The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). RMBS, ABS and CMBS are collectively “structured securities.”


March 31, 2022:	Amortized		Allowance for		Unrealized		Unrealized		Estimated Fair		% of
	Cost		Credit Losses		Gains		Losses		Value		Total
Available-for-sale:
Corporate	$	36,813	$	33	$	954	$	1,354	$	36,380	62.8	%
Canadian government	3,381		—		1,038		12		4,407		7.6
RMBS	983		—		11		28		966		1.7
ABS	3,915		5		5		169		3,746		6.5
CMBS	1,829		1		6		48		1,786		3.1
U.S. government	1,587		—		7		69		1,525		2.6
State and political subdivisions	1,206		—		50		47		1,209		2.1
Other foreign government	8,135		3		110		339		7,903		13.6
Total fixed maturity securities	$	57,849	$	42	$	2,181	$	2,066	$	57,922	100.0	%


December 31, 2021:	Amortized		Allowance for		Unrealized		Unrealized		Estimated Fair		% of
	Cost		Credit Losses		Gains		Losses		Value		Total
Available-for-sale:
Corporate	$	35,239	$	26	$	3,084	$	194	$	38,103	62.8	%
Canadian government	3,339		—		1,606		1		4,944		8.1
RMBS	1,020		—		37		7		1,050		1.7
ABS	4,024		—		22		41		4,005		6.6
CMBS	1,790		1		66		6		1,849		3.0
U.S. government	2,082		—		31		8		2,105		3.5
State and political subdivisions	1,191		—		137		5		1,323		2.2
Other foreign government	7,188		4		273		87		7,370		12.1
Total fixed maturity securities	$	55,873	$	31	$	5,256	$	349	$	60,749	100.0	%

The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of fixed maturity securities as collateral. Pledged fixed maturity securities are included in fixed maturity securities available-for-sale in the condensed consolidated balance sheets. Fixed maturity securities received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of March 31, 2022 and December 31, 2021, none of the collateral received had been sold or repledged. The Company also holds assets in trust to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties. The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of March 31, 2022 and December 31, 2021 (dollars in millions):


	March 31, 2022				December 31, 2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities pledged as collateral	$	181	$	173	$	100	$	103
Fixed maturity securities received as collateral	n/a		1,743		n/a		1,922
Assets in trust held to satisfy collateral requirements	29,136		29,077		28,671		31,173

The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio that limits exposure to any one issuer. The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s equity included securities of the U.S. government and its agencies, as well as the securities disclosed below, as of March 31, 2022 and December 31, 2021 (dollars in millions).


	March 31, 2022				December 31, 2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities guaranteed or issued by:
Government of Japan	$	3,887	$	3,742	$	3,080	$	3,063
Canadian province of Quebec	1,409		2,062		1,377		2,347
Canadian province of Ontario	1,063		1,288		1,092		1,451

The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2022, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date.


	Amortized Cost		Estimated Fair Value
Available-for-sale:
Due in one year or less	$	1,511	$	1,517
Due after one year through five years	10,009		10,112
Due after five years through ten years	11,862		11,776
Due after ten years	27,740		28,019
Structured securities	6,727		6,498
Total	$	57,849	$	57,922


March 31, 2022:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	13,839	$	13,599	37.4	%
Industrial	18,496		18,382		50.5
Utility	4,478		4,399		12.1

Total	$	36,813	$	36,380	100.0	%

December 31, 2021:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	13,101	$	14,045	36.9	%
Industrial	17,857		19,375		50.8
Utility	4,281		4,683		12.3
Total	$	35,239	$	38,103	100.0	%

As discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2021 Annual Report, allowances for credit losses on fixed maturity securities are recognized in investment related gains (losses), net. The amount recognized represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the fixed maturity security prior to the allowance for credit losses. Any remaining difference between the fair value and amortized cost is recognized in OCI.


For the three months ended March 31, 2022:
	Corporate		ABS		CMBS		Other Foreign Government		Total
Balance, beginning of period	$	26	$	—	$	1	$	4	$	31
Credit losses recognized on securities for which credit losses were not previously recorded	6		5		—		—		11
Reductions for securities sold during the period	(1)		—		—		(1)		(2)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	2		—		—		—		2
Balance, end of period	$	33	$	5	$	1	$	3	$	42


For the three months ended March 31, 2021:
	Corporate		ABS		CMBS		Other Foreign Government		Total
Balance, beginning of period	$	17	$	—	$	3	$	—	$	20
Credit losses recognized on securities for which credit losses were not previously recorded	—		—		1		5		6

Reductions for securities sold during the period	(1)		—		(2)		—		(3)

Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	—		—		(1)		—		(1)


Balance, end of period	$	16	$	—	$	1	$	5	$	22

The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment.

The following tables present the estimated fair value and gross unrealized losses for the 4,136 and 1,862 fixed maturity securities for which an allowance for credit loss has not been recorded as of March 31, 2022 and December 31, 2021, and the estimated fair value had declined and remained below amortized cost (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has continuously remained below amortized cost.


	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
March 31, 2022:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate	$	15,156	$	1,082	$	1,161	$	186	$	16,317	$	1,268
Canadian government	127		8		15		4		142		12
RMBS	400		15		137		13		537		28
ABS	2,632		139		604		18		3,236		157
CMBS	1,178		40		34		3		1,212		43
U.S. government	1,148		64		27		5		1,175		69
State and political subdivisions	460		42		30		5		490		47
Other foreign government	4,287		218		727		83		5,014		301
Total investment grade securities	25,388		1,608		2,735		317		28,123		1,925
Below investment grade securities:
Corporate	878		50		108		33		986		$	83

ABS	22		2		9		2		31		4
CMBS	28		2		9		1		37		3
Other foreign government	172		15		102		23		274		38
Total below investment grade securities	1,100		69		228		59		1,328		128
Total fixed maturity securities	$	26,488	$	1,677	$	2,963	$	376	$	29,451	$	2,053


	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
December 31, 2021:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate	$	4,135	$	86	$	946	$	51	$	5,081	$	137
Canadian government	20		1		—		—		20		1
RMBS	132		3		102		4		234		7
ABS	1,747		22		589		6		2,336		28
CMBS	152		2		35		2		187		4
U.S. government	1,513		6		31		2		1,544		8
State and political subdivisions	109		3		28		2		137		5
Other foreign government	2,237		33		724		37		2,961		70
Total investment grade securities	10,045		156		2,455		104		12,500		260
Below investment grade securities:
Corporate	463		13		97		44		560		57


ABS	—		—		13		13		13		13
CMBS	—		—		—		—		—		—

Other foreign government	136		7		75		10		211		17
Total below investment grade securities	599		20		185		67		784		87
Total fixed maturity securities	$	10,644	$	176	$	2,640	$	171	$	13,284	$	347

The Company has no intention to sell, nor does it expect to be required to sell, the securities outlined in the tables above, as of the dates indicated. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Changes in unrealized losses are primarily driven by changes in interest rates.


	Three months ended March 31,
		2022		2021
Fixed maturity securities available-for-sale		$	533	$	495
Equity securities		2		2
Mortgage loans on real estate		73		66
Policy loans		13		14
Funds withheld at interest		51		84
Short-term investments and cash and cash equivalents		2		1
Other invested assets – limited partnerships and real estate joint ventures		161		161
Other invested assets – all other		2		13
Investment income		837		836
Investment expense		(27)		(24)
Net investment income		$	810	$	812


	Three months ended March 31,
		2022		2021
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments		$	(12)	$	(2)
Realized gains on investment activity		11		167
Realized losses on investment activity		(36)		(13)
Net gains (losses) on equity securities		(8)		3
Other impairment losses and change in mortgage loan allowance for credit losses		(2)		18
Change in fair value of certain limited partnership investments and other, net		26		111
Net gains (losses) on derivatives		(105)		18
Total investment related gains (losses), net		$	(126)	$	302


	March 31, 2022			December 31, 2021
	Amortized Cost	Estimated Fair Value		Amortized Cost	Estimated Fair Value
Securities borrowing agreements:
Securities borrowed (1)	n/a	$	561	n/a	$	420
Securities pledged as collateral (2)	460	437		279	290
Securities lending agreements:
Securities loaned (2)	82	84		94	102
Securities received as collateral (3)	n/a	94		n/a	102
Repurchase/reverse repurchase agreements:
Securities pledged (2)	730	715		704	736
Cash (4)	—	—		10	10
Securities received (3)	n/a	690		n/a	728
Cash received (5)	42	42		—	—

(1)Securities borrowed are not reflected on the condensed consolidated balance sheets. Collateral associated with certain borrowed securities is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows.


	March 31, 2022
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending agreements:
Corporate	$	—	$	—	$	—	$	71	$	71
State and political subdivisions	—		—		—		3		3
Other foreign government	—		—		—		10		10
Total	—		—		—		84		84
Repurchase agreements:
Corporate	—		—		—		361		361
Other foreign government	—		106		—		248		354
Total	—		106		—		609		715
Total agreements	$	—	$	106	$	—	$	693	$	799


	December 31, 2021
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending agreements:
Corporate	$	—	$	—	$	—	$	94	$	94
State and political subdivisions	—		—		—		3		3
Other foreign government	—		—		—		5		5
Total	—		—		—		102		102
Repurchase agreements:
Corporate	—		—		—		366		366

Other foreign government	—		—		—		370		370
Total	—		—		—		736		736
Total agreements	$	—	$	—	$	—	$	838	$	838

As of March 31, 2022, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (12.7%), Texas (12.4%) and Washington (7.5%), in addition to loans secured by properties in Canada (3.2%) and United Kingdom (2.5%). The recorded investment in mortgage loans on real estate presented below is gross of unamortized deferred loan origination fees and expenses and allowance for credit losses.


	March 31, 2022				December 31, 2021
Property type:	Carrying Value		% of Total		Carrying Value		% of Total
Office	$	1,699	25.9	%	$	1,683	26.6	%
Retail	2,227		33.8		2,090		33.0
Industrial	1,451		22.0		1,249		19.7
Apartment	859		13.0		801		12.7
Other commercial	347		5.3		506		8.0
Recorded investment	$	6,583	100.0	%	6,329		100.0	%
Unamortized balance of loan origination fees and expenses	(11)				(11)
Allowance for credit losses	(37)				(35)
Total mortgage loans on real estate	$	6,535			$	6,283


	March 31, 2022				December 31, 2021
	Recorded Investment		% of Total		Recorded Investment		% of Total
Due within five years	$	2,724	41.4	%	$	2,660	42.0	%
Due after five years through ten years	2,738		41.6		2,593		41.0
Due after ten years	1,121		17.0		1,076		17.0
Total	$	6,583	100.0	%	$	6,329	100.0	%


	Recorded Investment
	Debt Service Ratios						Construction loans
	>1.20x		1.00x – 1.20x		<1.00x				Total		% of Total
March 31, 2022:
Loan-to-Value Ratio
0% – 59.99%	$	3,257	$	240	$	33	$	9	$	3,539	53.8	%
60% – 69.99%	1,995		199		53		—		2,247		34.1
70% – 79.99%	482		40		53		—		575		8.7
80% or greater	99		4		119		—		222		3.4
Total	$	5,833	$	483	$	258	$	9	$	6,583	100.0	%


	Recorded Investment
	Debt Service Ratios						Construction loans
	>1.20x		1.00x – 1.20x		<1.00x				Total		% of Total
December 31, 2021:
Loan-to-Value Ratio
0% – 59.99%	$	3,111	$	238	$	51	$	6	$	3,406	53.8	%
60% – 69.99%	1,906		190		46		—		2,142		33.8
70% – 79.99%	520		41		12		—		573		9.1
80% or greater	148		—		60		—		208		3.3
Total	$	5,685	$	469	$	169	$	6	$	6,329	100.0	%


	Recorded Investment
	Year of Origination
	2022		2021		2020		2019		2018		Prior		Total
March 31, 2022:
Internal credit quality grade:
High investment grade	$	196	$	725	$	375	$	629	$	435	$	1,779	$	4,139
Investment grade	236		366		298		333		300		723		2,256
Average	—		6		—		27		49		66		148
Watch list	—		—		—		—		—		4		4
In or near default	—		$	—	—		—		—		36		36
Total	$	432	$	1,097	$	673	$	989	$	784	$	2,608	$	6,583


	Recorded Investment
	Year of Origination
	2021		2020		2019		2018		2017		Prior		Total
December 31, 2021:
Internal credit quality grade:
High investment grade	$	725	$	402	$	645	$	461	$	344	$	1,534	$	4,111
Investment grade	367		272		331		301		296		502		2,069
Average	6		—		27		39		5		32		109
Watch list	—		—		—		—		—		4		4
In or near default	—		—		—		—		—		36		36
Total	$	1,098	$	674	$	1,003	$	801	$	645	$	2,108	$	6,329

For the three months ended March 31, 2022, the Company restructured three mortgage loans to interest only payments as a result of lower occupancy levels. The total recorded investment before allowance for credit losses for mortgage loans, which were modified and met the criteria of Troubled Debt Restructuring (“TDR”), is $77 million as of March 31, 2022. For the three months ended March 31, 2021, the Company did not have any significant loans that were modified and met the criteria of a TDR. The Company had no mortgage loans that were on a nonaccrual status as of March 31, 2022 and 2021. The Company did not acquire any impaired mortgage loans during three months ended March 31, 2022 and 2021.

The majority of policy loans are associated with one client. These policy loans present no credit risk as the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.

As of March 31, 2022, $4.4 billion of the funds withheld at interest balance is primarily associated with two clients. For reinsurance agreements written on a modco basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed to the Company from the ceding company.

Other invested assets include limited partnership interests, joint ventures (other than operating joint ventures), lifetime mortgages, and derivative contracts. Other invested assets also includes FHLB common stock and unit-linked investments, which are included in Other in the table below. As of March 31, 2022 and December 31, 2021, the allowance for credit losses for lifetime mortgages was not material. The carrying values of other invested assets as of March 31, 2022 and December 31, 2021 are as follows (dollars in millions):