Investments (Tables)

6 Months Ended

Jun. 30, 2025

Fixed Maturities, Available-for-sale, Debt Securities

The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	24,626	$	665	$	4,921	$	0	$	20,370
Obligations of U.S. states and their political subdivisions	6,059		129		675		0		5,513
Foreign government securities	68,556		1,219		11,086		0		58,689
U.S. public corporate securities	112,147		1,575		10,524		12		103,186
U.S. private corporate securities(1)	47,182		874		2,303		70		45,683
Foreign public corporate securities	24,927		373		1,303		9		23,988
Foreign private corporate securities	40,352		1,498		2,673		132		39,045
Asset-backed securities(2)	18,230		171		69		1		18,331
Commercial mortgage-backed securities	9,918		67		404		0		9,581
Residential mortgage-backed securities(3)	4,076		25		185		0		3,916
Total fixed maturities, available-for-sale(1)	$	356,073	$	6,596	$	34,143	$	224	$	328,302

__________

(1)Excludes notes with amortized cost of $15,220 million (fair value, $15,220 million), which have been offset with the associated debt under a netting agreement.

(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.

(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	24,869	$	584	$	5,105	$	0	$	20,348
Obligations of U.S. states and their political subdivisions	6,590		132		618		0		6,104
Foreign government securities	63,523		1,837		7,881		0		57,479
U.S. public corporate securities	108,883		1,226		11,529		72		98,508
U.S. private corporate securities(1)	45,854		918		2,926		57		43,789
Foreign public corporate securities	23,165		248		1,421		10		21,982
Foreign private corporate securities	38,652		314		4,311		192		34,463
Asset-backed securities(2)	16,979		214		59		0		17,134
Commercial mortgage-backed securities	9,791		29		547		0		9,273
Residential mortgage-backed securities(3)	2,698		15		223		0		2,490
Total fixed maturities, available-for-sale(1)	$	341,004	$	5,517	$	34,620	$	331	$	311,570

__________

(1)Excludes notes with amortized cost of $14,748 million (fair value, $14,748 million), which have been offset with the associated debt under a netting agreement.

(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.

(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:


	June 30, 2025
	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	5,174	$	213	$	9,803	$	4,708	$	14,977	$	4,921
Obligations of U.S. states and their political subdivisions	1,157		69		3,190		606		4,347		675
Foreign government securities	8,501		521		22,882		10,565		31,383		11,086
U.S. public corporate securities	20,645		856		47,399		9,658		68,044		10,514
U.S. private corporate securities	4,879		99		24,281		2,204		29,160		2,303
Foreign public corporate securities	4,519		129		7,894		1,173		12,413		1,302
Foreign private corporate securities	1,368		24		17,248		2,648		18,616		2,672
Asset-backed securities	2,538		36		732		32		3,270		68
Commercial mortgage-backed securities	282		1		6,123		403		6,405		404
Residential mortgage-backed securities	201		2		1,351		183		1,552		185
Total fixed maturities, available-for-sale	$	49,264	$	1,950	$	140,903	$	32,180	$	190,167	$	34,130


	December 31, 2024
	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	6,667	$	334	$	10,161	$	4,771	$	16,828	$	5,105
Obligations of U.S. states and their political subdivisions	1,592		53		3,288		565		4,880		618
Foreign government securities	8,280		349		20,780		7,532		29,060		7,881
U.S. public corporate securities	25,420		1,036		48,152		10,485		73,572		11,521
U.S. private corporate securities	7,581		183		24,846		2,743		32,427		2,926
Foreign public corporate securities	5,751		170		8,084		1,246		13,835		1,416
Foreign private corporate securities	8,702		282		18,862		4,010		27,564		4,292
Asset-backed securities	1,488		11		1,015		48		2,503		59
Commercial mortgage-backed securities	1,092		8		6,432		539		7,524		547
Residential mortgage-backed securities	361		4		1,377		219		1,738		223
Total fixed maturities, available-for-sale	$	66,934	$	2,430	$	142,997	$	32,158	$	209,931	$	34,588

Fixed Maturities Classified by Contractual Maturity Date

The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:


	June 30, 2025
	Amortized Cost		Fair Value
	(in millions)
Fixed maturities, available-for-sale:
Due in one year or less	$	16,168	$	16,105
Due after one year through five years	66,688		67,355
Due after five years through ten years	59,892		60,018
Due after ten years(1)	181,101		152,996
Asset-backed securities	18,230		18,331
Commercial mortgage-backed securities	9,918		9,581
Residential mortgage-backed securities	4,076		3,916
Total	$	356,073	$	328,302

__________

(1)Excludes notes with amortized cost of $15,220 million (fair value, $15,220 million), which have been offset with the associated debt under a netting agreement.

Sources of Fixed Maturity Proceeds and Related Investment Gains (Losses) as well as Losses on Impairments

The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	4,191	$	8,323	$	9,103	$	14,074
Proceeds from maturities/prepayments	5,252		6,147		11,013		11,080
Gross investment gains from sales and maturities	126		201		408		595
Gross investment losses from sales and maturities	(233)		(910)		(540)		(1,270)
Write-downs recognized in earnings(2)	(57)		(4)		(176)		(9)
(Addition to) release of allowance for credit losses	27		(22)		107		(33)

__________

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $183 million and $(253) million for the six months ended June 30, 2025 and 2024, respectively.

(2)Amounts represent write-downs on credit adverse securities and securities actively marketed for sale.

Allowance for Credit Losses for Fixed Maturity Securities

The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as of and for the periods indicated:


	Three Months Ended June 30, 2025
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	0	$	250	$	1	$	0	$	0	$	251
Additions to allowance for credit losses not previously recorded	0		0		1		0		0		0		1
Reductions for securities sold during the period	0		0		(6)		0		0		0		(6)
Additions (reductions) on securities with previous allowance	0		0		28		0		0		0		28
Write-downs charged against the allowance	0		0		(50)		0		0		0		(50)
Balance, end of period	$	0	$	0	$	223	$	1	$	0	$	0	$	224


	Three Months Ended June 30, 2024
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	31	$	139	$	1	$	0	$	0	$	171
Additions to allowance for credit losses not previously recorded	0		0		13		0		0		0		13
Reductions for securities sold during the period	0		(30)		(8)		0		0		0		(38)
Additions (reductions) on securities with previous allowance	0		(1)		24		0		0		0		23
Balance, end of period	$	0	$	0	$	168	$	1	$	0	$	0	$	169


	Six Months Ended June 30, 2025
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	0	$	331	$	0	$	0	$	0	$	331
Additions to allowance for credit losses not previously recorded	0		0		17		1		0		0		18
Reductions for securities sold during the period	0		0		(12)		0		0		0		(12)
Additions (reductions) on securities with previous allowance	0		0		31		0		0		0		31
Write-downs charged against the allowance	0		0		(144)		0		0		0		(144)
Balance, end of period	$	0	$	0	$	223	$	1	$	0	$	0	$	224


	Six Months Ended June 30, 2024
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	53	$	105	$	2	$	0	$	0	$	160
Additions to allowance for credit losses not previously recorded	0		0		59		0		0		0		59
Reductions for securities sold during the period	0		(30)		(20)		0		0		0		(50)
Additions (reductions) on securities with previous allowance	0		(23)		24		(1)		0		0		0
Balance, end of period	$	0	$	0	$	168	$	1	$	0	$	0	$	169

Assets Supporting Experience-Rated Contractholder Liabilities

The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:


	June 30, 2025				December 31, 2024
	Amortized Cost or Cost		Fair Value		Amortized Cost or Cost		Fair Value
	(in millions)
Fixed maturities:
Corporate securities	$	69	$	67	$	68	$	67
Foreign government securities	642		635		544		539
Obligations of U.S. government authorities and agencies and obligations of U.S. states	239		236		207		220
Total fixed maturities(1)	950		938		819		826
Equity securities	2,162		3,344		1,763		2,881
Total assets supporting experience-rated contractholder liabilities(2)	$	3,112	$	4,282	$	2,582	$	3,707

__________

(1)As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings as of both June 30, 2025 and December 31, 2024.

(2)As a percentage of amortized cost, 100% of the portfolio consisted of public securities as of both June 30, 2025 and December 31, 2024.

Securities Concentrations of Credit Risk

As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:


	June 30, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale	$	60,678	$	51,434	$	56,457	$	51,177
Fixed maturities, trading	19		19		18		18
Assets supporting experience-rated contractholder liabilities	562		548		472		462
Total	$	61,259	$	52,001	$	56,947	$	51,657


	June 30, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in millions)
Investments in Brazilian government and government agency securities:
Fixed maturities, available-for-sale	$	3,568	$	3,125	$	2,753	$	2,251
Fixed maturities, trading	74		71		44		40
Short-term investments	2		2		2		2
Cash equivalents	109		109		228		228
Total	$	3,753	$	3,307	$	3,027	$	2,521

Commercial Mortgage and Other Loans

The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:


	June 30, 2025				December 31, 2024
	Amount		% of Total		Amount		% of Total
	($ in millions)
Commercial mortgage and agricultural property loans by property type:
Office	$	7,065	11.3	%	$	7,867	12.7	%
Retail	5,441		8.7		5,552		9.0
Apartments/Multi-Family	18,729		29.9		17,522		28.3
Industrial	17,293		27.5		16,900		27.3
Hospitality	1,668		2.7		1,831		3.0
Self-Storage(1)	2,276		3.6		2,194		3.5
Health Care Senior Living(1)	1,858		3.0		1,858		3.0
Other(1)	565		0.9		334		0.6
Total commercial mortgage loans	54,895		87.6		54,058		87.4
Agricultural property loans	7,762		12.4		7,775		12.6
Total commercial mortgage and agricultural property loans	62,657		100.0	%	61,833		100.0	%
Allowance for credit losses	(508)				(528)
Total net commercial mortgage and agricultural property loans	62,149				61,305
Other loans:
Uncollateralized loans	368				595
Residential property loans	18				19
Other collateralized loans	477				468
Total other loans	863				1,082
Allowance for credit losses	(46)				(46)
Total net other loans	817				1,036
Total net commercial mortgage and other loans(2)	$	62,966			$	62,341

__________

(1)Prior period amounts have been updated to conform to current period presentation.

(2)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of June 30, 2025 and December 31, 2024, the net carrying value of these loans was $726 million and $702 million, respectively.

Commercial Mortgage Loan Commitments


	June 30, 2025		December 31, 2024
	(in millions)
Total outstanding mortgage loan commitments	$	3,164	$	2,552
Portion of commitment where prearrangement to sell to investor exists	$	779	$	578

Indemnification of Serviced Mortgage Loans


	June 30, 2025		December 31, 2024
	(in millions)
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company	$	3,359	$	3,272
First-loss exposure portion of above	$	966	$	942
Accrued liability associated with guarantees(1)	$	23	$	25

__________

(1)The accrued liability associated with guarantees includes an allowance for credit losses of $11 million and $12 million as of June 30, 2025 and December 31, 2024, respectively. The change in allowance was a reduction of $0 million and $1 million for the three months ended June 30, 2025 and 2024, respectively, and a reduction of $1 million and $1 million for the six months ended June 30, 2025 and 2024, respectively.

Allowance for Credit Losses

The following tables set forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods indicated:


	Three Months Ended June 30, 2025
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Property Loans		Other Collateralized Loans		Uncollateralized Loans		Total
	(in millions)
Allowance, beginning of period	$	460	$	123	$	0	$	34	$	15	$	632
Addition to (release of) allowance for expected losses	(11)		85		0		(2)		(1)		71
Write-downs charged against the allowance	0		(150)		0		0		0		(150)

Change in foreign exchange	1		0		0		0		0		1
Allowance, end of period	$	450	$	58	$	0	$	32	$	14	$	554


	Three Months Ended June 30, 2024
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Property Loans		Other Collateralized Loans		Uncollateralized Loans		Total
	(in millions)
Allowance, beginning of period	$	492	$	21	$	0	$	0	$	1	$	514
Addition to (release of) allowance for expected losses	0		3		0		33		17		53

Change in foreign exchange	(3)		0		0		0		0		(3)
Allowance, end of period	$	489	$	24	$	0	$	33	$	18	$	564


	Six Months Ended June 30, 2025
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Property Loans		Other Collateralized Loans		Uncollateralized Loans		Total
	(in millions)
Allowance, beginning of period	$	407	$	121	$	0	$	32	$	14	$	574
Addition to (release of) allowance for expected losses	42		87		0		0		0		129
Write-downs charged against the allowance	0		(150)		0		0		0		(150)

Change in foreign exchange	1		0		0		0		0		1
Allowance, end of period	$	450	$	58	$	0	$	32	$	14	$	554


	Six Months Ended June 30, 2024
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Property Loans		Other Collateralized Loans		Uncollateralized Loans		Total
	(in millions)
Allowance, beginning of period	$	443	$	16	$	0	$	0	$	1	$	460
Addition to (release of) allowance for expected losses	47		8		0		33		17		105

Change in foreign exchange	(1)		0		0		0		0		(1)
Allowance, end of period	$	489	$	24	$	0	$	33	$	18	$	564

Financing Receivable Credit Quality Indicators

The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:


	June 30, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
	(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	1,541	$	2,093	$	2,093	$	885	$	2,215	$	17,825	$	65	$	26,717
60%-69.99%	1,773		4,153		1,590		1,453		2,072		5,218		0		16,259
70%-79.99%	266		894		1,442		873		1,258		2,074		0		6,807
80% or greater	12		272		136		259		255		4,178		0		5,112
Total	$	3,592	$	7,412	$	5,261	$	3,470	$	5,800	$	29,295	$	65	$	54,895
Debt Service Coverage Ratio:
Greater than 1.2x	$	3,486	$	6,485	$	4,569	$	3,182	$	5,700	$	26,331	$	0	$	49,753
1.0 - 1.2x	106		738		542		257		42		1,316		65		3,066
Less than 1.0x	0		189		150		31		58		1,648		0		2,076
Total	$	3,592	$	7,412	$	5,261	$	3,470	$	5,800	$	29,295	$	65	$	54,895
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	220	$	658	$	297	$	901	$	1,993	$	2,048	$	131	$	6,248
60%-69.99%	21		111		360		89		10		86		0		677
70%-79.99%	60		0		0		0		6		14		0		80
80% or greater	3		0		199		413		0		101		41		757
Total	$	304	$	769	$	856	$	1,403	$	2,009	$	2,249	$	172	$	7,762
Debt Service Coverage Ratio:
Greater than 1.2x	$	304	$	713	$	826	$	894	$	1,953	$	1,909	$	131	$	6,730
1.0 - 1.2x	0		52		25		451		42		203		41		814
Less than 1.0x	0		4		5		58		14		137		0		218
Total	$	304	$	769	$	856	$	1,403	$	2,009	$	2,249	$	172	$	7,762


	December 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
	(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	2,122	$	1,492	$	1,183	$	2,295	$	1,378	$	16,652	$	36	$	25,158
60%-69.99%	4,726		2,287		1,013		2,192		846		5,113		0		16,177
70%-79.99%	809		1,326		953		1,327		446		2,293		0		7,154
80% or greater	48		135		482		216		281		4,407		0		5,569
Total	$	7,705	$	5,240	$	3,631	$	6,030	$	2,951	$	28,465	$	36	$	54,058
Debt Service Coverage Ratio:
Greater than 1.2x	$	6,771	$	4,563	$	3,283	$	5,929	$	2,795	$	25,790	$	0	$	49,131
1.0 - 1.2x	745		527		313		43		102		1,279		36		3,045
Less than 1.0x	189		150		35		58		54		1,396		0		1,882
Total	$	7,705	$	5,240	$	3,631	$	6,030	$	2,951	$	28,465	$	36	$	54,058
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	657	$	371	$	877	$	2,004	$	679	$	1,491	$	122	$	6,201
60%-69.99%	87		555		125		10		53		43		0		873
70%-79.99%	0		0		0		6		0		3		0		9
80% or greater	0		6		521		0		71		42		52		692
Total	$	744	$	932	$	1,523	$	2,020	$	803	$	1,579	$	174	$	7,775
Debt Service Coverage Ratio:
Greater than 1.2x	$	688	$	864	$	932	$	1,967	$	739	$	1,384	$	122	$	6,696
1.0 - 1.2x	56		63		530		45		23		98		52		867
Less than 1.0x	0		5		61		8		41		97		0		212
Total	$	744	$	932	$	1,523	$	2,020	$	803	$	1,579	$	174	$	7,775

Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties

The following table sets forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:


	Three Months Ended June 30,
	2025						2024
	Term Extension		Other Than Insignificant Delay in Payment		% of Amortized Cost		Term Extension		Other Than Insignificant Delay in Payment		% of Amortized Cost
	($ in millions)
Commercial mortgage loans(1)	$	0	$	0	0.0	%	$	178	$	0	0.3	%
Agricultural property loans	$	0	$	0	0.0	%	$	0	$	0	0.0	%

__________

(1)Prior period amounts have been updated to conform to current period presentation.


	Six Months Ended June 30,
	2025						2024
	Term Extension		Other Than Insignificant Delay in Payment		% of Amortized Cost		Term Extension		Other Than Insignificant Delay in Payment		% of Amortized Cost
	($ in millions)
Commercial mortgage loans(1)	$	0	$	0	0.0	%	$	337	$	0	0.6	%
Agricultural property loans	$	0	$	0	0.0	%	$	0	$	0	0.0	%

__________

(1)Prior period amounts have been updated to conform to current period presentation.

Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:


	June 30, 2025
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)(2)		Total Past Due		Total Loans		Non-Accrual Status(3)
	(in millions)
Commercial mortgage loans	$	54,680	$	0	$	0	$	215	$	215	$	54,895	$	251
Agricultural property loans	6,970		0		0		792		792		7,762		830
Residential property loans	18		0		0		0		0		18		0
Other collateralized loans	477		0		0		0		0		477		0
Uncollateralized loans	368		0		0		0		0		368		25
Total	$	62,513	$	0	$	0	$	1,007	$	1,007	$	63,520	$	1,106

__________

(1)As of June 30, 2025, there were no loans in this category accruing interest.

(2)Includes loans for which no credit losses are expected due to U.S. agency guarantees.

(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.


	December 31, 2024
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)(2)		Total Past Due		Total Loans		Non-Accrual Status(3)
	(in millions)
Commercial mortgage loans	$	53,873	$	0	$	3	$	182	$	185	$	54,058	$	220
Agricultural property loans	7,012		0		21		742		763		7,775		767
Residential property loans	19		0		0		0		0		19		0
Other collateralized loans	468		0		0		0		0		468		0
Uncollateralized loans	595		0		0		0		0		595		25
Total	$	61,967	$	0	$	24	$	924	$	948	$	62,915	$	1,012

__________

(1)As of December 31, 2024, there were no loans in this category accruing interest.

(2)Includes loans for which no credit losses are expected due to U.S. agency guarantees.

Other Invested Assets

The following table sets forth the composition of “Other invested assets,” as of the dates indicated:


	June 30, 2025		December 31, 2024
	(in millions)
LPs/LLCs:
Equity method:
Private equity	$	11,000	$	10,615
Hedge funds	3,079		3,143
Real estate-related	2,760		2,661
Subtotal equity method	16,839		16,419
Fair value:
Private equity	957		1,076
Hedge funds	2,073		2,080
Real estate-related	890		951
Subtotal fair value	3,920		4,107
Total LPs/LLCs	20,759		20,526
Real estate held through direct ownership(1)	1,796		1,743
Total alternative assets	22,555		22,269
Credit-like instruments(2)	1,279		933
Derivative instruments	1,780		1,597
Other(3)	1,642		1,552
Total other invested assets	$	27,256	$	26,351

_________

(1)As of June 30, 2025 and December 31, 2024, real estate held through direct ownership had mortgage debt of $192 million and $185 million, respectively.

(2)Includes structured debt investments in feeder funds that are consolidated, resulting in the Company reporting the consolidated feeder funds’ proportionate share of the net assets of the master fund within “Other invested assets.”

(3)Primarily includes equity investments accounted for under the measurement alternative, tax advantaged investments, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:


	June 30, 2025		December 31, 2024
	(in millions)
Fixed maturities	$	3,025	$	2,892
Equity securities	9		8
Commercial mortgage and other loans	224		228
Policy loans	246		236
Other invested assets	11		12
Short-term investments and cash equivalents	45		65
Total accrued investment income	$	3,560	$	3,441

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Fixed maturities, available-for-sale(1)	$	3,885	$	3,703	$	7,658	$	7,295
Fixed maturities, trading	177		130		344		246
Assets supporting experience-rated contractholder liabilities	14		13		28		27
Equity securities	49		61		93		99
Commercial mortgage and other loans	691		642		1,383		1,253
Policy loans	123		119		247		241
Other invested assets	418		246		814		567
Short-term investments and cash equivalents	230		284		497		582
Gross investment income	5,587		5,198		11,064		10,310
Less: investment expenses	(361)		(349)		(708)		(697)
Net investment income	$	5,226	$	4,849	$	10,356	$	9,613

__________

(1)Includes income on credit-linked notes which are reported on the same financial statement line as related surplus notes, as conditions are met for right to offset.

Realized Investment Gains (Losses), Net

The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Fixed maturities(1)	$	(137)	$	(735)	$	(201)	$	(717)
Commercial mortgage and other loans	(66)		(44)		(124)		(95)
Investment real estate	(1)		(8)		(11)		(6)
LPs/LLCs	6		4		5		23
Derivatives(2)	(1,345)		723		(1,794)		575
Ceded income (loss) on modified coinsurance assets(2)(3)	(156)		(110)		(319)		(259)
Other(2)	0		4		15		5
Realized investment gains (losses), net	$	(1,699)	$	(166)	$	(2,429)	$	(474)

__________

(1)Excludes fixed maturity securities classified as trading.

(2)Prior period amounts have been updated to conform to current period presentation.

(3)Includes changes in the value of reinsurance payables and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.

Net Unrealized Gains (Losses) on Investment

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:


	June 30, 2025		December 31, 2024
	(in millions)
Fixed maturity securities, available-for-sale with an allowance	$	3	$	6
Fixed maturity securities, available-for-sale without an allowance	(27,550)		(29,109)
Derivatives designated as cash flow hedges(1)	(597)		1,780
Derivatives designated as fair value hedges(1)	(168)		(64)
Other investments(2)	156		106
Net unrealized gains (losses) on investments	$	(28,156)	$	(27,281)

__________

(1)For additional information regarding cash flow and fair value hedges, see Note 5.

(2)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in “Other assets.”

Repurchase Agreements and Securities Lending

The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:


	June 30, 2025								December 31, 2024
	Remaining Contractual Maturities of the Agreements								Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 Days		30 to 90 Days		Total		Overnight & Continuous		Up to 30 Days		30 to 90 Days		Total
	(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	7,715	$	0	$	0	$	7,715	$	6,450	$	0	$	0	$	6,450
U.S. public corporate securities	0		470		0		470		0		327		0		327
Foreign public corporate securities	0		20		0		20		0		19		0		19
Commercial mortgage-backed securities	0		0		0		0		0		0		0		0
Total securities sold under agreements to repurchase	$	7,715	$	490	$	0	$	8,205	$	6,450	$	346	$	0	$	6,796

The following table sets forth the composition of “Cash collateral for loaned securities” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:


	June 30, 2025						December 31, 2024
	Remaining Contractual Maturities of the Agreements						Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 Days		Total		Overnight & Continuous		Up to 30 Days		Total
	(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	0	$	0	$	1	$	0	$	1
Obligations of U.S. states and their political subdivisions	38		0		38		46		0		46
Foreign government securities	222		0		222		122		6		128
U.S. public corporate securities	7,133		318		7,451		7,506		403		7,909
Foreign public corporate securities	1,118		65		1,183		1,181		118		1,299
Equity securities	273		0		273		238		0		238
Total cash collateral for loaned securities(1)	$	8,784	$	383	$	9,167	$	9,094	$	527	$	9,621

__________

(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.