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v3.23.1

Fair Value Measurement - Financial Instruments Carried at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022
--- | --- | ---
Assets: |  |
Estimated Fair Value | $ 6,869 | $ 7,119
Fixed-maturity securities, trading | 300 | 303
Short-term investments, at fair value | 1,273 | 810
Other invested assets | 140 | 133
FG VIEs’ assets | 413 | 413
Assets held for sale | 227 | 0
Other assets | 140 | 148
Liabilities: |  |
Credit derivative liabilities | 150 | 163
FG VIEs' liabilities | 704 | 715
Liabilities held for sale | 51 | 0
Obligations of state and political subdivisions |  |
Assets: |  |
Estimated Fair Value | 3,097 | 3,394
U.S. government and agencies |  |
Assets: |  |
Estimated Fair Value | 88 | 111
Corporate securities |  |
Assets: |  |
Estimated Fair Value | 2,153 | 2,084
RMBS |  |
Assets: |  |
Estimated Fair Value | 350 | 340
CMBS |  |
Assets: |  |
Estimated Fair Value | 258 | 271
Non-U.S. government securities |  |
Assets: |  |
Estimated Fair Value | 101 | 98
Fair Value Measured at Net Asset Value Per Share |  |
Assets: |  |
Other invested assets | 22 | 23
Fair Value Measured at Net Asset Value Per Share | Fund investments: | Equity securities and warrants | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 5 | 5
Fair Value Measured at Net Asset Value Per Share | Municipal Relative Fund Member | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets |  | 127
Recurring |  |
Assets: |  |
Short-term investments, at fair value | 1,273 | 810
Other invested assets | 5 | 7
Assets held for sale | 1 |
Other assets | 140 | 148
Total assets carried at fair value | 14,063 | 14,031
Liabilities: |  |
Credit derivative liabilities | 150 | 163
Liabilities held for sale | 7 |
Other liabilities |  | 7
Total liabilities carried at fair value | 5,213 | 5,316
Recurring | Financial Guaranty Variable Interest Entities |  |
Liabilities: |  |
FG VIEs' liabilities | 704 | 715
Recurring | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 4,352 | 4,431
Recurring | Financial Guaranty Variable Interest Entities |  |
Assets: |  |
FG VIEs’ assets | 413 | 413
Recurring | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 5,062 | 5,231
Recurring | Warehouse financing debt | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 169 | 313
Recurring | Securitized borrowing | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 28 | 28
Recurring | Collateralized Loan Obligations of CFE, At Fair Value | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 4,155 | 4,090
Recurring | Fixed-maturity securities, available-for-sale |  |
Assets: |  |
Estimated Fair Value | 6,869 | 7,119
Fixed-maturity securities, trading | 300 | 303
Recurring | Fixed-maturity securities, available-for-sale | Obligations of state and political subdivisions |  |
Assets: |  |
Estimated Fair Value | 3,097 | 3,394
Recurring | Fixed-maturity securities, available-for-sale | U.S. government and agencies |  |
Assets: |  |
Estimated Fair Value | 88 | 111
Recurring | Fixed-maturity securities, available-for-sale | Corporate securities |  |
Assets: |  |
Estimated Fair Value | 2,153 | 2,084
Recurring | Fixed-maturity securities, available-for-sale | RMBS |  |
Assets: |  |
Estimated Fair Value | 350 | 340
Recurring | Fixed-maturity securities, available-for-sale | CMBS |  |
Assets: |  |
Estimated Fair Value | 258 | 271
Recurring | Fixed-maturity securities, available-for-sale | Asset-backed securities |  |
Assets: |  |
Estimated Fair Value | 822 | 821
Recurring | Fixed-maturity securities, available-for-sale | Non-U.S. government securities |  |
Assets: |  |
Estimated Fair Value | 101 | 98
Recurring | Fund investments: | Corporate securities | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 93 | 96
Recurring | Fund investments: | Equity securities and warrants | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 334 | 302
Recurring | Fund investments: | Structured products | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 94 | 128
Recurring | CLOs and CLO warehouse assets: | Corporate securities | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 4,447 | 4,570
Recurring | CLOs and CLO warehouse assets: | Short-term investments | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 94 | 135
Recurring | Level 1 |  |
Assets: |  |
Short-term investments, at fair value | 1,240 | 771
Other invested assets | 0 | 2
Assets held for sale | 1 |
Other assets | 60 | 54
Total assets carried at fair value | 1,395 | 962
Liabilities: |  |
Credit derivative liabilities | 0 | 0
Liabilities held for sale | 0 |
Other liabilities |  | 0
Total liabilities carried at fair value | 0 | 0
Recurring | Level 1 | Financial Guaranty Variable Interest Entities |  |
Liabilities: |  |
FG VIEs' liabilities | 0 | 0
Recurring | Level 1 | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 0 | 0
Recurring | Level 1 | Financial Guaranty Variable Interest Entities |  |
Assets: |  |
FG VIEs’ assets | 0 | 0
Recurring | Level 1 | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 94 | 135
Recurring | Level 1 | Warehouse financing debt | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 0 | 0
Recurring | Level 1 | Securitized borrowing | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 0 | 0
Recurring | Level 1 | Collateralized Loan Obligations of CFE, At Fair Value | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 0 | 0
Recurring | Level 1 | Fixed-maturity securities, available-for-sale |  |
Assets: |  |
Estimated Fair Value | 0 | 0
Fixed-maturity securities, trading | 0 | 0
Recurring | Level 1 | Fixed-maturity securities, available-for-sale | Obligations of state and political subdivisions |  |
Assets: |  |
Estimated Fair Value | 0 | 0
Recurring | Level 1 | Fixed-maturity securities, available-for-sale | U.S. government and agencies |  |
Assets: |  |
Estimated Fair Value | 0 | 0
Recurring | Level 1 | Fixed-maturity securities, available-for-sale | Corporate securities |  |
Assets: |  |
Estimated Fair Value | 0 | 0
Recurring | Level 1 | Fixed-maturity securities, available-for-sale | RMBS |  |
Assets: |  |
Estimated Fair Value | 0 | 0
Recurring | Level 1 | Fixed-maturity securities, available-for-sale | CMBS |  |
Assets: |  |
Estimated Fair Value | 0 | 0
Recurring | Level 1 | Fixed-maturity securities, available-for-sale | Asset-backed securities |  |
Assets: |  |
Estimated Fair Value | 0 | 0
Recurring | Level 1 | Fixed-maturity securities, available-for-sale | Non-U.S. government securities |  |
Assets: |  |
Estimated Fair Value | 0 | 0
Recurring | Level 1 | Fund investments: | Corporate securities | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 0 | 0
Recurring | Level 1 | Fund investments: | Equity securities and warrants | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 0 | 0
Recurring | Level 1 | Fund investments: | Structured products | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 0 | 0
Recurring | Level 1 | CLOs and CLO warehouse assets: | Corporate securities | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 0 | 0
Recurring | Level 1 | CLOs and CLO warehouse assets: | Short-term investments | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 94 | 135
Recurring | Level 2 |  |
Assets: |  |
Short-term investments, at fair value | 33 | 39
Other invested assets | 0 | 0
Assets held for sale | 0 |
Other assets | 47 | 46
Total assets carried at fair value | 10,978 | 11,353
Liabilities: |  |
Credit derivative liabilities | 0 | 0
Liabilities held for sale | 7 |
Other liabilities |  | 7
Total liabilities carried at fair value | 139 | 284
Recurring | Level 2 | Financial Guaranty Variable Interest Entities |  |
Liabilities: |  |
FG VIEs' liabilities | 0 | 0
Recurring | Level 2 | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 132 | 277
Recurring | Level 2 | Financial Guaranty Variable Interest Entities |  |
Assets: |  |
FG VIEs’ assets | 216 | 209
Recurring | Level 2 | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 4,529 | 4,657
Recurring | Level 2 | Warehouse financing debt | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 132 | 277
Recurring | Level 2 | Securitized borrowing | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 0 | 0
Recurring | Level 2 | Collateralized Loan Obligations of CFE, At Fair Value | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 0 | 0
Recurring | Level 2 | Fixed-maturity securities, available-for-sale |  |
Assets: |  |
Estimated Fair Value | 5,853 | 6,099
Fixed-maturity securities, trading | 300 | 303
Recurring | Level 2 | Fixed-maturity securities, available-for-sale | Obligations of state and political subdivisions |  |
Assets: |  |
Estimated Fair Value | 3,050 | 3,347
Recurring | Level 2 | Fixed-maturity securities, available-for-sale | U.S. government and agencies |  |
Assets: |  |
Estimated Fair Value | 88 | 111
Recurring | Level 2 | Fixed-maturity securities, available-for-sale | Corporate securities |  |
Assets: |  |
Estimated Fair Value | 2,153 | 2,084
Recurring | Level 2 | Fixed-maturity securities, available-for-sale | RMBS |  |
Assets: |  |
Estimated Fair Value | 176 | 161
Recurring | Level 2 | Fixed-maturity securities, available-for-sale | CMBS |  |
Assets: |  |
Estimated Fair Value | 258 | 271
Recurring | Level 2 | Fixed-maturity securities, available-for-sale | Asset-backed securities |  |
Assets: |  |
Estimated Fair Value | 27 | 27
Recurring | Level 2 | Fixed-maturity securities, available-for-sale | Non-U.S. government securities |  |
Assets: |  |
Estimated Fair Value | 101 | 98
Recurring | Level 2 | Fund investments: | Corporate securities | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 0 | 0
Recurring | Level 2 | Fund investments: | Equity securities and warrants | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 5 | 5
Recurring | Level 2 | Fund investments: | Structured products | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 77 | 82
Recurring | Level 2 | CLOs and CLO warehouse assets: | Corporate securities | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 4,447 | 4,570
Recurring | Level 2 | CLOs and CLO warehouse assets: | Short-term investments | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 0 | 0
Recurring | Level 3 |  |
Assets: |  |
Short-term investments, at fair value | 0 | 0
Other invested assets | 5 | 5
Assets held for sale | 0 |
Other assets | 33 | 48
Total assets carried at fair value | 1,690 | 1,716
Liabilities: |  |
Credit derivative liabilities | 150 | 163
Liabilities held for sale | 0 |
Other liabilities |  | 0
Total liabilities carried at fair value | 5,074 | 5,032
Recurring | Level 3 | Financial Guaranty Variable Interest Entities |  |
Liabilities: |  |
FG VIEs' liabilities | 704 | 715
Recurring | Level 3 | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 4,220 | 4,154
Recurring | Level 3 | Financial Guaranty Variable Interest Entities |  |
Assets: |  |
FG VIEs’ assets | 197 | 204
Recurring | Level 3 | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 439 | 439
Recurring | Level 3 | Warehouse financing debt | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 37 | 36
Recurring | Level 3 | Securitized borrowing | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 28 | 28
Recurring | Level 3 | Collateralized Loan Obligations of CFE, At Fair Value | Consolidated Investment Vehicles |  |
Liabilities: |  |
FG VIEs' liabilities | 4,155 | 4,090
Recurring | Level 3 | Fixed-maturity securities, available-for-sale |  |
Assets: |  |
Estimated Fair Value | 1,016 | 1,020
Fixed-maturity securities, trading | 0 | 0
Recurring | Level 3 | Fixed-maturity securities, available-for-sale | Obligations of state and political subdivisions |  |
Assets: |  |
Estimated Fair Value | 47 | 47
Recurring | Level 3 | Fixed-maturity securities, available-for-sale | U.S. government and agencies |  |
Assets: |  |
Estimated Fair Value | 0 | 0
Recurring | Level 3 | Fixed-maturity securities, available-for-sale | Corporate securities |  |
Assets: |  |
Estimated Fair Value | 0 | 0
Recurring | Level 3 | Fixed-maturity securities, available-for-sale | RMBS |  |
Assets: |  |
Estimated Fair Value | 174 | 179
Recurring | Level 3 | Fixed-maturity securities, available-for-sale | CMBS |  |
Assets: |  |
Estimated Fair Value | 0 | 0
Recurring | Level 3 | Fixed-maturity securities, available-for-sale | Asset-backed securities |  |
Assets: |  |
Estimated Fair Value | 795 | 794
Recurring | Level 3 | Fixed-maturity securities, available-for-sale | Non-U.S. government securities |  |
Assets: |  |
Estimated Fair Value | 0 | 0
Recurring | Level 3 | Fund investments: | Corporate securities | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 93 | 96
Recurring | Level 3 | Fund investments: | Equity securities and warrants | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 329 | 297
Recurring | Level 3 | Fund investments: | Structured products | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 17 | 46
Recurring | Level 3 | CLOs and CLO warehouse assets: | Corporate securities | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | 0 | 0
Recurring | Level 3 | CLOs and CLO warehouse assets: | Short-term investments | Consolidated Investment Vehicles |  |
Assets: |  |
FG VIEs’ assets | $ 0 | $ 0

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