v3.25.2
Investments (excluding Consolidated Investment Entities) (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturities
Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of June 30, 2025:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries
$593 $2 $49 $— $— $546 
U.S. Government agencies and authorities
30 1 — — — 31 
State, municipalities and political subdivisions623 — 107 — — 516 
U.S. corporate public securities
8,257 147 986 — — 7,418 
U.S. corporate private securities5,557 71 238 — 2 5,388 
Foreign corporate public securities and foreign governments(1)
2,770 42 250 — 2 2,560 
Foreign corporate private securities(1)
2,949 55 70 — 42 2,892 
Residential mortgage-backed securities3,896 40 223 3 — 3,716 
Commercial mortgage-backed securities3,489 5 454 — — 3,040 
Other asset-backed securities2,994 32 38 — 6 2,982 
Total fixed maturities, including securities pledged31,158 395 2,415 3 52 29,089 
Less: Securities pledged1,140 — 63 — — 1,077 
Total fixed maturities(3)
$30,018 $395 $2,352 $3 $52 $28,012 
(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) Includes fixed maturities of approximately $1.4 billion acquired in the first quarter of 2025 related to the acquisition of OneAmerica Financial's full-service retirement plan business.
Available-for-sale and FVO fixed maturities were as follows as of December 31, 2024:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries$524 $— $52 $— $— $472 
U.S. Government agencies and authorities29 1 — — — 30 
State, municipalities and political subdivisions697 — 117 — — 580 
U.S. corporate public securities7,938 124 1,054 — — 7,008 
U.S. corporate private securities5,275 43 329 — 6 4,983 
Foreign corporate public securities and foreign governments(1)
2,729 32 287 — 2 2,472 
Foreign corporate private securities(1)
2,693 22 169 — 9 2,537 
Residential mortgage-backed securities3,709 27 261 (4)— 3,471 
Commercial mortgage-backed securities3,677 4 532 — 17 3,132 
Other asset-backed securities2,779 39 45 — 4 2,769 
Total fixed maturities, including securities pledged30,050 292 2,846 (4)38 27,454 
Less: Securities pledged1,665 — 149 — — 1,516 
Total fixed maturities$28,385 $292 $2,697 $(4)$38 $25,938 
(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of fixed maturities, including securities pledged, as of June 30, 2025, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.
Amortized Cost
Fair Value
Due to mature:
One year or less$687 $683 
After one year through five years4,117 4,074 
After five years through ten years3,713 3,667 
After ten years12,262 10,927 
Mortgage-backed securities7,385 6,756 
Other asset-backed securities2,994 2,982 
Fixed maturities, including securities pledged$31,158 $29,089 
Schedule of Securities Borrowed Under Securities Lending Transactions
The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:
June 30, 2025December 31, 2024
U.S. Treasuries$26 $22 
U.S. corporate public securities427 601 
Short-term investments85 241 
Foreign corporate public securities and foreign governments207 258 
Total(1)
$745 $1,122 
(1) As of June 30, 2025 and December 31, 2024, liabilities to return cash collateral were $732 and $736, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets.
Fixed Maturities, Allowance for Credit Losses
The following tables presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the periods presented:
Six Months Ended June 30, 2025
U.S. corporate private securities
Commercial mortgage-backed securitiesForeign corporate public securities and foreign governmentsForeign corporate private securitiesOther asset-backed securitiesTotal
Balance as of January 1$6 $17 $2 $9 $4 $38 
Credit losses on securities for which credit losses were not previously recorded2 — — 33 2 37 
Reductions for securities sold during the period(6)(17)— — — (23)
Increase (decrease) on securities with allowance recorded in previous period— — — — — — 
Balance as of June 30$2 $— $2 $42 $6 $52 
Year Ended December 31, 2024
U.S. corporate private securities
Commercial mortgage-backed securities
Foreign corporate public securities and foreign governments
Foreign corporate private securitiesOther asset-backed securitiesTotal
Balance as of January 1$— $9 $3 $2 $3 $17 
Credit losses on securities for which credit losses were not previously recorded6 9 — 8 1 24 
Reductions for securities sold during the period— — (1)— — (1)
Increase (decrease) on securities with allowance recorded in previous period— (1)— (1)— (2)
Balance as of December 31$6 $17 $2 $9 $4 $38 
Schedule of Unrealized Loss on Investments
The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:

As of June 30, 2025
Twelve Months or Less
Below Amortized Cost
More Than Twelve Months
Below Amortized Cost
Total
Fair ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized Capital Losses
U.S. Treasuries$344 $18 $135 $31 $479 $49 
U.S. Government agencies and authorities— — — — — — 
State, municipalities and political subdivisions4 — 495 107 499 107 
U.S. corporate public securities819 60 4,111 926 4,930 986 
U.S. corporate private securities362 4 2,663 234 3,025 238 
Foreign corporate public securities and foreign governments422 11 1,223 239 1,645 250 
Foreign corporate private securities239 2 1,330 68 1,569 70 
Residential mortgage-backed194 2 1,202 221 1,396 223 
Commercial mortgage-backed 96 1 2,567 453 2,663 454 
Other asset-backed164 2 309 36 473 38 
Total$2,644 $100 $14,035 $2,315 $16,679 $2,415 
As of December 31, 2024
Twelve Months or Less
Below Amortized Cost
More Than Twelve Months
Below Amortized Cost
Total
Fair ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized Capital Losses
U.S. Treasuries$304 $20 $133 $32 $437 $52 
U.S. Government agencies and authorities14 — — — 14 — 
State, municipalities and political subdivisions7 — 562 117 569 117 
U.S. corporate public securities818 35 4,215 1,019 5,033 1,054 
U.S. corporate private securities546 13 2,845 316 3,391 329 
Foreign corporate public securities and foreign governments450 17 1,285 270 1,735 287 
Foreign corporate private securities490 12 1,468 157 1,958 169 
Residential mortgage-backed311 8 1,210 253 1,521 261 
Commercial mortgage-backed24 — 2,751 532 2,775 532 
Other asset-backed93 2 315 43 408 45 
Total$3,057 $107 $14,784 $2,739 $17,841 $2,846 
Mortgage Loans by Loan to Value Ratio
The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025
Loan-to-Value Ratios
Year of Origination
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2025$139 $254 $31 $— $— $424 
2024153 147 17 — — 317 
202392 209 — — — 301 
2022264 281 100 — — 645 
2021243 217 64 — — 524 
Prior
3,122 196 — — 2 3,320 
Total(1)
$4,013 $1,304 $212 $— $2 $5,531 
(1) Includes mortgage loans of approximately $0.8 billion acquired in the first quarter of 2025 related to the acquisition of OneAmerica Financial's full-service retirement plan business.

As of December 31, 2024
Loan-to-Value Ratios
Year of Origination
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2024$138 $131 $15 $— $— $284 
202396 221 40 — — 357 
2022239 282 95 — — 616 
2021240 184 95 — — 519 
2020184 71 — — — 255 
Prior
2,500 148 2 — 18 2,668 
Total$3,397 $1,037 $247 $— $18 $4,699 
Mortgage Loans by Debt Service Coverage Ratio
The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025
Debt Service Coverage Ratios
Year of Origination
>1.5x
 >1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Total(1)
2025$249 $102 $73 $— $424 
2024143 106 62 6 317 
2023169 31 88 13 301 
2022341 100 111 93 645 
2021312 12 87 113 524 
Prior
2,515 372 339 94 3,320 
Total$3,729 $723 $760 $319 $5,531 
(1) No commercial mortgage loans were secured by land or construction loans.

As of December 31, 2024
Debt Service Coverage Ratios
Year of Origination
>1.5x
>1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Total(1)
2024$161 $93 $28 $2 $284 
2023118 180 48 11 357 
2022295 101 76 144 616 
2021258 16 97 148 519 
2020207 20 20 8 255 
Prior
2,018 219 346 85 2,668 
Total$3,057 $629 $615 $398 $4,699 
Mortgage Loans by Geographic Location of Collateral
The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025
U.S. Region
Year of OriginationPacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2025$76 $58 $126 $25 $19 $62 $29 $14 $15 $424 
202458 92 49 61 20 16 8 3 10 317 
202333 43 16 101 38 38 3 26 3 301 
2022152 107 53 90 109 106 1 7 20 645 
2021102 55 112 72 110 52 11 10 — 524 
Prior
852 814 643 220 235 242 62 167 85 3,320 
Total$1,273 $1,169 $999 $569 $531 $516 $114 $227 $133 $5,531 
As of December 31, 2024
U.S. Region
Year of OriginationPacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2024$58 $80 $41 $57 $20 $9 $7 $3 $9 $284 
202349 85 12 101 39 39 3 26 3 357 
2022140 122 49 98 89 92 5 1 20 616 
202195 51 113 93 96 47 9 15 — 519 
202061 118 17 10 12 15 — 7 15 255 
Prior
707 632 619 176 211 134 51 109 29 2,668 
Total$1,110 $1,088 $851 $535 $467 $336 $75 $161 $76 $4,699 
Mortgage Loans by Property Type of Collateral
The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025
Year of OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2025$107 $202 $112 $— $3 $— $— $424 
202473 172 57 15 — — — 317 
2023121 120 13 15 32 — — 301 
2022111 260 217 37 10 10 — 645 
202147 142 203 114 — 9 9 524 
Prior
862 837 855 521 51 150 44 3,320 
Total$1,321 $1,733 $1,457 $702 $96 $169 $53 $5,531 

As of December 31, 2024
Year of OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2024$58 $154 $57 $15 $— $— $— $284 
2023124 172 13 16 32 — — 357 
202279 261 222 35 10 9 — 616 
202135 128 218 111 — 18 9 519 
202055 48 56 96 — — — 255 
Prior
610 713 640 437 67 155 46 2,668 
Total$961 $1,476 $1,206 $710 $109 $182 $55 $4,699 
Commercial Mortgage Loans, Allowance for Credit Losses
The following table summarizes activity in the allowance for losses for commercial mortgage loans for the periods indicated:
June 30, 2025December 31, 2024
Allowance for credit losses, beginning of period$24 $26 
Credit losses on mortgage loans for which credit losses were not previously recorded6 1 
Increase (decrease) on mortgage loans with an allowance recorded in a previous period
— — 
Provision for expected credit losses30 27 
Write-offs(11)(3)
Allowance for credit losses, end of period$19 $24 
Mortgage Loans, Past Due
The following table presents the payment status of commercial mortgage loans as of the dates indicated:
June 30, 2025December 31, 2024
Current$5,531 $4,673 
30-59 days past due— — 
60-89 days past due— — 
Greater than 90 days past due— 26 
Total$5,531 $4,699 
Net Investment Income
The following table summarizes Net investment income by investment type for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Fixed maturities$462 $416 $927 $832 
Equity securities5 4 8 9 
Mortgage loans on real estate69 60 136 121 
Policy loans5 4 10 10 
Short-term investments and cash equivalents10 10 20 20 
Limited partnerships and other55 42 87 90 
Gross investment income
606 536 1,188 1,082 
Less: Investment expenses22 18 44 35 
Net investment income$584 $518 $1,144 $1,047 
Realized Gain (Loss) on Investments
Net gains (losses) were as follows for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Fixed maturities, available-for-sale, including securities pledged$(25)$(14)$(24)$(34)
Fixed maturities, at fair value option— (30)20 (111)
Equity securities, at fair value1 1 2 4 
Derivatives(26)40 (79)176 
Embedded derivatives within fixed maturities
3 (1)7 (2)
Other derivatives
— (1)— — 
Standalone derivatives10 — 11 1 
Managed custody guarantees2 (1)1 — 
Stabilizer
1 (1)5 (1)
Mortgage loans2 2 (4)3 
Other investments(9)1 (14)3 
Net gains (losses)(1)
$(41)$(4)$(75)$39 
Proceeds and Gross Gains and Gross Losses on Investments
Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Proceeds on sales$969 $617 $2,379 $1,446 
Gross gains10 8 27 19 
Gross losses9 9 44 36