“Of our remaining 2023 maturities, we expect most will be similarly resolved with only 0% to 3% of our 2023 maturities potentially resulting in defaults.”

In context

“times. As shown on the table, only 0.4% of the CML portfolio has a higher than 80% average loan to value ratio and a below 1 times average debt service coverage ratio. The commercial mortgage loan allowance for credit loss stands at $319 million including the roughly $100 million increase in Q1 of '23 and considers the current environment as well as the risk around the economic outlook. We estimate that our allowance for credit loss is sufficient to cover current expected credit losses in the CML portfolio. The delinquency rate on the portfolio is only 5 basis points and is related to one loan as of March 31, 2023. With regards to loan maturities, only 14% of the CML portfolio are scheduled to mature in 2023 with 36% of these loans already favorably resolved through extensions or payoffs. Of our remaining 2023 maturities, we expect most will be similarly resolved with only 0% to 3% of our 2023 maturities potentially resulting in defaults. If the full 3% or approximately $200 million of loans were to default, this could result in an impairment of up to approximately $15 million. Continuing on Page 10, let's drill down further on our office commercial mortgage portfolio. As of March 31, the office loan portfolio was approximately $21 billion or 4.9% of our total general account AUM. The portfolio is high quality with 89% collateralized by Class A properties, which have seen less market pressure. The portfolio also has an attractive average loan to value ratio of 57% and an average debt service coverage ratio of 2.4 times. As shown on the table, less than 1% of the office CML portfolio has a higher than 80% average loan to value and below 1 time average debt service coverage ratio. The office CML portfolio is geographically d”