v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Classified by Contractual Maturity Date
Available-for-sale and FVO fixed maturities were as follows as of December 31, 2024:
Amortized
Cost		Gross
Unrealized
Capital
Gains		Gross
Unrealized
Capital
Losses
Embedded Derivatives(2)
Allowance
for credit
losses		Fair
Value
Fixed maturities:
U.S. Treasuries$428 $— $50 $— $— $378 
U.S. Government agencies and authorities29 — 2 — — 27 
State, municipalities and political subdivisions491 — 82 — — 409 
U.S. corporate public securities6,095 50 896 — — 5,249 
U.S. corporate private securities4,035 31 264 — 3 3,799 
Foreign corporate public securities and foreign governments(1)
2,087 17 235 — 1 1,868 
Foreign corporate private securities(1)
2,160 15 138 — 8 2,029 
Residential mortgage-backed securities2,638 19 128 (4)— 2,525 
Commercial mortgage-backed securities2,459 2 333 — 17 2,111 
Other asset-backed securities1,741 24 25 — 1 1,739 
Total fixed maturities, including securities pledged22,163 158 2,153 (4)30 20,134 
Less: Securities pledged1,223 — 134 — — 1,089 
Total fixed maturities$20,940 $158 $2,019 $(4)$30 $19,045 
(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.

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$561 $557 
After one year through five years3,319 3,280 
After five years through ten years2,839 2,766 
After ten years9,520 8,367 
Mortgage-backed securities5,236 4,886 
Other asset-backed securities2,010 2,008 
Fixed maturities, including securities pledged$23,485 $21,864 
Schedule of Securities Borrowed Under Securities Lending Transactions
June 30, 2025December 31, 2024
U.S. Treasuries$22 $7 
U.S. corporate public securities338 461 
Short-term Investments48 216 
Foreign corporate public securities and foreign governments153 217 
Total(1)
$561 $901 
Financing Receivable, Allowance for Credit Loss
The following tables present a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:
Six Months Ended June 30, 2025
U.S. corporate private securitiesCommercial mortgage-backed securitiesForeign corporate public securities and foreign governmentsForeign corporate private securitiesOther asset-backed securitiesTotal
Balance as of January 1$3 $17 $1 $8 $1 $30 
   Credit losses on securities for which credit losses were not previously recorded1 — — 28 29 
Reductions for securities sold during the period(3)(17)— — — (20)
Balance as of June 30$1 $— $1 $36 $1 $39 
Year Ended December 31, 2024
U.S. Corporate private securitiesCommercial mortgage-backed securitiesForeign corporate public securities and foreign governmentsForeign corporate private securitiesOther asset-backed securitiesTotal
Balance as of January 1$— $9 $3 $1 $1 $14 
   Credit losses on securities for which credit losses were not previously recorded3 8 — 7 18 
   Reductions for securities sold during the period— — (2)— — (2)
Balance as of December 31$3 $17 $1 $8 $1 $30 

For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K.
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
Value
Unrealized Capital Losses
Fair
Value
Unrealized Capital Losses
Fair
Value
Unrealized Capital Losses
U.S. Treasuries$281 $14 $131 $31 $412 $45 
U.S. Government, agencies and authorities— — 15 1 15 1 
State, municipalities and political subdivisions2 — 356 75 358 75 
U.S. corporate public securities683 45 3,571 792 4,254 837 
U.S. corporate private securities284 3 2,140 189 2,424 192 
Foreign corporate public securities and foreign governments348 10 1,007 196 1,355 206 
Foreign corporate private securities246 2 1,089 54 1,335 56 
Residential mortgage-backed170 2 701 101 871 103 
Commercial mortgage-backed74 — 1,769 283 1,843 283 
Other asset-backed110 1 182 20 292 21 
Total$2,198 $77 $10,961 $1,742 $13,159 $1,819 
As of December 31, 2024
Twelve Months or Less Below Amortized Cost
More Than Twelve Months
Below Amortized Cost
Total
Fair
Value
Unrealized Capital Losses
Fair
Value
Unrealized Capital Losses
Fair
Value
Unrealized Capital Losses
U.S. Treasuries$229 $16 $127 $34 $356 $50 
U.S. Government, agencies and authorities13 — 14 2 27 2 
State, municipalities and political subdivisions4 — 403 82 407 82 
U.S. corporate public securities615 28 3,626 868 4,241 896 
U.S. corporate private securities405 10 2,260 254 2,665 264 
Foreign corporate public securities and foreign governments355 14 1,051 221 1,406 235 
Foreign corporate private securities429 11 1,205 127 1,634 138 
Residential mortgage-backed253 6 704 122 957 128 
Commercial mortgage-backed18 — 1,888 333 1,906 333 
Other asset-backed29 1 197 24 226 25 
Total$2,350 $86 $11,475 $2,067 $13,825 $2,153 
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$126 $213 $28 $— $— $367 
2024125 126 11 — — 262 
202373 142 — — — 215 
2022230 244 97 — — 571 
2021202 181 62 — — 445 
Prior
2,475 167 — — 2 2,644 
Total(1)
$3,231 $1,073 $198 $— $2 $4,504 
(1) Includes mortgage loans of approximately $0.8 billion acquired in the first quarter of 2025, as a result of the reinsured business included in the Voya 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$111 $107 $11 $— $— $229 
202376 151 29 — — 256 
2022201 240 94 — — 535 
2021189 148 93 — — 430 
2020149 63 — — — 212 
Prior
1,827 126 1 — 16 1,970 
Total$2,553 $835 $228 $— $16 $3,632 
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$213 $83 $71 $— $367 
2024119 89 50 4 262 
2023129 11 64 11 215 
2022300 87 95 89 571 
2021257 7 78 103 445 
Prior
1,970 308 290 76 2,644 
Total$2,988 $585 $648 $283 $4,504 
(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$132 $71 $24 $2 $229 
202393 118 36 9 256 
2022254 88 63 130 535 
2021203 10 88 129 430 
2020170 17 20 5 212 
Prior
1,461 164 276 69 1,970 
Total$2,313 $468 $507 $344 $3,632 
(1) No commercial mortgage loans were secured by land or construction loans
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$68 $48 $111 $21 $13 $51 $29 $13 $13 $367 
202451 72 39 54 17 11 7 2 9 262 
202325 36 14 74 16 26 2 20 2 215 
2022127 96 51 79 97 94 1 7 19 571 
202183 45 94 68 97 37 11 10 — 445 
Prior
591 657 547 186 181 219 49 141 73 2,644 
Total$945 $954 $856 $482 $421 $438 $99 $193 $116 $4,504 
As of December 31, 2024
U.S. Region
Year of OriginationPacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2024$50 $60 $31 $51 $17 $3 $7 $2 $8 $229 
202337 67 10 75 16 27 2 20 2 256 
2022114 108 46 87 78 80 1 1 20 535 
202175 33 95 88 83 32 9 15 — 430 
202052 104 13 8 8 10 — 5 12 212 
Prior
446 472 515 130 156 112 38 81 20 1,970 
Total$774 $844 $710 $439 $358 $264 $57 $124 $62 $3,632 
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
Property Type
Year of OriginationRetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2025$101 $164 $100 $— $2 $— $— $367 
202461 136 54 11 — — — 262 
202379 91 11 10 24 — — 215 
2022104 233 190 28 10 6 — 571 
202133 125 182 90 — 8 7 445 
Prior
702 698 656 399 37 118 34 2,644 
Total$1,080 $1,447 $1,193 $538 $73 $132 $41 $4,504 

As of December 31, 2024
Property Type
Year of OriginationRetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2024$45 $119 $54 $11 $— $— $— $229 
202381 128 11 11 25 — — 256 
202272 230 192 26 9 6 — 535 
202121 110 197 86 — 8 8 430 
202048 36 49 79 — — — 212 
Prior
436 580 426 324 48 121 35 1,970 
Total$703 $1,203 $929 $537 $82 $135 $43 $3,632 
Allowance for Credit Losses on Financing Receivables
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 the period$19 $22 
Credit losses on mortgage loans for which credit losses were not previously recorded5 — 
Increase (decrease) on mortgage loans with an allowance recorded in a previous period
1 — 
Provision for expected credit losses25 22 
Write-offs(9)(3)
Allowance for credit losses, end of period$16 $19 
Financing Receivable, Past Due
The following table presents the payment status of commercial mortgage loans as of the dates indicated:
June 30, 2025December 31, 2024
Current$4,504 $3,608 
30-59 days past due— — 
60-89 days past due— — 
Greater than 90 days past due— 24 
Total$4,504 $3,632 
Net Investment Income
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$352 $303 $703 $607 
Equity securities2 2 3 3 
Mortgage loans on real estate56 47 111 95 
Policy loans2 2 4 4 
Short-term investments and cash equivalents3 2 7 5 
Limited partnerships and other39 33 59 67 
Gross investment income454 389 887 781 
Less: Investment expenses20 16 40 32 
Net investment income$434 $373 $847 $749 
Realized Gain (Loss) on Investments
Net gains (losses) were as follows for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Fixed maturities, available-for-sale, including securities pledged$(22)$(9)$(18)$(25)
Fixed maturities, at fair value option(3)(22)9 (85)
Equity securities, at fair value— — 1 2 
Derivatives(33)20 (70)110 
Embedded derivatives within fixed maturities
2 — 6 (1)
Other derivatives
2 — 1 1 
Managed custody guarantees2 (1)1 — 
Stabilizer
1 (1)5 (1)
Mortgage loans1 2 (3)3 
Other investments— — (1)— 
Net gains (losses)(1)
$(50)$(11)$(69)$4 
(1) Investment gains and losses on sales of securities are generally determined based on the amortized cost of the asset being disposed of using the specific identification method.
Gain (Loss) on Securities
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$797 $414 $1,967 $1,010 
Gross gains9 7 24 14 
Gross losses5 5 32 26 
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income were as follows for the periods indicated:

20252024
Interest Rate ContractsForeign Exchange ContractsInterest Rate ContractsForeign Exchange Contracts
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Net investment income
Net investment income and Net gains (losses)
Net investment income
Net investment income and Net gains (losses)
Three Months Ended June 30,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income(1)
$— $(34)$— $2 
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income
— 1 — 3 
Six Months Ended June 30,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income$— $(47)$— $9 
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income(1)
— 2 — 5 
(1) See the Accumulated Other Comprehensive Income (Loss) Note to these Condensed Consolidated Financial Statements for additional information.
The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting were as follows for the periods indicated:
20252024
Net investment income
Net gains (losses)
Net investment income
Net gains (losses)
Three Months Ended June 30,
Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded$434 $(50)$373 $(11)
Derivatives: Qualifying for hedge accounting
Fair value hedges:
Interest rate contracts:
Hedged items— — — 1 
Derivatives designated as hedging instruments— — — (1)
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income
1 — 2 1 
Six Months Ended June 30,
Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded$847 $(69)$749 $4 
Derivatives: Qualifying for hedge accounting
Fair value hedges:
Interest rate contracts:
Hedged items— — — 1 
Derivatives designated as hedging instruments— — — (1)
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income
2 — 4 1 
The location and effect of derivatives not designated as hedging instruments in the Condensed Consolidated Statements of Operations were as follows for the periods indicated:
Location of Gain (Loss) Recognized on DerivativeThree Months Ended June 30,Six Months Ended June 30,
2025202420252024
Derivatives: Non-qualifying for hedge accounting
Interest rate contractsNet gains (losses)$(26)$22 $(64)$111 
Foreign exchange contractsNet gains (losses)(6)(1)(5)— 
Credit contractsNet gains (losses)(1)— (1)— 
Embedded derivatives and MCGs:
Within fixed maturity investmentsNet gains (losses)2 — 6 (1)
Within reinsurance agreements
Net gains (losses)4 — 16 — 
MCGs
Net gains (losses)2 (1)1 — 
Stabilizer
Net gains (losses)1 (1)5 (1)
Total$(24)$19 $(42)$109