XML 53 R39.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments [Abstract]  
Debt Securities, Available-for-sale
The following tables provide information relating to investments in fixed maturity securities by type as of March 31, 2024 and December 31, 2023 (dollars in millions):
March 31, 2024:AmortizedAllowance forUnrealizedUnrealizedEstimated Fair% of
 CostCredit LossesGainsLossesValueTotal
Available-for-sale:
Corporate$44,575 $79 $485 $3,933 $41,048 62.4 %
Canadian government3,455 — 326 68 3,713 5.6 
Japanese government5,722 — 4 522 5,204 7.9 
ABS5,137 15 30 207 4,945 7.5 
CMBS2,002 1 14 154 1,861 2.8 
RMBS1,250 — 10 110 1,150 1.7 
U.S. government3,028 — 2 244 2,786 4.2 
State and political subdivisions1,249 — 6 139 1,116 1.7 
Other foreign government4,372 — 39 407 4,004 6.2 
Total fixed maturity securities$70,790 $95 $916 $5,784 $65,827 100.0 %
December 31, 2023:AmortizedAllowance forUnrealizedUnrealizedEstimated Fair% of
 CostCredit LossesGainsLossesValueTotal
Available-for-sale:
Corporate$42,014 $62 $554 $3,751 $38,755 64.1 %
Canadian government3,477 — 473 33 3,917 6.5 
Japanese government3,630 — 3 502 3,131 5.2 
ABS4,661 12 19 239 4,429 7.3 
CMBS1,969 1 7 202 1,773 2.9 
RMBS1,173 — 8 102 1,079 1.8 
U.S. government2,725 — 9 214 2,520 4.2 
State and political subdivisions1,236 — 7 129 1,114 1.8 
Other foreign government4,092 — 45 388 3,749 6.2 
Total fixed maturity securities$64,977 $75 $1,125 $5,560 $60,467 100.0 %
Concentration Risk Disclosure [Text Block] The Company’s exposure to concentrations of credit
risk from single issuers, including certain agencies, greater than 10% of the Company’s equity are disclosed below, as of March 31, 2024 and December 31, 2023 (dollars in millions):
March 31, 2024December 31, 2023
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities guaranteed or issued by:
Japanese government$5,722 $5,204 $3,630 $3,131 
U.S. government3,028 2,786 2,725 2,520 
Canadian province of Quebec1,454 1,636 1,467 1,748 
Canadian province of Ontario1,002 1,070 1,019 1,125 
Investments Classified By Contractual Maturity Date
The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2024, 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 CostEstimated Fair Value
Available-for-sale:
Due in one year or less$1,316 $1,313 
Due after one year through five years11,090 10,925 
Due after five years through ten years12,989 12,401 
Due after ten years37,006 33,232 
Structured securities8,389 7,956 
Total$70,790 $65,827 
Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block]
The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of March 31, 2024 and December 31, 2023 (dollars in millions): 
March 31, 2024:Amortized CostEstimated Fair Value% of Total
Finance$15,788 $14,526 35.4 %
Industrial22,606 20,946 51.0 
Utility6,181 5,576 13.6 
Total$44,575 $41,048 100.0 %
December 31, 2023:Amortized CostEstimated Fair Value% of Total
Finance$15,052 $13,789 35.6 %
Industrial21,413 19,935 51.4 
Utility5,549 5,031 13.0 
Total$42,014 $38,755 100.0 %
Financing Receivable, Allowance for Credit Loss [Table Text Block]
The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the three months ended March 31, 2024 and 2023 (dollars in millions):
For the three months ended March 31, 2024:
 CorporateABSCMBSTotal
Balance, beginning of year$62 $12 $1 $75 
Credit losses recognized on securities for which credit losses were not previously recorded30 — — 30 
Reductions for securities sold during the period(8)— — (8)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period(5)3 — (2)
Balance, end of period$79 $15 $1 $95 
For the three months ended March 31, 2023:
 CorporateABSCMBSTotal
Balance, beginning of year$27 $10 $— $37 
Credit losses recognized on securities for which credit losses were not previously recorded43 — — 43 
Reductions for securities sold during the period(3)— — (3)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period2 — — 2 
Balance, end of period$69 $10 $— $79 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
 Less than 12 months12 months or greaterTotal
March 31, 2024:Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
Corporate$4,063 $89 $23,710 $3,753 $27,773 $3,842 
Canadian government291 14 433 54 724 68 
Japanese government2,728 63 2,013 459 4,741 522 
ABS560 8 2,883 191 3,443 199 
CMBS108 1 1,266 143 1,374 144 
RMBS161 3 683 107 844 110 
U.S. government1,932 14 654 230 2,586 244 
State and political subdivisions119 3 815 136 934 139 
Other foreign government466 6 2,190 348 2,656 354 
Total investment grade securities10,428 201 34,647 5,421 45,075 5,622 
 
Below investment grade securities:
Corporate246 25 512 66 758 $91 
ABS10 1 62 7 72 8 
CMBS— — 4 1 4 1 
Other foreign government— — 193 53 193 53 
Total below investment grade securities256 26 771 127 1,027 153 
Total fixed maturity securities$10,684 $227 $35,418 $5,548 $46,102 $5,775 
 Less than 12 months12 months or greaterTotal
December 31, 2023:Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
Corporate$2,134 $70 $24,207 $3,524 $26,341 $3,594 
Canadian government— — 459 33 459 33 
Japanese government876 50 2,193 452 3,069 502 
ABS336 5 3,025 223 3,361 228 
CMBS160 5 1,328 190 1,488 195 
RMBS115 3 681 99 796 102 
U.S. government614 10 717 204 1,331 214 
State and political subdivisions73 1 864 128 937 129 
Other foreign government254 3 2,290 333 2,544 336 
Total investment grade securities4,562 147 35,764 5,186 40,326 5,333 
Below investment grade securities:
Corporate295 36 649 121 944 157 
ABS— — 68 10 68 10 
CMBS— — 4 1 4 1 
Other foreign government— — 193 52 193 52 
Total below investment grade securities295 36 914 184 1,209 220 
Total fixed maturity securities$4,857 $183 $36,678 $5,370 $41,535 $5,553 
Investment Income
Major categories of net investment income consist of the following (dollars in millions):
 Three months ended March 31,
 20242023
Fixed maturity securities available-for-sale$760 $645 
Equity securities2 2 
Mortgage loans90 74 
Policy loans14 13 
Funds withheld at interest89 72 
Limited partnerships and real estate joint ventures7 54 
Short-term investments and cash and cash equivalents34 21 
Other invested assets4 9 
Investment income1,000 890 
Investment expense(39)(34)
Net investment income$961 $856 
Gain Loss On Investments
Investment related gains (losses), net consist of the following (dollars in millions): 
 Three months ended March 31,
 20242023
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$(20)$(42)
Impairments on fixed maturity securities— (1)
Realized gains on investment activity32 31 
Realized losses on investment activity(134)(75)
Net gains (losses) on equity securities4 2 
Change in mortgage loan allowance for credit losses(10)3 
Limited partnerships and real estate joint venture impairment losses(8)— 
Change in fair value of certain limited partnership investments1 (3)
Net losses on freestanding derivatives(99)(31)
Net gains (losses) on embedded derivatives77 37 
Other, net8 2 
Total investment related gains (losses), net$(149)$(77)
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]
The following table includes invested assets on deposit, invested assets pledged and received as collateral, assets in trust held to satisfy collateral requirements and FHLB common stock restricted as to sale as of March 31, 2024 and December 31, 2023 (dollars in millions):
March 31, 2024December 31, 2023
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Invested assets on deposit (regulatory deposits)$12 $9 $12 $9 
Invested assets pledged as collateral717 631 572 517 
Invested assets received as collateraln/a1,932 n/a1,827 
Assets in trust held to satisfy collateral requirements33,402 30,798 32,758 30,359 
FHLB common stock restricted as to sale63 63 63 63 
Schedule of Repurchase Agreements [Table Text Block]
The following table provides the estimated fair value of securities relating to securities lending and repurchase/reverse repurchase agreements as of March 31, 2024 and December 31, 2023 (dollars in millions):
March 31, 2024December 31, 2023
Securities Loaned, Pledged, or
Sold (1)
Securities Borrowed or Collateral Received from Counterparties (2)
Cash Collateral Received from Counterparties (3)
Securities Loaned, Pledged, or
Sold (1)
Securities Borrowed or Collateral Received from Counterparties (2)
Cash Collateral Received from Counterparties (3)
Securities lending transactions$912 $1,160 $— $732 $1,013 $— 
Repurchase/reverse repurchase transactions1,568 732 719 1,333 517 820 
(1)Securities loaned or pledged through securities lending transactions or sold to counterparties through repurchase transactions are included within fixed maturity securities. Collateral associated with certain securities lending transactions is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. Certain securities lending transactions do not require collateral.
(2)Securities borrowed or received as collateral through securities lending transactions or purchased from counterparties through reverse repurchase transactions are not reflected on the condensed consolidated balance sheets.
(3)A payable for the cash received by the Company is included within other liabilities.
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]
The following tables present the estimated fair value of securities by the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of March 31, 2024 and December 31, 2023 (dollars in millions):
March 31, 2024December 31, 2023
Remaining Contractual Maturity of the AgreementsRemaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotalOvernight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending transactions:
Corporate$— $75 $66 $202 $343 $— $— $94 $41 $135 
Japanese government— — — 536 536 — 88 — 480 568 
U.S. government— — — 9 9 — — — — — 
State and political subdivisions— — — 6 6 — — — 11 11 
Other foreign government— — 7 11 18 — — 13 5 18 
Total— 75 73 764 912 — 88 107 537 732 
Repurchase/reverse repurchase transactions:
Corporate— 39 — 538 577 — — — 553 553 
Japanese government— — — 382 382 — — — 158 158 
ABS— — 52 157 209 — — — 229 229 
CMBS— 24 56 108 188 — — — 221 221 
RMBS— 1 8 43 52 — — — 52 52 
U.S. government— — — 61 61 — — — 14 14 
Other foreign government— — — 99 99 — — — 106 106 
Total— 64 116 1,388 1,568 — — — 1,333 1,333 
Total transactions$— $139 $189 $2,152 $2,480 $— $88 $107 $1,870 $2,065 
Disclosure Of Real Estate Holdings By Property Type [Table Text Block]
The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of March 31, 2024 and December 31, 2023 (dollars in millions):
 March 31, 2024December 31, 2023
 Property type:Carrying Value% of Total Carrying Value% of Total
Office$1,692 22.2 %$1,700 22.8 %
Retail2,487 32.6 2,437 32.7 
Industrial2,068 27.1 1,947 26.1 
Apartment927 12.1 913 12.2 
Hotel411 5.4 413 5.5 
Other commercial48 0.6 49 0.7 
Recorded investment7,633 100.0 %7,459 100.0 %
Unamortized balance of loan origination fees and expenses(17)(15)
Allowance for credit losses(77)(67)
Total mortgage loans$7,539 $7,377 
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block]
The following table presents the maturities of the Company’s recorded investment in mortgage loans as of March 31, 2024 and December 31, 2023 (dollars in millions):
March 31, 2024December 31, 2023
Recorded
Investment		% of Total Recorded
Investment		% of Total
Due within five years$3,463 45.4 %$3,228 43.3 %
Due after five years through ten years3,321 43.5 3,334 44.7 
Due after ten years849 11.1 897 12.0 
Total$7,633 100.0 %$7,459 100.0 %
Mortgage Loan Internal Credit Risk Grade [Table Text Block]
The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of March 31, 2024 and December 31, 2023 (dollars in millions):
Recorded Investment
Debt Service RatiosConstruction loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
March 31, 2024:
Loan-to-Value Ratio
0% – 59.99%$3,820 $298 $40 $50 $4,208 55.1 %
60% – 69.99%1,950 160 38 — 2,148 28.2 
70% – 79.99%849 28 47 — 924 12.1 
80% or greater189 55 109 — 353 4.6 
Total$6,808 $541 $234 $50 $7,633 100.0 %
Recorded Investment
Debt Service RatiosConstruction loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
December 31, 2023:
Loan-to-Value Ratio
0% – 59.99%$3,672 $272 $27 $46 $4,017 53.9 %
60% – 69.99%1,947 154 44 — 2,145 28.8 
70% – 79.99%843 52 34 — 929 12.4 
80% or greater198 70 100 — 368 4.9 
Total$6,660 $548 $205 $46 $7,459 100.0 %
The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of March 31, 2024 and December 31, 2023 (dollars in millions):
Recorded Investment
Year of Origination
20242023202220212020PriorTotal
March 31, 2024:
Internal credit quality grade:
High investment grade$126 $474 $632 $563 $257 $2,174 $4,226 
Investment grade172 754 671 390 242 899 3,128 
Average— 12 — — 18 203 233 
Watch list— — — — — 23 23 
In or near default— — — — — 23 23 
Total$298 $1,240 $1,303 $953 $517 $3,322 $7,633 
Recorded Investment
Year of Origination
20232022202120202019PriorTotal
December 31, 2023:
Internal credit quality grade:
High investment grade$475 $635 $573 $304 $491 $1,734 $4,212 
Investment grade754 668 384 245 313 564 2,928 
Average12 — — 18 63 203 296 
Watch list— — — — — 16 16 
In or near default— — — — — 7 7 
Total$1,241 $1,303 $957 $567 $867 $2,524 $7,459 
Financing Receivable, Past Due [Table Text Block]
The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of March 31, 2024 and December 31, 2023 (dollars in millions):
 March 31, 2024December 31, 2023
Current$7,610 $7,431 
31 – 60 days past due7 28 
Greater than 90 days past due
16 — 
Total$7,633 $7,459 
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net
The following table presents information regarding the Company’s allowance for credit losses for mortgage loans for the three months ended March 31, 2024 and 2023 (dollars in millions):
 Three months ended March 31,
 20242023
Balance, beginning of period$67 $51 
Change in allowance for credit losses10 (3)
Balance, end of period$77 $48 
Limited Partnership And Joint Ventures Table Text Block
Limited Partnerships and Real Estate Joint Ventures
The carrying values of limited partnerships and real estate joint ventures as of March 31, 2024 and December 31, 2023 are as follows (dollars in millions):
March 31, 2024December 31, 2023
Limited partnerships – equity method$923 $925 
Limited partnerships – fair value893 856 
Limited partnerships – cost method71 71 
Real estate joint ventures810783 
Total limited partnerships and real estate joint ventures$2,697 $2,635 
Schedule Of Other Invested Assets [Table Text Block] The carrying values of other invested assets as of March 31, 2024 and December 31, 2023 are as follows (dollars in millions):
March 31, 2024December 31, 2023
Lifetime mortgages$939 $944 
Derivatives70 97 
FHLB common stock63 63 
Other68 67 
Total other invested assets$1,140 $1,171