets:
Fixed maturity securities, available-for-sale$6,683 $6,424 
Other investments (1)
502 369 
Total investments in VIEs not consolidated$7,185 $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%$0 $0 $617 $587 $36 $19 $1,259 
60%-69.99%0 115 396 573 18 559 1,661 
70%-79.99%0 14 814 712 82 55 1,677 
80% or greater0 0 220 236 80 267 803 
Total$0 $129 $2,047 $2,108 $216 $900 $5,400 
Current-period gross
  writeoffs:		$0 $0 $0 $5 $0 $49 $54 
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 $268 $58 $935 $1,294 2.78
60%-69.99%0 0 0 25 0 46 71 2.11
70%-79.99%13 0 0 0 0 88 101 1.25
80% or greater0 0 0 0 0 109 109 0.65
Total$13 $33 $0 $293 $58 $1,178 $1,575 2.50
Weighted Average DSCR1.212.620.003.152.592.35
Current-period gross
  writeoffs:		$0 $0 $0 $0 $0 $3 $3 
Middle market loans  
Financing Receivable Credit Quality Indicators
Middle Market Loans
(In millions)20242023202220212020PriorRevolving LoansTotal
Credit Ratings:
BBB$10 $27 $39 $80 $93 $80 $16 $345 
BB206 55 396 421 276 409 72 1,835 
B156 49 253 557 249 598 49 1,911 
CCC0 0 22 78 88 113 17 318 
CC4 0 0 0 0 23 1 28 
C and lower0 0 0 6 0 68 0 74 
Total$376 $131 $710 $1,142 $706 $1,291 $155 $4,511 
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 $21 $86 $0 $0 $0 $0 $107 
AA0 0 8 3 0 0 0 11 
BBB78 73 0 0 0 0 0 151 
BB0 0 73 0 0 0 0 73 
Total$78 $94 $167 $3 $0 $0 $0 $342 
Current-period gross
  writeoffs:
$0 $0 $0 $0 $0 $0 $0 $0