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INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-Sale Fixed Maturities by Classification
The following tables provide information relating to the Company’s fixed maturities classified as AFS:
AFS Fixed Maturities by Classification
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses
Fair Value
(in millions)
March 31, 2024:
Fixed Maturities:
Corporate (1)$6,281 $— $60 $317 $6,024 
U.S. Treasury, government and agency15 — — 1 14 
States and political subdivisions51 — — 8 43 
Foreign governments49 — 1 1 49 
Residential mortgage-backed
1,112 — 8 8 1,112 
Asset-backed (2)
3,778 — 34 3 3,809 
Commercial mortgage-backed265 — 2 12 255 
Total at March 31, 2024$11,551 $— $105 $350 $11,306 
December 31, 2023:
Fixed Maturities:
Corporate (1)$5,842 $— $96 $276 $5,662 
U.S. Treasury, government and agency15 — — — 15 
States and political subdivisions50 — — 7 43 
Foreign governments31 — 1 1 31 
Residential mortgage-backed961 — 15 4 972 
Asset-backed (2)2,956 — 32 2 2,986 
Commercial mortgage-backed195 — 1 14 182 
Total at December 31, 2023$10,050 $— $145 $304 $9,891 
______________
(1)Corporate fixed maturities include both public and private issues.
(2)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.
Schedule of Contractual Maturities of Available-for-Sale Fixed Maturities
The contractual maturities of AFS fixed maturities as of March 31, 2024 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Contractual Maturities of AFS Fixed Maturities
Amortized Cost (Less Allowance for Credit Losses)
Fair Value
 (in millions)
March 31, 2024:
Contractual maturities:
Due in one year or less$123 $123 
Due in years two through five1,599 1,587 
Due in years six through ten3,260 3,199 
Due after ten years1,414 1,221 
Subtotal6,396 6,130 
Residential mortgage-backed1,112 1,112 
Asset-backed3,778 3,809 
Commercial mortgage-backed265 255 
Total at March 31, 2024$11,551 $11,306 
Schedule of Proceeds and Gains (Losses) on Sales for Available-for-Sale Fixed Maturities
The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities:
Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities
 Three Months Ended March 31,
 20242023
 (in millions)
Proceeds from sales$— $50 
Gross gains on sales$— $— 
Gross losses on sales$— $(5)
Schedule of AFS Fixed Maturities - Credit Loss Impairments
The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts:
AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments
Three Months Ended March 31,
20242023
(in millions)
Balance, beginning of period$— $— 
Previously recognized impairments on securities that matured, paid, prepaid or sold— — 
Balance, end of period$— $— 
Schedule of Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities
The tables below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI:
Net Unrealized Gains (Losses) on AFS Fixed Maturities
Three Months Ended March 31, 2024
Net Unrealized Gains (Losses) on InvestmentsPolicyholders’ Liabilities
Deferred Income Tax Asset (Liability) (1)
AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (1)
(in millions)
Balance, beginning of period$(159)$8 $(33)$(184)
Net investment gains (losses) arising during the period(85)— — (85)
Reclassification adjustment:
Included in net income (loss)— — — — 
Other
— — (4)(4)
Impact of net unrealized investment gains (losses)— 1 18 19 
Net unrealized investment gains (losses) excluding credit losses(244)9 (19)(254)
Balance, end of period$(244)$9 $(19)$(254)
Three Months Ended March 31, 2023
Balance, beginning of period$(388)$8 $(1)$(381)
Net investment gains (losses) arising during the period71 — — 71 
Reclassification adjustment:
Included in net income (loss)5 — — 5 
Other
— — 16 16 
Impact of net unrealized investment gains (losses)— (2)(16)(18)
Net unrealized investment gains (losses) excluding credit losses(312)6 (1)(307)
Balance, end of period$(312)$6 $(1)$(307)
_____________
(1)Certain balances were revised from previously filed financial statements.
Schedule of Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities
The following tables disclose the fair values and gross unrealized losses of the 1,088 issues as of March 31, 2024 and the 891 issues as of December 31, 2023 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:
AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded
 Less Than 12 Months12 Months or LongerTotal
 Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in millions)
March 31, 2024:
Fixed Maturities:
Corporate$1,237 $16 $1,974 $301 $3,211 $317 
U.S. Treasury, government and agency— — 8 1 8 1 
States and political subdivisions— — 32 8 32 8 
Foreign governments25 1 4 — 29 1 
Residential mortgage-backed396 4 19 4 415 8 
Asset-backed733 2 21 1 754 3 
Commercial mortgage-backed1 — 60 12 61 12 
Total at March 31, 2024$2,392 $23 $2,118 $327 $4,510 $350 
December 31, 2023:
Fixed Maturities:
Corporate$505 $7 $1,900 $269 $2,405 $276 
U.S. Treasury, government and agency— — 8 — 8 — 
States and political subdivisions— — 33 7 33 7 
Foreign governments7 1 4 — 11 1 
Residential mortgage-backed103 — 9 4 112 4 
Asset-backed290 1 23 1 313 2 
Commercial mortgage-backed29 — 61 14 90 14 
Total at December 31, 2023$934 $9 $2,038 $295 $2,972 $304 
Schedule of Financing Receivable, Allowance for Credit Loss
The change in the allowance for credit losses for commercial and residential mortgage loans were as follows:
Three Months Ended March 31,
20242023
(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period$2 $— 
Current-period provision for expected credit losses1 — 
Write-offs charged against the allowance— — 
Recoveries of amounts previously written off— — 
Net change in allowance1 — 
Balance, end of period$3 $— 
Residential mortgages:
Balance, beginning of period$— $— 
Current-period provision for expected credit losses— — 
Write-offs charged against the allowance— — 
Recoveries of amounts previously written off— — 
Net change in allowance— — 
Balance, end of period$— $— 
Total allowance for credit losses$3 $— 
Schedule of Financing Receivable Credit Quality Indicators
The Company’s commercial mortgage loans segregated by risk rating exposure were as follows:

Loan to Value (“LTV”) Ratios (1) (3)

March 31, 2024
Amortized Cost Basis by Origination Year
20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Commercial mortgage loans:
0% - 50%$— $58 $— $— $— $17 $— $— $75 
50% - 70%122 221 — — — — — — 343 
70% - 90%— — — — — — — — — 
90% plus— — — — — — — — — 
Total commercial$122 $279 $— $— $— $17 $— $— $418 

Debt Service Coverage (“DSC”) Ratios (2) (3)

March 31, 2024
Amortized Cost Basis by Origination Year
20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Commercial mortgage loans:
Greater than 2.0x$— $— $— $— $— $17 $— $— $17 
1.8x to 2.0x40 — — — — — — — 40 
1.5x to 1.8x— — — — — — — — — 
1.2x to 1.5x82 221 — — — — — — 303 
1.0x to 1.2x— 58 — — — — — — 58 
Less than 1.0x— — — — — — — — — 
Total commercial$122 $279 $— $— $— $17 $— $— $418 
_____________
(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.
(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.
(3)Residential mortgage loans are excluded from the above tables.
LTV Ratios (1) (3)
December 31, 2023
Amortized Cost Basis by Origination Year
20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Commercial mortgage loans:
0% - 50%$58 $— $— $— $— $17 $— $— $75 
50% - 70%221 — — — — — — — 221 
70% - 90%— — — — — — — — — 
90% plus— — — — — — — — — 
Total commercial$279 $— $— $— $— $17 $— $— $296 

DSC Ratios (2) (3)
December 31, 2023
Amortized Cost Basis by Origination Year
20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
(in millions)
Commercial mortgage loans:
Greater than 2.0x$— $— $— $— $— $17 $— $— $17 
1.8x to 2.0x— — — — — — — — — 
1.5x to 1.8x— — — — — — — — — 
1.2x to 1.5x221 — — — — — — — 221 
1.0x to 1.2x58 — — — — — — — 58 
Less than 1.0x— — — — — — — — — 
Total commercial$279 $— $— $— $— $17 $— $— $296 
_____________
(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.
(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.
(3)Residential mortgage loans are excluded from the above tables.
The amortized cost of residential mortgage loans by credit quality indicator and origination year was as follows:
March 31, 2024
Amortized Cost Basis by Origination Year
20242023202220212020PriorTotal
(in millions)
Performance indicators: (1)
Performing
$— $96 $18 $16 $1 $— $131 
Nonperforming
— — — — — — — 
Total$— $96 $18 $16 $1 $— $131 
_____________
(1)The Company began investing in residential mortgages in 2024. Therefore, 2023 comparative information is not applicable.
Schedule of Age Analysis of Past Due Mortgage Loans
The aging analysis of past-due mortgage loans were as follows:
Age Analysis of Past Due Mortgage Loans (1)
Accruing Loans
Non-accruing Loans
Total Loans
Non-accruing Loans with No AllowanceInterest Income on Non-accruing Loans
Past Due
Current
Total
30-59 Days
60-89
Days
90
Days
or More
Total
(in millions)
March 31, 2024:
Mortgage loans:
Commercial$— 0$— $— $— $418 $418 $— $418 $— $— 
Residential
— 0— — — 131 131 — 131 — — 
Total$— $— $— $— $549 $549 $— $549 $— $— 
December 31, 2023:
Mortgage loans:
Commercial$— $— $— $— $296 $296 $— $296 $— $— 
Residential
— — — — — — — — — — 
Total$— $— $— $— $296 $296 $— $296 $— $— 
________________
(1)Amounts presented at amortized cost basis.
Schedule of Unrealized and Realized Gains (Losses) from Equity Securities
The breakdown of unrealized and realized gains and (losses) on equity securities was as follows:
Unrealized and Realized Gains (Losses) from Equity Securities
Three Months Ended March 31,
20242023
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$— $(1)
Unrealized and realized gains (losses) on equity securities $— $(1)
The breakdown of net investment income (loss) from trading securities was as follows:
Net Investment Income (Loss) from Trading Securities
Three Months Ended March 31,
20242023
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$— $(2)
Unrealized and realized gains (losses) on trading securities— (2)
Net investment income (loss) from trading securities$— $(2)
Schedule of Net Investment Income (Loss)
The following tables provide the components of net investment income by investment type:
Three Months Ended March 31,
20242023
(in millions)
Fixed maturities$143 $29 
Mortgage loans on real estate7 — 
Policy loans1 1 
Other equity investments1 (1)
Trading securities— (2)
Other investment income13 3 
Gross investment income (loss)165 30 
Investment expenses(4)(1)
Net investment income (loss)$161 $29 
Schedule of Investment Gains (Losses) Net Including Changes In Valuation Allowances and Credit Losses
Investment gains (losses), net, including changes in the valuation allowances and credit losses were as follows:
Three Months Ended March 31,
20242023
(in millions)
Fixed maturities$— $(5)
Mortgage loans on real estate(1)— 
Investment gains (losses), net$(1)$(5)