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AVAILABLE-FOR-SALE FIXED MATURITY SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost and Fair Value of Available-for-Sale Fixed Maturity Securities | The amortized cost and fair value of available-for-sale fixed maturity securities are shown below:
AS OF JUN. 30, 2024 US$ MILLIONS |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
U.S. treasury and government |  | $ | 436 |  |  | $ | 1 |  |  | $ | (39) |  |  | $ | — |  |  | $ | 398 |
U.S. states and political subdivisions |  | 3,324 |  |  | 85 |  |  | (25) |  |  | — |  |  | 3,384 |
Foreign governments |  | 1,002 |  |  | 18 |  |  | (30) |  |  | — |  |  | 990 |
Corporate debt securities |  | 36,508 |  |  | 537 |  |  | (782) |  |  | (35) |  |  | 36,228 |
Residential mortgage-backed securities |  | 1,292 |  |  | 25 |  |  | (8) |  |  | — |  |  | 1,309 |
Commercial mortgage-backed securities |  | 3,450 |  |  | 56 |  |  | (37) |  |  | (6) |  |  | 3,463 |
Collateralized debt securities |  | 6,796 |  |  | 55 |  |  | (24) |  |  | (2) |  |  | 6,825 |
Total fixed maturity securities |  | $ | 52,808 |  |  | $ | 777 |  |  | $ | (945) |  |  | $ | (43) |  |  | $ | 52,597 |
AS OF DEC. 31, 2023 US$ MILLIONS |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
U.S. treasury and government |  | $ | 529 |  |  | $ | 4 |  |  | $ | (36) |  |  | $ | — |  |  | $ | 497 |
U.S. states and political subdivisions |  | 684 |  |  | 3 |  |  | (17) |  |  | — |  |  | 670 |
Foreign governments |  | 603 |  |  | 27 |  |  | (16) |  |  | — |  |  | 614 |
Corporate debt securities |  | 15,097 |  |  | 121 |  |  | (607) |  |  | (19) |  |  | 14,592 |
Residential mortgage-backed securities |  | 367 |  |  | 14 |  |  | (4) |  |  | (1) |  |  | 376 |
Commercial mortgage-backed securities |  | 750 |  |  | 13 |  |  | (31) |  |  | (6) |  |  | 726 |
Collateralized debt securities |  | 1,311 |  |  | 19 |  |  | (24) |  |  | (4) |  |  | 1,302 |
Total fixed maturity securities |  | $ | 19,341 |  |  | $ | 201 |  |  | $ | (735) |  |  | $ | (30) |  |  | $ | 18,777 |
Schedule of Amortized Cost and Fair Value, by Contractual Maturity, of Available-for-Sale Fixed Maturity Securities | The amortized cost and fair value, by contractual maturity, of available-for-sale fixed maturity securities are shown below. Actual maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Residential and commercial mortgage-backed securities and collateralized debt securities, which are not due at a single maturity, have been separately presented below.
AS OF JUN. 30, 2024 US$ MILLIONS |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 1,558 |  |  | $ | 1,556 |
Due after one year through five years |  | 14,385 |  |  | 14,314 |
Due after five years through ten years |  | 9,937 |  |  | 9,714 |
Due after ten years |  | 15,390 |  |  | 15,416 |
|  | 41,270 |  |  | 41,000 |
Residential mortgage-backed securities |  | 1,292 |  |  | 1,309 |
Commercial mortgage-backed securities |  | 3,450 |  |  | 3,463 |
Collateralized debt securities |  | 6,796 |  |  | 6,825 |
Total |  | $ | 52,808 |  |  | $ | 52,597 |
Schedule of Proceeds from Sales of Available-for-Sale Fixed Maturity Securities with Related Gross Realized Gains and Losses | Proceeds from sales of available-for-sale fixed maturity securities, with the related gross realized gains and losses, are shown below:
FOR THE PERIODS ENDED JUN. 30 US$ MILLIONS |  | Three Months Ended |  | Six Months Ended |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Proceeds from sales of available-for-sale fixed maturity securities |  | $ | 2,617 |  |  | $ | 1,513 |  |  | $ | 3,729 |  |  | $ | 3,530 |  |  |
Gross realized gains |  | 9 |  |  | 2 |  |  | 24 |  |  | 26 |  |  |
Gross realized losses |  | (31) |  |  | (30) |  |  | (37) |  |  | (89) |  |  |
Schedule of Gross Unrealized Losses and Fair Value of Available-for-Sale Fixed Maturity Securities | The gross unrealized losses and fair value of available-for-sale fixed maturity securities, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below:
|  | Less than 12 months |  | 12 months or more |  | Total
AS OF JUN. 30, 2024 US$ MILLIONS, EXCEPT NUMBER OF ISSUES |  | Number of Issues |  | Gross Unrealized Losses |  | Fair Value |  | Number of Issues |  | Gross Unrealized Losses |  | Fair Value |  | Number of Issues |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury and government |  | 88 |  |  | $ | — |  |  | $ | 131 |  |  | 34 |  |  | $ | (39) |  |  | $ | 105 |  |  | 122 |  |  | $ | (39) |  |  | $ | 236 |
U.S. states and political subdivisions |  | 213 |  |  | (11) |  |  | 303 |  |  | 162 |  |  | (14) |  |  | 305 |  |  | 375 |  |  | (25) |  |  | 608 |
Foreign governments |  | 30 |  |  | (9) |  |  | 290 |  |  | 39 |  |  | (21) |  |  | 150 |  |  | 69 |  |  | (30) |  |  | 440 |
Corporate debt securities |  | 1,459 |  |  | (130) |  |  | 4,728 |  |  | 1,366 |  |  | (652) |  |  | 7,762 |  |  | 2,825 |  |  | (782) |  |  | 12,490 |
Residential mortgage-backed securities |  | 161 |  |  | (4) |  |  | 133 |  |  | 35 |  |  | (4) |  |  | 75 |  |  | 196 |  |  | (8) |  |  | 208 |
Commercial mortgage-backed securities |  | 138 |  |  | (17) |  |  | 879 |  |  | 40 |  |  | (20) |  |  | 217 |  |  | 178 |  |  | (37) |  |  | 1,096 |
Collateralized debt securities |  | 377 |  |  | (15) |  |  | 2,739 |  |  | 57 |  |  | (9) |  |  | 337 |  |  | 434 |  |  | (24) |  |  | 3,076 |
Total |  | 2,466 |  |  | $ | (186) |  |  | $ | 9,203 |  |  | 1,733 |  |  | $ | (759) |  |  | $ | 8,951 |  |  | 4,199 |  |  | $ | (945) |  |  | $ | 18,154 |
|  | Less than 12 months |  | 12 months or more |  | Total
AS OF DEC. 31, 2023 US$ MILLIONS, EXCEPT NUMBER OF ISSUES |  | Number of Issues |  | Gross Unrealized Losses |  | Fair Value |  | Number of Issues |  | Gross Unrealized Losses |  | Fair Value |  | Number of Issues |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury and government |  | 10 |  |  | $ | — |  |  | $ | 29 |  |  | 29 |  |  | $ | (36) |  |  | $ | 92 |  |  | 39 |  |  | $ | (36) |  |  | $ | 121 |
U.S. states and political subdivisions |  | 208 |  |  | (3) |  |  | 217 |  |  | 106 |  |  | (14) |  |  | 288 |  |  | 314 |  |  | (17) |  |  | 505 |
Foreign governments |  | 24 |  |  | (3) |  |  | 129 |  |  | 25 |  |  | (13) |  |  | 56 |  |  | 49 |  |  | (16) |  |  | 185 |
Corporate debt securities |  | 863 |  |  | (137) |  |  | 3,088 |  |  | 917 |  |  | (470) |  |  | 8,357 |  |  | 1,780 |  |  | (607) |  |  | 11,445 |
Residential mortgage-backed securities |  | 16 |  |  | (1) |  |  | 42 |  |  | 18 |  |  | (3) |  |  | 64 |  |  | 34 |  |  | (4) |  |  | 106 |
Commercial mortgage-backed securities |  | 32 |  |  | (8) |  |  | 104 |  |  | 55 |  |  | (23) |  |  | 262 |  |  | 87 |  |  | (31) |  |  | 366 |
Collateralized debt securities |  | 69 |  |  | (1) |  |  | 147 |  |  | 41 |  |  | (23) |  |  | 324 |  |  | 110 |  |  | (24) |  |  | 471 |
Total |  | 1,222 |  |  | $ | (153) |  |  | $ | 3,756 |  |  | 1,191 |  |  | $ | (582) |  |  | $ | 9,443 |  |  | 2,413 |  |  | $ | (735) |  |  | $ | 13,199 |
Schedule of Allowance for Credit Loss for Available-for-Sale Fixed Maturity Securities | The rollforward of the allowance for credit losses for available-for-sale fixed maturity securities is shown below for the three and six months ended June 30, 2024 and 2023.
FOR THE PERIODS ENDED JUN. 30, 2024 US$ MILLIONS |  |  |  | Corporate Debt Securities |  | Residential Mortgage Backed Securities |  | Commercial Mortgage Backed Securities |  | Collateralized Debt Securities |  | Total
Balance as of January 1, 2024 |  |  |  | $ | (19) |  |  | $ | (1) |  |  | $ | (6) |  |  | $ | (4) |  |  | $ | (30) |
Credit losses recognized on securities for which credit losses were not previously recorded |  |  |  | (12) |  |  | — |  |  | — |  |  | — |  |  | (12) |
Reductions for securities sold during the period |  |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Changes in previously recorded allowance |  |  |  | 6 |  |  | 1 |  |  | — |  |  | 2 |  |  | 9 |
Balance as of March 31, 2024 |  |  |  | $ | (24) |  |  | $ | — |  |  | $ | (6) |  |  | $ | (2) |  |  | $ | (32) |
Credit losses recognized on securities for which credit losses were not previously recorded |  |  |  | (14) |  |  | — |  |  | — |  |  | — |  |  | (14) |
Reductions for securities sold during the period |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Changes in previously recorded allowance |  |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |
Balance as of June 30, 2024 |  |  |  | $ | (35) |  |  | $ | — |  |  | $ | (6) |  |  | $ | (2) |  |  | $ | (43) |
FOR THE PERIODS ENDED JUN. 30, 2023 US$ MILLIONS |  |  |  | Corporate Debt Securities |  | Residential Mortgage Backed Securities |  | Commercial Mortgage Backed Securities |  | Collateralized Debt Securities |  | Total
Balance as of January 1, 2023 |  |  |  | $ | (24) |  |  | $ | — |  |  | $ | — |  |  | $ | (6) |  |  | $ | (30) |
Credit losses recognized on securities for which credit losses were not previously recorded |  |  |  | (1) |  |  | — |  |  | — |  |  | (5) |  |  | (6) |
Reductions for securities sold during the period |  |  |  | 13 |  |  | — |  |  | — |  |  | 2 |  |  | 15 |
Changes in previously recorded allowance |  |  |  | (1) |  |  | — |  |  | — |  |  | (1) |  |  | (2) |
Balance as of March 31, 2023 |  |  |  | $ | (13) |  |  | $ | — |  |  | $ | — |  |  | $ | (10) |  |  | $ | (23) |
Credit losses recognized on securities for which credit losses were not previously recorded |  |  |  | (17) |  |  | — |  |  | — |  |  | (13) |  |  | (30) |
Reductions for securities sold during the period |  |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Changes in previously recorded allowance |  |  |  | 6 |  |  | — |  |  | — |  |  | 7 |  |  | 13 |
Balance as of June 30, 2023 |  |  |  | $ | (23) |  |  | $ | — |  |  | $ | — |  |  | $ | (16) |  |  | $ | (39) |

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