The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of fixed maturity AFS securities (in millions) were as follows:



	As of June 30, 2023
							Allowance
	Amortized		Gross Unrealized				for Credit		Fair
	Cost		Gains		Losses		Losses		Value
Fixed maturity AFS securities:
Corporate bonds	$	88,334	$	874	$	9,888	$	13	$	79,307
U.S. government bonds		396		5		30		-		371
State and municipal bonds		5,268		218		412		-		5,074
Foreign government bonds		312		15		46		-		281
RMBS		2,205		22		206		6		2,015
CMBS		1,915		1		232		-		1,684
ABS		12,562		40		804		5		11,793
Hybrid and redeemable preferred securities		362		26		22		1		365
Total fixed maturity AFS securities	$	111,354	$	1,201	$	11,640	$	25	$	100,890



	As of December 31, 2022
							Allowance
	Amortized		Gross Unrealized				for Credit		Fair
	Cost		Gains		Losses		Losses		Value
Fixed maturity AFS securities:
Corporate bonds	$	89,249	$	787	$	11,004	$	9	$	79,023
U.S. government bonds		405		5		31		-		379
State and municipal bonds		5,410		172		512		-		5,070
Foreign government bonds		348		17		47		-		318
RMBS		2,216		22		222		7		2,009
CMBS		1,917		3		246		-		1,674
ABS		11,797		38		926		5		10,904
Hybrid and redeemable preferred securities		365		25		30		1		359
Total fixed maturity AFS securities	$	111,707	$	1,069	$	13,018	$	22	$	99,736

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of June 30, 2023, were as follows:



	Amortized		Fair
	Cost		Value
Due in one year or less	$	3,546	$	3,502
Due after one year through five years		18,491		17,580
Due after five years through ten years		17,189		15,601
Due after ten years		55,446		48,715
Subtotal		94,672		85,398
Structured securities (RMBS, CMBS, ABS)		16,682		15,492
Total fixed maturity AFS securities	$	111,354	$	100,890

Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations.

The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:



	As of June 30, 2023
	Less Than or Equal					Greater Than
	to Twelve Months					Twelve Months					Total
			Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value			Losses		Value			Losses		Value			Losses ⁽¹⁾
Fixed maturity AFS securities:
Corporate bonds	$	22,081		$	1,288	$	44,158		$	8,600	$	66,239		$	9,888
U.S. government bonds		115			9		142			21		257			30
State and municipal bonds		576			25		1,560			387		2,136			412
Foreign government bonds		72			4		118			42		190			46
RMBS		770			41		955			165		1,725			206
CMBS		408			18		1,222			214		1,630			232
ABS		3,183			115		7,449			689		10,632			804
Hybrid and redeemable
preferred securities		57			5		124			17		181			22
Total fixed maturity AFS securities	$	27,262		$	1,505	$	55,728		$	10,135	$	82,990		$	11,640

Total number of fixed maturity AFS securities in an unrealized loss position															8,331



	As of December 31, 2022
	Less Than or Equal					Greater Than
	to Twelve Months					Twelve Months					Total
				Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value			Losses		Value			Losses		Value			Losses ⁽¹⁾
Fixed maturity AFS securities:
Corporate bonds	$	59,929		$	9,049	$	7,094		$	1,955	$	67,023		$	11,004
U.S. government bonds		261			25		27			6		288			31
State and municipal bonds		1,958			440		237			72		2,195			512
Foreign government bonds		130			19		58			28		188			47
RMBS		1,490			179		193			43		1,683			222
CMBS		1,224			156		320			90		1,544			246
ABS		6,715			552		3,326			374		10,041			926
Hybrid and redeemable
preferred securities		63			5		97			25		160			30
Total fixed maturity AFS securities	$	71,770		$	10,425	$	11,352		$	2,593	$	83,122		$	13,018

Total number of fixed maturity AFS securities in an unrealized loss position															8,175

⁽¹⁾As of June 30, 2023, and December 31, 2022, we recognized $10 million and $6 million of gross unrealized losses, respectively, in OCI for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:



	As of June 30, 2023
			Gross			Number
	Fair		Unrealized			of
	Value		Losses		Securities⁽¹⁾
Less than six months	$	4,669	$	1,324			674
Six months or greater, but less than nine months		208		85			34
Nine months or greater, but less than twelve months		4,214		1,588			697
Twelve months or greater		4,687		2,355			666
Total	$	13,778	$	5,352			2,071


	As of December 31, 2022
			Gross			Number
	Fair		Unrealized			of
	Value		Losses		Securities ⁽¹⁾
Less than six months	$	11,351	$	3,659			1,500
Six months or greater, but less than nine months		4,411		2,226			650
Nine months or greater, but less than twelve months		447		302			74
Twelve months or greater		2		1			15
Total	$	16,211	$	6,188			2,239

⁽¹⁾We may reflect a security in more than one aging category based on various purchase dates.

Our gross unrealized losses on fixed maturity AFS securities decreased by $1.4 billion for the six months ended June 30, 2023, due in part to the impairment on certain fixed maturity AFS securities intended to be sold as part of the previously announced Fortitude Reinsurance Company Ltd. (“Fortitude Re”) reinsurance transaction. We do not believe the unrealized loss position as of June 30, 2023, required an impairment recognized in earnings as: (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of June 30, 2023, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities. For additional information related to the intent to sell impairments, see “Impairments on Fixed Maturity AFS Securities” below.

As of June 30, 2023, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond and foreign government bond securities were attributable primarily to rising interest rates and widening credit spreads since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security.

Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by S&P Global Ratings (“S&P”) or Baa3 or higher by Moody’s Investors Service (“Moody’s”)) are generally considered by the rating agencies and market participants to be low credit risk. As of June 30, 2023, and December 31, 2022, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of June 30, 2023, and December 31, 2022, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $3.3 billion and $3.7 billion, respectively, and a fair value of $3.1 billion and $3.5 billion, respectively. Based upon the analysis discussed above, we believe that as of June 30, 2023, and December 31, 2022, we would have recovered the amortized cost of each corporate bond.

As of June 30, 2023, the unrealized losses associated with our MBS and ABS were attributable primarily to rising interest rates and widening credit spreads since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security.

As of June 30, 2023, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon

credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each impaired security.

Credit Loss Impairment on Fixed Maturity AFS Securities

We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:



	For the Three
	Months Ended
	June 30, 2023
	Corporate
	Bonds			RMBS		Other		Total
Balance as of beginning-of-period	$	27		$	6	$	6	$	39
Additions from purchases of PCD debt securities ⁽¹⁾		-			-		-		-
Additions for securities for which credit losses were not
previously recognized		2			-		-		2
Additions (reductions) for securities for which credit losses
were previously recognized		(3	)		-		-		(3	)
Reductions for securities charged-off		(13	)		-		-		(13	)
Balance as of end-of-period ⁽²⁾	$	13		$	6	$	6	$	25



	For the Six
	Months Ended
	June 30, 2023
	Corporate
	Bonds			RMBS			Other		Total

Balance as of beginning-of-year	$	9		$	7		$	6	$	22
Additions from purchases of PCD debt securities ⁽¹⁾		-			-			-		-
Additions for securities for which credit losses were not
previously recognized		21			-			-		21
Additions (reductions) for securities for which credit losses
were previously recognized		(3	)		(1	)		-		(4	)
Reductions for securities disposed		(1	)		-			-		(1	)
Reductions for securities charged-off		(13	)		-			-		(13	)
Balance as of end-of-period ⁽²⁾	$	13		$	6		$	6	$	25


	For the Three
	Months Ended
	June 30, 2022
	Corporate
	Bonds			RMBS		Other		Total
Balance as of beginning-of-period	$	16		$	2	$	2	$	20
Additions from purchases of PCD debt securities ⁽¹⁾		-			-		-		-
Additions for securities for which credit losses were not
previously recognized		1			-		-		1
Additions (reductions) for securities for which credit losses
were previously recognized		2			1		-		3
Reductions for securities charged-off		(12	)		-		-		(12	)
Balance as of end-of-period ⁽²⁾	$	7		$	3	$	2	$	12

‎



	For the Six
	Months Ended
	June 30, 2022
	Corporate
	Bonds			RMBS		Other		Total
Balance as of beginning-of-year	$	17		$	1	$	1	$	19
Additions from purchases of PCD debt securities ⁽¹⁾		-			-		-		-
Additions for securities for which credit losses were not
previously recognized		1			-		1		2
Additions (reductions) for securities for which credit losses
were previously recognized		2			2		-		4
Reductions for securities disposed		(1	)		-		-		(1	)
Reductions for securities charged-off		(12	)		-		-		(12	)
Balance as of end-of-period ⁽²⁾	$	7		$	3	$	2	$	12

⁽¹⁾Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.

⁽²⁾As of June 30, 2023 and 2022, accrued investment income on fixed maturity AFS securities totaled $1.1 billion and $1.0 billion, respectively, and was excluded from the estimate of credit losses.

Mortgage Loans on Real Estate

The following provides the current and past due composition of our mortgage loans on real estate (in millions):



	As of June 30, 2023									As of December 31, 2022
	Commercial			Residential			Total			Commercial			Residential			Total
Current	$	17,021		$	1,471		$	18,492		$	17,003		$	1,315		$	18,318
30 to 59 days past due		-			20			20			19			23			42
60 to 89 days past due		-			4			4			-			6			6
90 or more days past due		-			45			45			-			33			33
Allowance for credit losses		(82	)		(23	)		(105	)		(84	)		(15	)		(99	)
Unamortized premium (discount)		(7	)		39			32			(8	)		36			28
Mark-to-market gains (losses) ⁽¹⁾		(27	)		(1	)		(28	)		(27	)		-			(27	)
Total carrying value	$	16,905		$	1,555		$	18,460		$	16,903		$	1,398		$	18,301

⁽¹⁾Represents the mark-to-market on certain mortgage loans on real estate for which we have elected the fair value option. See Note 13 for additional information.

Our commercial mortgage loan portfolio had the largest concentrations in California, which accounted for 28% and 27% of commercial mortgage loans on real estate as of June 30, 2023, and December 31, 2022, respectively, and Texas, which accounted for 9% of commercial mortgage loans on real estate as of June 30, 2023, and December 31, 2022.

As of June 30, 2023, our residential mortgage loan portfolio had the largest concentrations in California and New York, which accounted for 15% and 13% of residential mortgage loans on real estate, respectively. As of December 31, 2022, our residential mortgage loan portfolio had the largest concentrations in California and New Jersey, which accounted for 17% and 12% of residential mortgage loans on real estate, respectively.

As of June 30, 2023, and December 31, 2022, we had 90 and 73 residential mortgage loans, respectively, that were either delinquent or in foreclosure. As of June 30, 2023, and December 31, 2022, we had 67 and 49 residential mortgage loans in foreclosure, respectively, with an aggregate carrying value of $28 million and $21 million, respectively.

We adopted ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures as of January 1, 2023, and accordingly no longer identify certain debt modifications as troubled debt restructurings. Losses from loan modifications for the three and six months ended June 30, 2023, were less than $1 million and reported in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

As of June 30, 2023, and December 31, 2022, there were two specifically identified impaired commercial mortgage loans, with an aggregate carrying value of less than $1 million.

As of June 30, 2023, and December 31, 2022, there were 64 and 37 specifically identified impaired residential mortgage loans, respectively, with an aggregate carrying value of $29 million and $16 million, respectively.

Additional information related to impaired mortgage loans on real estate (in millions) was as follows:



	For the Three				For the Six
	Months Ended				Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Average aggregate carrying value for impaired mortgage loans on real estate	$	24	$	15	$	21	$	18
Interest income recognized on impaired mortgage loans on real estate		-		-		-		-
Interest income collected on impaired mortgage loans on real estate		-		-		-		-

The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows:


	As of June 30, 2023				As of December 31, 2022
	Nonaccrual				Nonaccrual
	with no				with no
	Allowance				Allowance
	for Credit				for Credit
	Losses		Nonaccrual		Losses		Nonaccrual
Commercial mortgage loans on real estate	$	-	$	-	$	-	$	-
Residential mortgage loans on real estate		-		47		-		34
Total	$	-	$	47	$	-	$	34

We use loan-to-value and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:



	As of June 30, 2023
			Debt-			Debt-			Debt-
			Service			Service			Service
	Less		Coverage	65%		Coverage	Greater		Coverage
	than 65%		Ratio	to 75%		Ratio	than 75%		Ratio	Total
Origination Year
2023	$	427	1.80	$	32	1.45	$	-	-	$	459
2022		1,770	2.07		91	2.05		1	1.13		1,862
2021		2,344	3.06		67	1.51		-	-		2,411
2020		1,252	2.90		12	1.55		-	-		1,264
2019		2,593	2.23		87	1.50		18	1.43		2,698
2018 and prior		7,910	2.39		248	1.67		162	1.57		8,320
Total	$	16,296		$	537		$	181		$	17,014



	As of December 31, 2022
			Debt-			Debt-			Debt-
			Service			Service			Service
	Less		Coverage	65%		Coverage	Greater		Coverage
	than 65%		Ratio	to 75%		Ratio	than 75%		Ratio	Total
Origination Year
2022	$	1,769	2.06	$	105	1.50	$	2	1.45	$	1,876
2021		2,354	3.05		72	1.53		-	-		2,426
2020		1,289	3.00		17	1.58		-	-		1,306
2019		2,685	2.18		81	1.50		29	1.58		2,795
2018		2,225	2.17		71	1.62		-	-		2,296
2017 and prior		6,184	2.44		131	1.75		-	-		6,315
Total	$	16,506		$	477		$	31		$	17,014

We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:



	As of June 30, 2023
	Performing		Nonperforming			Total
Origination Year
2023	$	185		$	-	$	185
2022		602			14		616
2021		496			10		506
2020		87			1		88
2019		105			19		124
2018 and prior		57			3		60
Total	$	1,532		$	47	$	1,579



	As of December 31, 2022
	Performing		Nonperforming			Total
Origination Year
2022	$	578		$	5	$	583
2021		527			6		533
2020		90			3		93
2019		119			18		137
2018		65			2		67
2017 and prior		-			-		-
Total	$	1,379		$	34	$	1,413

Credit Losses on Mortgage Loans on Real Estate

In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value.

Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows:


	For the Three
	Months Ended
	June 30, 2023
	Commercial			Residential		Total
Balance as of beginning-of-period	$	83		$	20	$	103
Additions (reductions) from provision for credit loss expense ⁽¹⁾		(1	)		3		2
Additions from purchases of PCD mortgage loans on real estate		-			-		-
Balance as of end-of-period ⁽²⁾	$	82		$	23	$	105



	For the Six
	Months Ended
	June 30, 2023
	Commercial			Residential		Total
Balance as of beginning-of-year	$	84		$	15	$	99
Additions (reductions) from provision for credit loss expense ⁽¹⁾		(2	)		8		6
Additions from purchases of PCD mortgage loans on real estate		-			-		-
Balance as of end-of-period ⁽²⁾	$	82		$	23	$	105


	For the Three
	Months Ended
	June 30, 2022
	Commercial		Residential			Total
Balance as of beginning-of-period	$	59	$	18		$	77
Additions (reductions) from provision for credit loss expense ⁽¹⁾		13		(9	)		4
Additions from purchases of PCD mortgage loans on real estate		-		-			-
Balance as of end-of-period ⁽²⁾	$	72	$	9		$	81



	For the Six
	Months Ended
	June 30, 2022
	Commercial			Residential			Total
Balance as of beginning-of-year	$	79		$	17		$	96
Additions (reductions) from provision for credit loss expense ⁽¹⁾		(7	)		(8	)		(15	)
Additions from purchases of PCD mortgage loans on real estate		-			-			-
Balance as of end-of-period ⁽²⁾	$	72		$	9		$	81

⁽¹⁾We recognized $(1) million and less than $(1) million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the three months ended June 30, 2023 and 2022, respectively. We recognized $(1) million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the six months ended June 30, 2023 and 2022.

⁽²⁾Accrued investment income on mortgage loans on real estate totaled $53 million and $49 million as of June 30, 2023 and 2022, respectively, and was excluded from the estimate of credit losses.

Alternative Investments

As of June 30, 2023, and December 31, 2022, alternative investments included investments in 338 and 337 different partnerships, respectively, and represented approximately 2% of total investments.

Impairments on Fixed Maturity AFS Securities

Details underlying intent to sell impairments and credit loss benefit (expense) incurred that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:



	For the Three						For the Six
	Months Ended						Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Intent to Sell Impairments⁽¹⁾
Fixed maturity AFS securities:
Corporate bonds	$	(518	)	$	-		$	(518	)	$	-
State and municipal bonds		(20	)		-			(20	)		-
RMBS		(19	)		-			(19	)		-
CMBS		(31	)		-			(31	)		-
ABS		(35	)		-			(35	)		-
Hybrid and redeemable preferred securities		(1	)		-			(1	)		-
Total intent to sell impairments	$	(624	)	$	-		$	(624	)	$	-

Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds	$	1		$	(3	)	$	(17	)	$	(2	)
RMBS		-			(1	)		1			(2	)
ABS		-			-			-			(1	)
Total credit loss benefit (expense)	$	1		$	(4	)	$	(16	)	$	(5	)

⁽¹⁾Represents impairment of certain fixed maturity AFS securities in an unrealized loss position, resulting from the Company's intent to sell these securities as part of the previously announced Fortitude Re reinsurance transaction. Within the investment portfolio anticipated to be sold in the transaction, there are additional fixed maturity AFS securities in an unrealized gain position of approximately $473 million pre-tax as of June 30, 2023. Pursuant to the applicable accounting guidance, the Company impaired the securities in a loss position down to fair market value upon entry into the agreement in the second quarter and will recognize a gain for any securities in an unrealized gain position at the time when the transaction closes. See Note 8 for additional information.

Payables for Collateral on Investments

The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:



	As of June 30, 2023				As of December 31, 2022
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable for derivative investments ⁽¹⁾	$	4,622	$	4,622	$	3,284	$	3,284
Securities pledged under securities lending agreements ⁽²⁾		290		282		298		287
Investments pledged for FHLBI ⁽³⁾		2,150		2,725		3,130		3,925
Total payables for collateral on investments	$	7,062	$	7,629	$	6,712	$	7,496

⁽¹⁾We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash. This also includes interest payable on collateral. See Note 6 for additional information.

⁽²⁾Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

⁽³⁾Our pledged investments for FHLB of Indianapolis (“FHLBI”) are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

We have repurchase agreements through which we can obtain liquidity by pledging securities. The collateral requirements are generally 80% to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. As of June 30, 2023, and December 31, 2022, we were not participating in any open repurchase agreements.

Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:



	For the Six
	Months Ended
	June 30,
	2023			2022
Collateral payable for derivative investments	$	1,338		$	(2,280	)
Securities pledged under securities lending agreements		(8	)		58
Investments pledged for FHLBI		(980	)		800
Total increase (decrease) in payables for collateral on investments	$	350		$	(1,422	)

We have elected not to offset our securities lending transactions in the consolidated financial statements. The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows:



	As of June 30, 2023
	Overnight and Continuous		Up to 30 Days		30 - 90 ‎Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	285	$	-	$	-	$	-	$	285
Equity securities		5		-		-		-		5
Total gross secured borrowings	$	290	$	-	$	-	$	-	$	290


	As of December 31, 2022
	Overnight and Continuous		Up to 30 Days		30 - 90 ‎Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	288	$	-	$	-	$	-	$	288
Foreign government bonds		2		-		-		-		2
Equity securities		8		-		-		-		8
Total gross secured borrowings	$	298	$	-	$	-	$	-	$	298

We accept collateral in the form of securities in connection with repurchase agreements. In instances where we are permitted to sell or re-pledge the securities received, we report the fair value of the collateral received and a related obligation to return the collateral in the consolidated financial statements. In addition, we receive securities in connection with securities borrowing agreements that we are permitted to sell or re-pledge. As of June 30, 2023, the fair value of all collateral received that we are permitted to sell or re-pledge was $25 million, and we had re-pledged all of this collateral to cover initial margin and over-the-counter collateral requirements on certain derivative investments.

Investment Commitments

As of June 30, 2023, our investment commitments were $2.6 billion, which included $1.9 billion of LPs, $418 million of private placement securities and $226 million of mortgage loans on real estate.

Concentrations of Financial Instruments

As of June 30, 2023, and December 31, 2022, our most significant investments in one issuer were our investments in securities issued by the Federal National Mortgage Association with a fair value of $768 million and $745 million, respectively, or 1% of total investments, and our investments in securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $683 million and $720 million, respectively, or 1% of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

As of June 30, 2023, and December 31, 2022, our most significant investments in one industry were our investments in securities in the financial services industry with a fair value of $16.2 billion and $16.6 billion, respectively, or 12% and 13%, respectively, of total

investments, and our investments in securities in the consumer non-cyclical industry with a fair value of $15.5 billion and $15.1 billion, respectively, or 12% and 11%, respectively, of total investments. These concentrations include fixed maturity AFS, trading and equity securities.