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Investments and Cash (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Investment Portfolio Carrying Value
| As of December 31,
| 2024 |  | 2023
| (in millions)
Fixed-maturity securities, available-for-sale | $ | 6,369 |  |  | $ | 6,307 |
Fixed-maturity securities, trading | 147 |  |  | 318 |
Short-term investments | 1,221 |  |  | 1,661 |
Other invested assets: |  |  |
Equity method investments: |  |  |
Sound Point | 418 |  |  | 429 |
Funds and other investments | 496 |  |  | 394 |
Other | 12 |  |  | 6 |
Total (1) | $ | 8,663 |  |  | $ | 9,115 |
____________________ (1) The aggregate carrying value of the Company’s investments in Sound Point managed investments, excluding the ownership interest in Sound Point of $418 million and $429 million as of December 31, 2024 and December 31, 2023, respectively, and excluding certain investments in funds that are consolidated and accounted for as CIVs, was $569 million and $202 million as of December 31, 2024 and December 31, 2023, respectively.
Fixed Maturity Securities and Short Term Investments by Security Type | Available-for-Sale Fixed-Maturity Securities by Security Type As of December 31, 2024
Security Type |  | Percent of Total (1) |  | Amortized Cost |  | Allowance for Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
|  | (dollars in millions)
Obligations of state and political subdivisions |  | 30 | % |  | $ | 2,032 |  |  | $ | (14) |  |  | $ | 25 |  |  | $ | (103) |  |  | $ | 1,940 |
U.S. government and agencies |  | 1 |  |  | 72 |  |  | — |  |  | 1 |  |  | (6) |  |  | 67 |
Corporate securities (2) |  | 38 |  |  | 2,586 |  |  | (7) |  |  | 9 |  |  | (206) |  |  | 2,382 |
Mortgage-backed securities (3): |  |  |  |  |  |  |  |  |  |  |  |
RMBS |  | 9 |  |  | 657 |  |  | (21) |  |  | 2 |  |  | (71) |  |  | 567 |
Commercial mortgage-backed securities (CMBS) |  | 3 |  |  | 189 |  |  | — |  |  | — |  |  | (3) |  |  | 186 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
CLOs |  | 9 |  |  | 615 |  |  | (1) |  |  | 6 |  |  | (9) |  |  | 611 |
Other (4) |  | 9 |  |  | 593 |  |  | (17) |  |  | 1 |  |  | (30) |  |  | 547 |
Non-U.S. government securities |  | 1 |  |  | 83 |  |  | — |  |  | — |  |  | (14) |  |  | 69 |
Total available-for-sale fixed-maturity securities |  | 100 | % |  | $ | 6,827 |  |  | $ | (60) |  |  | $ | 44 |  |  | $ | (442) |  |  | $ | 6,369 |
Available-for-Sale Fixed-Maturity Securities by Security Type As of December 31, 2023
Security Type |  | Percent of Total (1) |  | Amortized Cost |  | Allowance for Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
|  | (dollars in millions)
Obligations of state and political subdivisions |  | 41 | % |  | $ | 2,733 |  |  | $ | (13) |  |  | $ | 33 |  |  | $ | (92) |  |  | $ | 2,661 |
U.S. government and agencies |  | 1 |  |  | 65 |  |  | — |  |  | 1 |  |  | (6) |  |  | 60 |
Corporate securities (2) |  | 34 |  |  | 2,327 |  |  | (6) |  |  | 17 |  |  | (197) |  |  | 2,141 |
Mortgage-backed securities (3): |  |  |  |  |  |  |  |  |  |  |  |
RMBS |  | 6 |  |  | 428 |  |  | (21) |  |  | 3 |  |  | (68) |  |  | 342 |
CMBS |  | 2 |  |  | 157 |  |  | — |  |  | — |  |  | (6) |  |  | 151 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
CLOs |  | 7 |  |  | 456 |  |  | — |  |  | 1 |  |  | (7) |  |  | 450 |
Other (4) |  | 7 |  |  | 465 |  |  | (37) |  |  | — |  |  | (26) |  |  | 402 |
Non-U.S. government securities |  | 2 |  |  | 115 |  |  | — |  |  | — |  |  | (15) |  |  | 100 |
Total available-for-sale fixed-maturity securities |  | 100 | % |  | $ | 6,746 |  |  | $ | (77) |  |  | $ | 55 |  |  | $ | (417) |  |  | $ | 6,307 |
____________________ (1) Based on amortized cost. (2) Includes securities issued by taxable universities and hospitals. (3) U.S. government-agency obligations were approximately 68% of mortgage-backed securities as of December 31, 2024 and 42% as of December 31, 2023, based on fair value. (4) Includes a security with an affiliated entity with amortized cost and fair value of $41 million and $42 million, respectively, as of December 31, 2024, and amortized cost and fair value of $21 million as of December 31, 2023. Gross Unrealized Loss by Length of Time for Available-for-Sale Fixed-Maturity Securities for Which a Credit Loss was Not Recorded As of December 31, 2024
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
| (dollars in millions)
Obligations of state and political subdivisions | $ | 624 |  |  | $ | (7) |  |  | $ | 964 |  |  | $ | (96) |  |  | $ | 1,588 |  |  | $ | (103) |
U.S. government and agencies | 5 |  |  | — |  |  | 28 |  |  | (6) |  |  | 33 |  |  | (6) |
Corporate securities | 762 |  |  | (20) |  |  | 1,046 |  |  | (150) |  |  | 1,808 |  |  | (170) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
RMBS | 255 |  |  | (4) |  |  | 123 |  |  | (10) |  |  | 378 |  |  | (14) |
CMBS | 83 |  |  | — |  |  | 103 |  |  | (3) |  |  | 186 |  |  | (3) |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |
CLOs | 151 |  |  | (5) |  |  | 107 |  |  | (1) |  |  | 258 |  |  | (6) |
Other | 60 |  |  | (1) |  |  | 16 |  |  | — |  |  | 76 |  |  | (1) |
Non-U.S. government securities | 35 |  |  | (3) |  |  | 30 |  |  | (11) |  |  | 65 |  |  | (14) |
Total | $ | 1,975 |  |  | $ | (40) |  |  | $ | 2,417 |  |  | $ | (277) |  |  | $ | 4,392 |  |  | $ | (317) |
Number of securities (1) |  |  | 569 |  |  |  |  | 1,065 |  |  |  |  | 1,591 |
Gross Unrealized Loss by Length of Time for Available-for-Sale Fixed-Maturity Securities for Which a Credit Loss was Not Recorded As of December 31, 2023
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
| (dollars in millions)
Obligations of state and political subdivisions | $ | 641 |  |  | $ | (4) |  |  | $ | 931 |  |  | $ | (87) |  |  | $ | 1,572 |  |  | $ | (91) |
U.S. government and agencies | — |  |  | — |  |  | 33 |  |  | (6) |  |  | 33 |  |  | (6) |
Corporate securities | 72 |  |  | (1) |  |  | 1,426 |  |  | (152) |  |  | 1,498 |  |  | (153) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
RMBS | 27 |  |  | (1) |  |  | 124 |  |  | (8) |  |  | 151 |  |  | (9) |
CMBS | 3 |  |  | — |  |  | 148 |  |  | (6) |  |  | 151 |  |  | (6) |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |
CLOs | 22 |  |  | (1) |  |  | 379 |  |  | (6) |  |  | 401 |  |  | (7) |
Other | 1 |  |  | — |  |  | 26 |  |  | (1) |  |  | 27 |  |  | (1) |
Non-U.S. government securities | — |  |  | — |  |  | 95 |  |  | (15) |  |  | 95 |  |  | (15) |
Total | $ | 766 |  |  | $ | (7) |  |  | $ | 3,162 |  |  | $ | (281) |  |  | $ | 3,928 |  |  | $ | (288) |
Number of securities (1) |  |  | 274 |  |  |  |  | 1,266 |  |  |  |  | 1,525 |
___________________ (1) The number of securities does not add across because lots consisting of the same securities have been purchased at different times and appear in both categories above (i.e., less than 12 months and 12 months or more). If a security appears in both categories, it is counted only once in the total column.
Distribution of Fixed Maturity Securities by Contractual Maturity | Distribution of Available-for-Sale Fixed-Maturity Securities by Contractual Maturity As of December 31, 2024
| Amortized Cost |  | Estimated Fair Value
| (in millions)
Due within one year | $ | 382 |  |  | $ | 370 |
Due after one year through five years | 1,168 |  |  | 1,122 |
Due after five years through 10 years | 1,974 |  |  | 1,888 |
Due after 10 years | 2,457 |  |  | 2,236 |
Mortgage-backed securities: |  |  |
RMBS | 657 |  |  | 567 |
CMBS | 189 |  |  | 186 |
Total | $ | 6,827 |  |  | $ | 6,369 |
Net Investment Income | Income from Investments
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Investment income: |  |  |  |  |
Fixed-maturity securities, available-for-sale (1) | $ | 261 |  |  | $ | 294 |  |  | $ | 258 |
Short-term investments | 83 |  |  | 73 |  |  | 15 |
Other invested assets | 1 |  |  | 3 |  |  | 1 |
Investment income | 345 |  |  | 370 |  |  | 274 |
Investment expenses | (5) |  |  | (5) |  |  | (5) |
Net investment income | $ | 340 |  |  | $ | 365 |  |  | $ | 269 |
Fair value gains (losses) on trading securities (2) | $ | 52 |  |  | $ | 74 |  |  | $ | (34) |
Equity in earnings (losses) of investees |  |  |  |  |
Sound Point (3) | $ | 6 |  |  | $ | 5 |  |  | $ | — |
Funds and other (4) | 56 |  |  | 23 |  |  | (39) |
Equity in earnings (losses) of investees | $ | 62 |  |  | $ | 28 |  |  | $ | (39) |
____________________ (1) Includes $28 million, $55 million and $31 million income on Loss Mitigation Securities for 2024, 2023 and 2022, respectively. (2) Fair value gains on trading securities pertaining to securities still held as of December 31, 2024 were $15 million for 2024. Fair value gains on trading securities pertaining to securities still held as of December 31, 2023 were $31 million for 2023. Fair value losses on trading securities pertaining to securities still held as of December 31, 2022 were $29 million for 2022. (3) Beginning in the fourth quarter of 2023, equity in earnings (losses) of investees includes the Company’s share of the earnings of Sound Point, which is reported on a one-quarter lag. (4) Includes Sound Point and AHP funds and, prior to July 1, 2023, AssuredIM funds.
Summary of Financial Information for Equity Method Investments | The table below presents summarized financial information for equity method investments that meet, in aggregate, the requirements for reporting summarized disclosures. Such requirements were met in 2024, and the information for 2023 and 2022 is presented for comparative purposes. Aggregate Equity Method Investments’ Summarized Balance Sheet Data
| As of December, 31
| 2024 |  | 2023
| (in millions)
Investments | $ | 2,324 |  |  | $ | 1,735 |
Assets of consolidated funds and CLOs | 1,611 |  |  | 1,449 |
Other assets | 754 |  |  | 792 |
Total assets | $ | 4,689 |  |  | $ | 3,976 |
Liabilities of consolidated funds and CLOs | $ | 1,494 |  |  | $ | 1,342 |
Other liabilities | 526 |  |  | 365 |
Total liabilities | $ | 2,020 |  |  | $ | 1,707 |
Equity attributable to investees | $ | 2,629 |  |  | $ | 2,234 |
Noncontrolling interest | 40 |  |  | 35 |
Total equity | $ | 2,669 |  |  | $ | 2,269 |
Aggregate Equity Method Investments’ Summarized Statement of Operations Data
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Fee income | $ | 196 |  |  | $ | 57 |  |  | $ | 15 |
Net gains (losses) on investments and investment income | 400 |  |  | 129 |  |  | (365) |
Income of consolidated funds and CLOs | 138 |  |  | 37 |  |  | — |
Other income | 48 |  |  | 39 |  |  | 35 |
Total revenues | $ | 782 |  |  | $ | 262 |  |  | $ | (315) |
Expenses of consolidated funds and CLOs | $ | 93 |  |  | $ | 25 |  |  | $ | — |
Other expenses | 279 |  |  | 108 |  |  | 49 |
Total expenses | $ | 372 |  |  | $ | 133 |  |  | $ | 49 |
Net income (loss) | $ | 410 |  |  | $ | 129 |  |  | $ | (364) |
Net income (loss) attributable to investees | $ | 400 |  |  | $ | 127 |  |  | $ | (364) |
Net Realized Investment Gains (Losses) | The table below presents the components of net realized investment gains (losses). Net Realized Investment Gains (Losses)
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Gross realized gains on sales of available-for-sale securities (1) | $ | 3 |  |  | $ | 21 |  |  | $ | 3 |
Gross realized losses on sales of available-for-sale securities (2) | (12) |  |  | (19) |  |  | (45) |
Net foreign currency gains (losses) | (2) |  |  | (1) |  |  | (4) |
Change in the allowance for credit losses and intent to sell (3) | 18 |  |  | (14) |  |  | (21) |
Other net realized gains (losses) | 2 |  |  | (1) |  |  | 11 |
Net realized investment gains (losses) | $ | 9 |  |  | $ | (14) |  |  | $ | (56) |
____________________ (1)Amounts in 2023 related primarily to sales of New Recovery Bonds received as part of the 2022 Puerto Rico Resolutions. (2)Amounts in 2022 related primarily to sales of New Recovery Bonds received as part of the 2022 Puerto Rico Resolutions. (3)Change in the allowance for credit losses for all periods was primarily related to Loss Mitigation Securities.
Debt Securities, Available-for-Sale, Allowance for Credit Loss | The following table presents the roll forward of the allowance for the credit losses on available-for-sale fixed-maturity securities. Roll Forward of Allowance for Credit Losses for Available-for-Sale Fixed-Maturity Securities
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Balance, beginning of period | $ | 77 |  |  | $ | 65 |  |  | $ | 42 |
Additions for securities for which credit losses were not previously recognized | 4 |  |  | — |  |  | 7 |
Additions for purchases of securities accounted for as purchased financial assets with credit deterioration | — |  |  | — |  |  | 2 |
Additions (reductions) for securities for which credit losses were previously recognized | (21) |  |  | 12 |  |  | 14 |
Balance, end of period | $ | 60 |  |  | $ | 77 |  |  | $ | 65 |

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