INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Fixed Maturities by Classification

The following tables provide information relating to the Company’s fixed maturities classified as AFS:

AFS Fixed Maturities by Classification


	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
December 31, 2024
Fixed Maturities:
Corporate (1)	$	42,078	$	2	$	173	$	5,604	$	36,645
U.S. Treasury, government and agency	5,725		—		—		1,507		4,218
States and political subdivisions	385		—		1		74		312
Foreign governments	639		—		1		134		506
Residential mortgage-backed (2)	1,840		—		3		128		1,715
Asset-backed (3)	7,495		—		37		52		7,480
Commercial mortgage-backed	3,510		—		1		369		3,142
Redeemable preferred stock	56		—		3		—		59
Total at December 31, 2024	$	61,728	$	2	$	219	$	7,868	$	54,077

December 31, 2023:
Fixed Maturities:
Corporate (1)	$	42,014	$	4	$	217	$	4,960	$	37,267
U.S. Treasury, government and agency	5,639		—		2		1,102		4,539
States and political subdivisions	525		—		9		64		470
Foreign governments	689		—		2		110		581
Residential mortgage-backed (2)	1,469		—		3		128		1,344
Asset-backed (3)	8,092		—		20		107		8,005
Commercial mortgage-backed	3,400		—		1		501		2,900
Redeemable preferred stock	56		—		3		—		59
Total at December 31, 2023	$	61,884	$	4	$	257	$	6,972	$	55,165

______________

(1)Corporate fixed maturities include both public and private issues.

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

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

Schedule of Contractual Maturities of Available-for-Sale Fixed Maturities

The contractual maturities of AFS fixed maturities as of December 31, 2024 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or pre-pay obligations with or without call or pre-payment penalties.

Contractual Maturities of AFS Fixed Maturities


	Amortized Cost (Less Allowance for Credit Losses)		Fair Value
	(in millions)
December 31, 2024:
Contractual maturities:
Due in one year or less	$	2,223	$	2,212
Due in years two through five	11,193		10,822
Due in years six through ten	12,702		11,741
Due after ten years	22,707		16,906
Subtotal	48,825		41,681
Residential mortgage-backed	1,840		1,715
Asset-backed	7,495		7,480
Commercial mortgage-backed	3,510		3,142
Redeemable preferred stock	56		59
Total at December 31, 2024	$	61,726	$	54,077

Schedule of Proceeds and Gains (Losses) on Sales for Available-for-Sale Fixed Maturities

The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities:

Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities


	Year Ended December 31,
		2024		2023		2022
		(in millions)
Proceeds from sales		$	1,832	$	6,471	$	11,683
Gross gains on sales (1)		$	5	$	9	$	38
Gross losses on sales (2)		$	(56)	$	(594)	$	(668)

Net (increase) decrease in Allowance for Credit and Intent to Sell losses		$	(7)	$	(67)	$	(253)

______________

(1)Includes $0 million and $0 million for the years ended December 31, 2024 and 2023, respectively, of gross gains related to funds withheld assets and NI modco assets held by the Company in support of Equitable America’s reinsurance obligations to the Company. These realized gains are included in other investment gains (losses), net.

(2)Includes $32 million, and $153 million for the years ended December 31, 2024 and 2023, respectively, of gross losses related to funds withheld assets and NI modco assets held by the Company in support of Equitable America’s reinsurance obligations to the Company. These realized losses are included in other investment gains (losses), net.

Schedule of AFS Fixed Maturities - Credit Loss Impairments

The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts:

AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments


	Year Ended December 31,
		2024		2023		2022
		(in millions)
Balance, beginning of period		$	48	$	36	$	42
Previously recognized impairments on securities that matured, paid, prepaid or sold		(8)		(65)		(261)
Recognized impairments on securities impaired to fair value this period (1) (2)		—		50		246
Credit losses recognized this period on securities for which credit losses were not previously recognized		5		15		—
Additional credit losses this period on securities previously impaired		2		12		9


Balance, end of period		$	47	$	48	$	36

______________

(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.

(2)Amounts reflected for the year ended December 31, 2023 represent AFS fixed maturities in an unrealized loss position, which the Company sold in anticipation of the Company’s ordinary dividend to Holdings. Amounts reflected for the year ended December 31, 2022 represent an impairment on AFS Securities of $245 million related to the Global Atlantic Transaction.

Schedule of Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities

The tables below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI:

Net Unrealized Gains (Losses) on AFS Fixed Maturities


	Year Ended December 31, 2024
	Net Unrealized Gains (Losses) on Investments		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability) (1)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (1)
	(in millions)
Balance, beginning of period	$	(6,715)	$	13	$	227	$	(6,475)
Net investment gains (losses) arising during the period	(989)		—		—		(989)
Reclassification adjustment:
Included in net income (loss)	61		—		—		61

Other	—		—		23		23
Impact of net unrealized investment gains (losses)	—		7		194		201
Net unrealized investment gains (losses) excluding credit losses	(7,643)		20		444		(7,179)
Net unrealized investment gains (losses) with credit losses	(6)		—		1		(5)
Balance, end of period	$	(7,649)	$	20	$	445	$	(7,184)

	Year Ended December 31, 2023
Balance, beginning of period	$	(9,116)	$	21	$	420	$	(8,675)
Net investment gains (losses) arising during the period	1,753		—		—		1,753
Reclassification adjustment:
Included in net income (loss)	652		—		—		652

Other	—		—		310		310
Impact of net unrealized investment gains (losses)	—		(8)		(504)		(512)
Net unrealized investment gains (losses) excluding credit losses	(6,711)		13		226		(6,472)
Net unrealized investment gains (losses) with credit losses	(4)		—		1		(3)
Balance, end of period	$	(6,715)	$	13	$	227	$	(6,475)


	Year Ended December 31, 2022
Balance, beginning of period	$	4,462	$	(703)	$	(790)	$	2,969
Transition adjustment	—		—		—		—
Net investment gains (losses) arising during the period	(14,456)		—		—		(14,456)
Reclassification adjustment:
Included in Net income (loss)	885		—		—		885
Other (2)	—		—		(1,489)		(1,489)
Excluded from Net income (loss)	—		—		—		—
Impact of net unrealized investment gains (losses)	—		724		2,698		3,422
Net unrealized investment gains (losses) excluding credit losses	(9,109)		21		419		(8,669)
Net unrealized investment gains (losses) with credit losses	(7)		—		1		(6)
Balance, end of period	$	(9,116)	$	21	$	420	$	(8,675)

_____________

(1)Certain balances were revised from previously filed financial statements.

(2)Reflects a Deferred Tax Asset valuation allowance of $1.5 billion recorded during the fourth quarter of 2022. See Note 16 of the Notes to these Consolidated Financial Statements for additional details.

Schedule of Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities

The following tables disclose the fair values and gross unrealized losses of the 3,735 issues as of December 31, 2024 and the 3,986 issues as of December 31, 2023 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:

AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance is Recorded


	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
December 31, 2024
Fixed Maturities:
Corporate	$	4,485	$	112	$	25,752	$	5,482	$	30,237	$	5,594
U.S. Treasury, government and agency	104		3		4,056		1,504		4,160		1,507
States and political subdivisions	26		—		219		74		245		74
Foreign governments	32		1		450		133		482		134
Residential mortgage-backed	539		7		838		121		1,377		128
Asset-backed	436		3		685		49		1,121		52
Commercial mortgage-backed	135		2		2,832		367		2,967		369

Total at December 31, 2024	$	5,757	$	128	$	34,832	$	7,730	$	40,589	$	7,858

December 31, 2023:
Fixed Maturities:
Corporate	$	1,693	$	119	$	29,617	$	4,839	$	31,310	$	4,958
U.S. Treasury, government and agency	111		2		4,361		1,100		4,472		1,102
States and political subdivisions	10		—		244		64		254		64
Foreign governments	8		1		514		109		522		110
Residential mortgage-backed	74		1		1,030		127		1,104		128
Asset-backed	238		—		5,499		107		5,737		107
Commercial mortgage-backed	62		11		2,796		490		2,858		501

Total at December 31, 2023	$	2,196	$	134	$	44,061	$	6,836	$	46,257	$	6,970

Schedule of Financing Receivable, Allowance for Credit Loss on Mortgage Loans

The change in the allowance for credit losses for commercial, agricultural and residential mortgage loans were as follows:


	Year Ended December 31,
		2024		2023		2022
		(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period		$	270	$	123	$	57
Current-period provision for expected credit losses		58		147		66
Write-offs charged against the allowance		(75)		—		—
Recoveries of amounts previously written off		—		—		—
Net change in allowance		(17)		147		66
Balance, end of period		$	253	$	270	$	123

Agricultural mortgages:
Balance, beginning of period		$	6	$	6	$	5
Current-period provision for expected credit losses		9		—		1
Write-offs charged against the allowance		—		—		—
Recoveries of amounts previously written off		—		—		—
Net change in allowance		9		—		1
Balance, end of period		$	15	$	6	$	6

Residential mortgages:
Balance, beginning of period		$	1	$	—	$	—
Current-period provision for expected credit losses		1		1		—
Write-offs charged against the allowance		—		—		—
Recoveries of amounts previously written off		—		—		—
Net change in allowance		1		1		—
Balance, end of period		$	2	$	1	$	—

Total allowance for credit losses		$	270	$	277	$	129

Schedule of Financing Receivable Credit Quality Indicators

The Company’s commercial and agricultural mortgage loans segregated by risk rating exposure were as follows:

Loan to Value (“LTV”) Ratios (1) (3)


	December 31, 2024
	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%	$	150	$	280	$	137	$	212	$	269	$	1,531	$	—	$	—	$	2,579
50% - 70%	703		692		1,622		628		318		2,083		441		201		6,688
70% - 90%	—		246		707		918		396		1,187		101		206		3,761
90% plus	—		—		616		322		309		1,290		—		—		2,537
Total commercial	$	853	$	1,218	$	3,082	$	2,080	$	1,292	$	6,091	$	542	$	407	$	15,565

Agricultural:
0% - 50%	$	49	$	98	$	160	$	202	$	269	$	882	$	—	$	—	$	1,660
50% - 70%	160		59		126		130		144		273		—		—		892
70% - 90%	—		—		—		—		—		16		—		—		16
90% plus	—		—		—		—		—		—		—		—		—
Total agricultural	$	209	$	157	$	286	$	332	$	413	$	1,171	$	—	$	—	$	2,568


Total commercial and agricultural mortgage loans:
0% - 50%	$	199	$	378	$	297	$	414	$	538	$	2,413	$	—	$	—	$	4,239
50% - 70%	863		751		1,748		758		462		2,356		441		201		7,580
70% - 90%	—		246		707		918		396		1,203		101		206		3,777
90% plus	—		—		616		322		309		1,290		—		—		2,537
Total commercial and agricultural mortgage loans	$	1,062	$	1,375	$	3,368	$	2,412	$	1,705	$	7,262	$	542	$	407	$	18,133

Debt Service Coverage (“DSC”) Ratios (2) (3)


	December 31, 2024
	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x	$	150	$	176	$	609	$	1,255	$	916	$	3,301	$	—	$	—	$	6,407
1.8x to 2.0x	—		75		50		149		376		607		176		182		1,615
1.5x to 1.8x	283		211		727		—		—		1,060		44		189		2,514
1.2x to 1.5x	273		381		542		433		—		661		—		—		2,290
1.0x to 1.2x	147		366		643		193		—		359		322		36		2,066
Less than 1.0x	—		9		511		50		—		103		—		—		673
Total commercial	$	853	$	1,218	$	3,082	$	2,080	$	1,292	$	6,091	$	542	$	407	$	15,565

Agricultural:
Greater than 2.0x	$	12	$	5	$	41	$	34	$	57	$	157	$	—	$	—	$	306
1.8x to 2.0x	11		17		24		54		28		79		—		—		213
1.5x to 1.8x	49		11		44		27		120		175		—		—		426
1.2x to 1.5x	47		46		89		138		113		422		—		—		855
1.0x to 1.2x	71		47		63		68		87		307		—		—		643
Less than 1.0x	19		31		25		11		8		31		—		—		125
Total agricultural	$	209	$	157	$	286	$	332	$	413	$	1,171	$	—	$	—	$	2,568


Total commercial and agricultural mortgage loans:
Greater than 2.0x	$	162	$	181	$	650	$	1,289	$	973	$	3,458	$	—	$	—	$	6,713
1.8x to 2.0x	11		92		74		203		404		686		176		182		1,828
1.5x to 1.8x	332		222		771		27		120		1,235		44		189		2,940
1.2x to 1.5x	320		427		631		571		113		1,083		—		—		3,145
1.0x to 1.2x	218		413		706		261		87		666		322		36		2,709
Less than 1.0x	19		40		536		61		8		134		—		—		798
Total commercial and agricultural mortgage loans	$	1,062	$	1,375	$	3,368	$	2,412	$	1,705	$	7,262	$	542	$	407	$	18,133

_____________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

(3)Residential mortgage loans are excluded from the above tables.

LTV Ratios (1) (3)


	December 31, 2023
	Amortized Cost Basis by Origination Year
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%	$	191	$	164	$	129	$	35	$	—	$	1,540	$	—	$	—	$	2,059
50% - 70%	703		1,916		671		750		299		2,319		463		96		7,217
70% - 90%	308		1,197		1,236		523		245		1,384		37		35		4,965
90% plus	—		—		66		54		92		858		—		—		1,070
Total commercial	$	1,202	$	3,277	$	2,102	$	1,362	$	636	$	6,101	$	500	$	131	$	15,311

Agricultural:
0% - 50%	$	102	$	162	$	191	$	235	$	132	$	802	$	—	$	—	$	1,624
50% - 70%	60		146		152		201		58		288		—		—		905
70% - 90%	—		—		—		—		—		16		—		—		16
90% plus	—		—		—		—		—		—		—		—		—
Total agricultural	$	162	$	308	$	343	$	436	$	190	$	1,106	$	—	$	—	$	2,545


Total commercial and agricultural mortgage loans:
0% - 50%	$	293	$	326	$	320	$	270	$	132	$	2,342	$	—	$	—	$	3,683
50% - 70%	763		2,062		823		951		357		2,607		463		96		8,122
70% - 90%	308		1,197		1,236		523		245		1,400		37		35		4,981
90% plus	—		—		66		54		92		858		—		—		1,070
Total commercial and agricultural mortgage loans	$	1,364	$	3,585	$	2,445	$	1,798	$	826	$	7,207	$	500	$	131	$	17,856

DSC Ratios (2) (3)


	December 31, 2023
	Amortized Cost Basis by Origination Year
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x	$	175	$	693	$	1,125	$	1,135	$	249	$	3,256	$	—	$	—	$	6,633
1.8x to 2.0x	—		—		182		167		171		662		383		96		1,661
1.5x to 1.8x	80		1,060		234		—		162		924		—		—		2,460
1.2x to 1.5x	469		687		457		—		11		838		41		—		2,503
1.0x to 1.2x	470		668		38		—		43		317		76		35		1,647
Less than 1.0x	8		169		66		60		—		104		—		—		407
Total commercial	$	1,202	$	3,277	$	2,102	$	1,362	$	636	$	6,101	$	500	$	131	$	15,311

Agricultural:
Greater than 2.0x	$	7	$	50	$	36	$	59	$	20	$	179	$	—	$	—	$	351
1.8x to 2.0x	18		16		56		33		23		61		—		—		207
1.5x to 1.8x	12		50		31		109		17		193		—		—		412
1.2x to 1.5x	46		111		148		170		98		365		—		—		938
1.0x to 1.2x	47		57		68		57		26		284		—		—		539
Less than 1.0x	32		24		4		8		6		24		—		—		98
Total agricultural	$	162	$	308	$	343	$	436	$	190	$	1,106	$	—	$	—	$	2,545


Total commercial and agricultural mortgage loans:
Greater than 2.0x	$	182	$	743	$	1,161	$	1,194	$	269	$	3,435	$	—	$	—	$	6,984
1.8x to 2.0x	18		16		238		200		194		723		383		96		1,868
1.5x to 1.8x	92		1,110		265		109		179		1,117		—		—		2,872
1.2x to 1.5x	515		798		605		170		109		1,203		41		—		3,441
1.0x to 1.2x	517		725		106		57		69		601		76		35		2,186
Less than 1.0x	40		193		70		68		6		128		—		—		505
Total commercial and agricultural mortgage loans	$	1,364	$	3,585	$	2,445	$	1,798	$	826	$	7,207	$	500	$	131	$	17,856

_____________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

(3)Residential mortgage loans are excluded from the above tables.

The amortized cost of residential mortgage loans by credit quality indicator and origination year was as follows:


	December 31, 2024
	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
	(in millions)
Performance indicators:
Performing	$	—	$	247	$	114	$	70	$	2	$	2	$	435
Nonperforming	—		—		—		—		—		—		—
Total	$	—	$	247	$	114	$	70	$	2	$	2	$	435


	December 31, 2023
	Amortized Cost Basis by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
	(in millions)
Performance indicators:
Performing	$	98	$	121	$	74	$	2	$	1	$	2	$	298
Nonperforming	—		—		—		—		—		—		—
Total	$	98	$	121	$	74	$	2	$	1	$	2	$	298

Schedule of Age Analysis Of Past Due Mortgage Loans

The aging analysis of past-due mortgage loans were as follows:

Age Analysis of Past Due Mortgage Loans (1)


	Accruing Loans												Non-accruing Loans		Total Loans		Non-accruing Loans with No Allowance		Interest Income on Non-accruing Loans
	Past Due								Current		Total
	30-59 Days		60-89 Days		90 Days or More		Total
	(in millions)
December 31, 2024:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	15,508	$	15,508	$	57	$	15,565	$	—	$	1
Agricultural	12		1		33		46		2,486		2,532		36		2,568		—		—
Residential	—		1		—		1		434		435		—		435		—		—
Total	$	12	$	2	$	33	$	47	$	18,428	$	18,475	$	93	$	18,568	$	—	$	1
December 31, 2023:
Mortgage loans:
Commercial	$	32	$	—	$	—	$	32	$	15,045	$	15,077	$	234	$	15,311	$	—	$	7
Agricultural	7		5		40		52		2,474		2,526		19		2,545		—		—
Residential	—		—		—		—		298		298		—		298		—		—
Total	$	39	$	5	$	40	$	84	$	17,817	$	17,901	$	253	$	18,154	$	—	$	7

_______________

(1)Amounts presented at amortized cost basis.

Schedule of Unrealized and Realized Gains (Losses) from Equity Securities and Net Investment Income (Loss) from Trading Securities

The breakdown of unrealized and realized gains and (losses) on equity securities was as follows:

Unrealized and Realized Gains (Losses) from Equity Securities


	Year Ended December 31,
		2024		2023		2022
		(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period		$	20	$	31	$	(109)
Net investment gains (losses) recognized on securities sold during the period		(3)		(8)		(36)
Unrealized and realized gains (losses) on equity securities		$	17	$	23	$	(145)

The breakdown of net investment income (loss) from trading securities was as follows:

Net Investment Income (Loss) from Trading Securities


	Year Ended December 31,
		2024		2023		2022
		(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period		$	25	$	19	$	(35)
Net investment gains (losses) recognized on securities sold during the period		(2)		(5)		(6)
Unrealized and realized gains (losses) on trading securities		23		14		(41)
Interest and dividend income from trading securities		27		12		13
Net investment income (loss) from trading securities		$	50	$	26	$	(28)

Schedule of Net Investment Income

The following table breaks out net investment income (loss) by asset category:


	Year Ended December 31, 2024
	Excluding (1) Funds Withheld and NI Modco		Funds Withheld and NI Modco		Total
	(in millions)
Fixed maturities	$	1,574	$	1,012	$	2,586
Mortgage loans on real estate	581		334		915
Other equity investments	169		23		192
Policy loans	191		14		205


Trading securities	50		—		50
Other investment income	(129)		34		(95)
Gross investment income (loss)	2,436		1,417		3,853
Investment expenses	(222)		(128)		(350)

Net investment income (loss)	$	2,214	$	1,289	$	3,503


	Year Ended December 31, 2023
	Excluding (1) Funds Withheld and NI Modco		Funds Withheld and NI Modco		Total
	(in millions)
Fixed maturities	$	1,936	$	828	$	2,764
Mortgage loans on real estate	542		261		803
Other equity investments	125		(21)		104
Policy loans	188		11		199

Trading securities	26		—		26
Other investment income	8		22		30
Gross investment income (loss)	2,825		1,101		3,926
Investment expenses	(229)		(96)		(325)

Net investment income (loss)	$	2,596	$	1,005	$	3,601


	Year Ended December 31, 2022
	Excluding (1) Funds Withheld and NI Modco		Funds Withheld and NI Modco		Total
	(in millions)
Fixed maturities	$	2,478	$	—	$	2,478
Mortgage loans on real estate	586		—		586
Other equity investments	74		—		74
Policy loans	203		—		203

Trading securities	(28)		—		(28)
Other investment income	57		—		57
Gross investment income (loss)	3,370		—		3,370
Investment expenses	(293)		—		(293)

Net investment income (loss)	$	3,077	$	—	$	3,077

______________

(1)“NI Modco” represents modco arrangement on non-insulated Separate Accounts as part of the Reinsurance Treaty with Equitable America.

Schedule of Investment Gains (Losses), Net

Investment gains (losses), net including changes in the valuation allowances and credit losses are as follows:


	Year Ended December 31, 2024
	Excluding (1) Funds Withheld and NI Modco		Funds Withheld and NI Modco		Total
	(in millions)
Fixed maturities	$	(29)	$	(32)	$	(61)
Mortgage loans on real estate	(38)		(32)		(70)
Other equity investments (1)	—		—		—
Other	6		—		6
Investment gains (losses), net	$	(61)	$	(64)	$	(125)


	Year Ended December 31, 2023
	Excluding (1) Funds Withheld and NI Modco		Funds Withheld and NI Modco		Total
	(in millions)
Fixed maturities	$	(497)	$	(155)	$	(652)
Mortgage loans on real estate	(59)		(90)		(149)
Other equity investments	—		—		—
Other	1		—		1
Investment gains (losses), net	$	(555)	$	(245)	$	(800)


	Year Ended December 31, 2022
	Excluding (1) Funds Withheld and NI Modco		Funds Withheld and NI Modco		Total
	(in millions)
Fixed maturities	$	(885)	$	—	$	(885)
Mortgage loans on real estate	(66)		—		(66)
Other equity investments	—		—		—
Other	(11)		—		(11)
Investment gains (losses), net	$	(962)	$	—	$	(962)

_____________

(1)“NI Modco” represents modco arrangement on non-insulated Separate Accounts as part of the Reinsurance Treaty with Equitable America.

Equitable Financial Life Insurance Co 10-K