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Fair Value Measurement - Financial Instruments Carried at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021
--- | --- | ---
Assets: |  |
Fixed-maturity securities, available-for-sale: | $ 7,119 | $ 8,202
Fixed-maturity securities, trading, at fair value | 303 | 0
Short-term investments | 810 | 1,225
Other invested assets | 133 | 181
FG VIEs’ assets | 413 | 260
Other assets | 148 | 132
Liabilities: |  |
Credit derivative liabilities | 163 | 156
Liabilities of CIVs | 715 | 289
RMBS |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 340 |
CMBS |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 271 |
Fair Value Measured at Net Asset Value |  |
Assets: |  |
Other invested assets | 23 | 19
Recurring |  |
Assets: |  |
Short-term investments | 810 |
Other invested assets | 7 | 12
Other assets | 148 | 132
Total assets carried at fair value | 14,031 | 14,727
Liabilities: |  |
Credit derivative liabilities | 163 | 156
Liabilities of CIVs |  | 289
Other liabilities | 7 | 1
Total liabilities carried at fair value | 5,316 | 4,295
Recurring | Financial Guaranty Variable Interest Entities |  |
Liabilities: |  |
Liabilities of CIVs | 715 |
Recurring | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 4,431 | 3,849
Recurring | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 5,231 | 4,896
Recurring | Financial Guaranty Variable Interest Entities |  |
Assets: |  |
FG VIEs’ assets | 413 | 260
Recurring | CLO obligations of CFEs | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 4,090 | 3,665
Recurring | Warehouse financing debt | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 313 | 126
Recurring | Securities sold short, at fair value | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs |  | 41
Recurring | Borrowings | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 28 | 17
Recurring | Level 1 |  |
Assets: |  |
Short-term investments | 771 |
Other invested assets | 2 | 6
Other assets | 54 | 53
Total assets carried at fair value | 962 | 1,429
Liabilities: |  |
Credit derivative liabilities | 0 | 0
Liabilities of CIVs |  | 0
Other liabilities | 0 | 0
Total liabilities carried at fair value | 0 | 0
Recurring | Level 1 | Financial Guaranty Variable Interest Entities |  |
Liabilities: |  |
Liabilities of CIVs | 0 |
Recurring | Level 1 | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 0 | 0
Recurring | Level 1 | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 135 | 145
Recurring | Level 1 | Financial Guaranty Variable Interest Entities |  |
Assets: |  |
FG VIEs’ assets | 0 | 0
Recurring | Level 1 | CLO obligations of CFEs | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 0 | 0
Recurring | Level 1 | Warehouse financing debt | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 0 | 0
Recurring | Level 1 | Securities sold short, at fair value | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs |  | 0
Recurring | Level 1 | Borrowings | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 0 | 0
Recurring | Level 2 |  |
Assets: |  |
Short-term investments | 39 |
Other invested assets | 0 | 0
Other assets | 46 | 54
Total assets carried at fair value | 11,353 | 11,526
Liabilities: |  |
Credit derivative liabilities | 0 | 0
Liabilities of CIVs |  | 0
Other liabilities | 7 | 1
Total liabilities carried at fair value | 284 | 145
Recurring | Level 2 | Financial Guaranty Variable Interest Entities |  |
Liabilities: |  |
Liabilities of CIVs | 0 |
Recurring | Level 2 | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 277 | 144
Recurring | Level 2 | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 4,657 | 4,421
Recurring | Level 2 | Financial Guaranty Variable Interest Entities |  |
Assets: |  |
FG VIEs’ assets | 209 | 0
Recurring | Level 2 | CLO obligations of CFEs | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 0 | 0
Recurring | Level 2 | Warehouse financing debt | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 277 | 103
Recurring | Level 2 | Securities sold short, at fair value | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs |  | 41
Recurring | Level 2 | Borrowings | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 0 | 0
Recurring | Level 3 |  |
Assets: |  |
Short-term investments | 0 |
Other invested assets | 5 | 6
Other assets | 48 | 25
Total assets carried at fair value | 1,716 | 1,772
Liabilities: |  |
Credit derivative liabilities | 163 | 156
Liabilities of CIVs |  | 289
Other liabilities | 0 | 0
Total liabilities carried at fair value | 5,032 | 4,150
Recurring | Level 3 | Financial Guaranty Variable Interest Entities |  |
Liabilities: |  |
Liabilities of CIVs | 715 |
Recurring | Level 3 | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 4,154 | 3,705
Recurring | Level 3 | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 439 | 330
Recurring | Level 3 | Financial Guaranty Variable Interest Entities |  |
Assets: |  |
FG VIEs’ assets | 204 | 260
Recurring | Level 3 | CLO obligations of CFEs | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 4,090 | 3,665
Recurring | Level 3 | Warehouse financing debt | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 36 | 23
Recurring | Level 3 | Securities sold short, at fair value | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs |  | 0
Recurring | Level 3 | Borrowings | Consolidated Investment Vehicles |  |
Liabilities: |  |
Liabilities of CIVs | 28 | 17
Fixed-maturity securities |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 7,119 | 8,202
Fixed-maturity securities | Obligations of state and political subdivisions |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 3,394 | 3,660
Fixed-maturity securities | U.S. government and agencies |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 111 | 128
Fixed-maturity securities | Corporate securities |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 2,084 | 2,605
Fixed-maturity securities | RMBS |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 340 | 437
Fixed-maturity securities | CMBS |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 271 | 346
Fixed-maturity securities | Non-U.S. government securities |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 98 | 136
Fixed-maturity securities | Recurring |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 7,119 | 8,202
Fixed-maturity securities, trading, at fair value | 303 |
Fixed-maturity securities | Recurring | Obligations of state and political subdivisions |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 3,394 | 3,660
Fixed-maturity securities | Recurring | U.S. government and agencies |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 111 | 128
Fixed-maturity securities | Recurring | Corporate securities |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 2,084 | 2,605
Fixed-maturity securities | Recurring | RMBS |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 340 | 437
Fixed-maturity securities | Recurring | CMBS |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 271 | 346
Fixed-maturity securities | Recurring | Asset-backed securities |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 821 | 890
Fixed-maturity securities | Recurring | Non-U.S. government securities |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 98 | 136
Fixed-maturity securities | Recurring | Level 1 |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 0 | 0
Fixed-maturity securities, trading, at fair value | 0 |
Fixed-maturity securities | Recurring | Level 1 | Obligations of state and political subdivisions |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 0 | 0
Fixed-maturity securities | Recurring | Level 1 | U.S. government and agencies |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 0 | 0
Fixed-maturity securities | Recurring | Level 1 | Corporate securities |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 0 | 0
Fixed-maturity securities | Recurring | Level 1 | RMBS |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 0 | 0
Fixed-maturity securities | Recurring | Level 1 | CMBS |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 0 | 0
Fixed-maturity securities | Recurring | Level 1 | Asset-backed securities |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 0 | 0
Fixed-maturity securities | Recurring | Level 1 | Non-U.S. government securities |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 0 | 0
Fixed-maturity securities | Recurring | Level 2 |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 6,099 | 7,051
Fixed-maturity securities, trading, at fair value | 303 |
Fixed-maturity securities | Recurring | Level 2 | Obligations of state and political subdivisions |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 3,347 | 3,588
Fixed-maturity securities | Recurring | Level 2 | U.S. government and agencies |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 111 | 128
Fixed-maturity securities | Recurring | Level 2 | Corporate securities |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 2,084 | 2,605
Fixed-maturity securities | Recurring | Level 2 | RMBS |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 161 | 221
Fixed-maturity securities | Recurring | Level 2 | CMBS |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 271 | 346
Fixed-maturity securities | Recurring | Level 2 | Asset-backed securities |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 27 | 27
Fixed-maturity securities | Recurring | Level 2 | Non-U.S. government securities |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 98 | 136
Fixed-maturity securities | Recurring | Level 3 |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 1,020 | 1,151
Fixed-maturity securities, trading, at fair value | 0 |
Fixed-maturity securities | Recurring | Level 3 | Obligations of state and political subdivisions |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 47 | 72
Fixed-maturity securities | Recurring | Level 3 | U.S. government and agencies |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 0 | 0
Fixed-maturity securities | Recurring | Level 3 | Corporate securities |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 0 | 0
Fixed-maturity securities | Recurring | Level 3 | RMBS |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 179 | 216
Fixed-maturity securities | Recurring | Level 3 | CMBS |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 0 | 0
Fixed-maturity securities | Recurring | Level 3 | Asset-backed securities |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 794 | 863
Fixed-maturity securities | Recurring | Level 3 | Non-U.S. government securities |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: | 0 | 0
Short-term investments | Recurring |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: |  | 1,225
Short-term investments | Recurring | Level 1 |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: |  | 1,225
Short-term investments | Recurring | Level 2 |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: |  | 0
Short-term investments | Recurring | Level 3 |  |
Assets: |  |
Fixed-maturity securities, available-for-sale: |  | 0
Fund Investments | Fair Value Measured at Net Asset Value | Equity securities and warrants | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 5 | 6
Fund Investments | Recurring | Obligations of state and political subdivisions | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets |  | 101
Fund Investments | Recurring | Corporate securities | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 96 | 98
Fund Investments | Recurring | Equity securities and warrants | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 302 | 246
Fund Investments | Recurring | Structured products | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 128 | 62
Fund Investments | Recurring | Level 1 | Obligations of state and political subdivisions | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets |  | 0
Fund Investments | Recurring | Level 1 | Corporate securities | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 0 | 0
Fund Investments | Recurring | Level 1 | Equity securities and warrants | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 0 | 0
Fund Investments | Recurring | Level 1 | Structured products | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 0 | 0
Fund Investments | Recurring | Level 2 | Obligations of state and political subdivisions | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets |  | 101
Fund Investments | Recurring | Level 2 | Corporate securities | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 0 | 7
Fund Investments | Recurring | Level 2 | Equity securities and warrants | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 5 | 7
Fund Investments | Recurring | Level 2 | Structured products | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 82 | 62
Fund Investments | Recurring | Level 3 | Obligations of state and political subdivisions | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets |  | 0
Fund Investments | Recurring | Level 3 | Corporate securities | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 96 | 91
Fund Investments | Recurring | Level 3 | Equity securities and warrants | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 297 | 239
Fund Investments | Recurring | Level 3 | Structured products | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 46 | 0
CLOs | Recurring | Short-term investments | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 135 | 145
CLOs | Recurring | Loans | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 4,570 | 4,244
CLOs | Recurring | Level 1 | Short-term investments | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 135 | 145
CLOs | Recurring | Level 1 | Loans | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 0 | 0
CLOs | Recurring | Level 2 | Short-term investments | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 0 | 0
CLOs | Recurring | Level 2 | Loans | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 4,570 | 4,244
CLOs | Recurring | Level 3 | Short-term investments | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 0 | 0
CLOs | Recurring | Level 3 | Loans | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 0 | $ 0
Municipal Relative Fund Member | Fair Value Measured at Net Asset Value | Equity Securities And Warrants | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | $ 127 |

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