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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Hierarchy, Assets and Liabilities Measured on Recurring Basis | The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis as of December 31.
| 2023
(In millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies |  | $ | 21,700 |  |  |  |  | $ | 900 |  |  |  |  | $ | 0 |  |  |  |  | $ | 22,600 |  |
Municipalities |  | 0 |  |  |  |  | 2,298 |  |  |  |  | 0 |  |  |  |  | 2,298 |  |
Mortgage- and asset-backed securities |  | 0 |  |  |  |  | 2,314 |  |  |  |  | 772 |  |  |  |  | 3,086 |  |
Public utilities |  | 0 |  |  |  |  | 7,339 |  |  |  |  | 253 |  |  |  |  | 7,592 |  |
Sovereign and supranational |  | 0 |  |  |  |  | 507 |  |  |  |  | 30 |  |  |  |  | 537 |  |
Banks/financial institutions |  | 0 |  |  |  |  | 8,757 |  |  |  |  | 78 |  |  |  |  | 8,835 |  |
Other corporate |  | 0 |  |  |  |  | 27,694 |  |  |  |  | 648 |  |  |  |  | 28,342 |  |
Total fixed maturity securities |  | 21,700 |  |  |  |  | 49,809 |  |  |  |  | 1,781 |  |  |  |  | 73,290 |  |
Equity securities |  | 840 |  |  |  |  | 0 |  |  |  |  | 248 |  |  |  |  | 1,088 |  |
Other investments |  | 1,304 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 1,304 |  |
Cash and cash equivalents |  | 4,306 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 4,306 |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency swaps |  | 0 |  |  |  |  | 86 |  |  |  |  | 0 |  |  |  |  | 86 |  |
Foreign currency forwards |  | 0 |  |  |  |  | 238 |  |  |  |  | 0 |  |  |  |  | 238 |  |
Foreign currency options |  | 0 |  |  |  |  | 2 |  |  |  |  | 0 |  |  |  |  | 2 |  |
Interest rate swaps |  | 0 |  |  |  |  | 11 |  |  |  |  | 0 |  |  |  |  | 11 |  |
Total other assets |  | 0 |  |  |  |  | 337 |  |  |  |  | 0 |  |  |  |  | 337 |  |
Total assets |  | $ | 28,150 |  |  |  |  | $ | 50,146 |  |  |  |  | $ | 2,029 |  |  |  |  | $ | 80,325 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency swaps |  | $ | 0 |  |  |  |  | $ | 507 |  |  |  |  | $ | 0 |  |  |  |  | $ | 507 |  |
Foreign currency forwards |  | 0 |  |  |  |  | 504 |  |  |  |  | 0 |  |  |  |  | 504 |  |
Interest rate swaps |  | 0 |  |  |  |  | 419 |  |  |  |  | 0 |  |  |  |  | 419 |  |
Total liabilities |  | $ | 0 |  |  |  |  | $ | 1,430 |  |  |  |  | $ | 0 |  |  |  |  | $ | 1,430 |  |
| 2022
(In millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies |  | $ | 24,158 |  |  |  |  | $ | 956 |  |  |  |  | $ | 0 |  |  |  |  | $ | 25,114 |  |
Municipalities |  | 0 |  |  |  |  | 2,320 |  |  |  |  | 0 |  |  |  |  | 2,320 |  |
Mortgage- and asset-backed securities |  | 0 |  |  |  |  | 1,803 |  |  |  |  | 343 |  |  |  |  | 2,146 |  |
Public utilities |  | 0 |  |  |  |  | 7,169 |  |  |  |  | 497 |  |  |  |  | 7,666 |  |
Sovereign and supranational |  | 0 |  |  |  |  | 797 |  |  |  |  | 37 |  |  |  |  | 834 |  |
Banks/financial institutions |  | 0 |  |  |  |  | 9,140 |  |  |  |  | 159 |  |  |  |  | 9,299 |  |
Other corporate |  | 0 |  |  |  |  | 27,620 |  |  |  |  | 742 |  |  |  |  | 28,362 |  |
Total fixed maturity securities |  | 24,158 |  |  |  |  | 49,805 |  |  |  |  | 1,778 |  |  |  |  | 75,741 |  |
Equity securities |  | 822 |  |  |  |  | 60 |  |  |  |  | 209 |  |  |  |  | 1,091 |  |
Other investments |  | 1,532 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 1,532 |  |
Cash and cash equivalents |  | 3,943 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 3,943 |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency swaps |  | 0 |  |  |  |  | 128 |  |  |  |  | 0 |  |  |  |  | 128 |  |
Foreign currency forwards |  | 0 |  |  |  |  | 400 |  |  |  |  | 0 |  |  |  |  | 400 |  |
Foreign currency options |  | 0 |  |  |  |  | 82 |  |  |  |  | 0 |  |  |  |  | 82 |  |
Interest rate swaps |  | 0 |  |  |  |  | 7 |  |  |  |  | 0 |  |  |  |  | 7 |  |
Total other assets |  | 0 |  |  |  |  | 617 |  |  |  |  | 0 |  |  |  |  | 617 |  |
Total assets |  | $ | 30,455 |  |  |  |  | $ | 50,482 |  |  |  |  | $ | 1,987 |  |  |  |  | $ | 82,924 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency swaps |  | $ | 0 |  |  |  |  | $ | 390 |  |  |  |  | $ | 0 |  |  |  |  | $ | 390 |  |
Foreign currency forwards |  | 0 |  |  |  |  | 725 |  |  |  |  | 0 |  |  |  |  | 725 |  |
Interest rate swaps |  | 0 |  |  |  |  | 583 |  |  |  |  | 0 |  |  |  |  | 583 |  |
Total liabilities |  | $ | 0 |  |  |  |  | $ | 1,698 |  |  |  |  | $ | 0 |  |  |  |  | $ | 1,698 |  |
Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost | The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value as of December 31.
| 2023
(In millions) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) | Total Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities held-to-maturity, carried at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies |  | $ | 17,083 |  |  |  | $ | 18,662 |  |  |  |  | $ | 167 |  |  |  |  | $ | 0 |  |  |  |  | $ | 18,829 |  |
Municipalities |  | 266 |  |  |  | 0 |  |  |  |  | 307 |  |  |  |  | 0 |  |  |  |  | 307 |  |
Public utilities |  | 34 |  |  |  | 0 |  |  |  |  | 38 |  |  |  |  | 0 |  |  |  |  | 38 |  |
Sovereign and supranational |  | 418 |  |  |  | 0 |  |  |  |  | 462 |  |  |  |  | 0 |  |  |  |  | 462 |  |
Other corporate |  | 18 |  |  |  | 0 |  |  |  |  | 21 |  |  |  |  | 0 |  |  |  |  | 21 |  |
Commercial mortgage and other loans |  | 12,527 |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 12,217 |  |  |  |  | 12,217 |  |
Other investments (1) |  | 35 |  |  |  | 0 |  |  |  |  | 35 |  |  |  |  | 0 |  |  |  |  | 35 |  |
Total assets |  | $ | 30,381 |  |  |  | $ | 18,662 |  |  |  |  | $ | 1,030 |  |  |  |  | $ | 12,217 |  |  |  |  | $ | 31,909 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other policyholders’ funds |  | $ | 6,169 |  |  |  | $ | 0 |  |  |  |  | $ | 0 |  |  |  |  | $ | 6,080 |  |  |  |  | $ | 6,080 |  |
Notes payable (excluding leases) |  | 7,240 |  |  |  | 0 |  |  |  |  | 6,178 |  |  |  |  | 752 |  |  |  |  | 6,930 |  |
Total liabilities |  | $ | 13,409 |  |  |  | $ | 0 |  |  |  |  | $ | 6,178 |  |  |  |  | $ | 6,832 |  |  |  |  | $ | 13,010 |  |
(1) Excludes policy loans of $214, equity method investments of $2,750 and REO of $227, at carrying value.
| 2022
(In millions) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities held-to-maturity, carried at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies |  | $ | 18,267 |  |  |  | $ | 20,132 |  |  |  |  | $ | 180 |  |  |  |  | $ | 0 |  |  |  |  | $ | 20,312 |  |
Municipalities |  | 287 |  |  |  | 0 |  |  |  |  | 335 |  |  |  |  | 0 |  |  |  |  | 335 |  |
Public utilities |  | 37 |  |  |  | 0 |  |  |  |  | 41 |  |  |  |  | 0 |  |  |  |  | 41 |  |
Sovereign and supranational |  | 446 |  |  |  | 0 |  |  |  |  | 500 |  |  |  |  | 0 |  |  |  |  | 500 |  |
Other corporate |  | 19 |  |  |  | 0 |  |  |  |  | 22 |  |  |  |  | 0 |  |  |  |  | 22 |  |
Commercial mortgage and other loans |  | 13,496 |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 13,212 |  |  |  |  | 13,212 |  |
Other investments (1) |  | 34 |  |  |  | 0 |  |  |  |  | 34 |  |  |  |  | 0 |  |  |  |  | 34 |  |
Total assets |  | $ | 32,586 |  |  |  | $ | 20,132 |  |  |  |  | $ | 1,112 |  |  |  |  | $ | 13,212 |  |  |  |  | $ | 34,456 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other policyholders’ funds |  | $ | 6,643 |  |  |  | $ | 0 |  |  |  |  | $ | 0 |  |  |  |  | $ | 6,543 |  |  |  |  | $ | 6,543 |  |
Notes payable (excluding leases) |  | 7,295 |  |  |  | 0 |  |  |  |  | 6,024 |  |  |  |  | 802 |  |  |  |  | 6,826 |  |
Total liabilities |  | $ | 13,938 |  |  |  | $ | 0 |  |  |  |  | $ | 6,024 |  |  |  |  | $ | 7,345 |  |  |  |  | $ | 13,369 |  |
(1) Excludes policy loans of $214 and equity method investments of $2,290, at carrying value. Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
Fair Value Assets Securities Carried At Fair Value Primary Pricing Sources | The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities as of December 31.
|  | 2023
(In millions) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Securities available-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | $ | 21,692 |  |  |  |  | $ | 808 |  |  |  |  | $ | 0 |  |  |  |  | $ | 22,500 |  |
Internal |  |  | 0 |  |  |  |  | 60 |  |  |  |  | 0 |  |  |  |  | 60 |  |
Broker/other |  |  | 8 |  |  |  |  | 32 |  |  |  |  | 0 |  |  |  |  | 40 |  |
Total government and agencies |  |  | 21,700 |  |  |  |  | 900 |  |  |  |  | 0 |  |  |  |  | 22,600 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 1,426 |  |  |  |  | 0 |  |  |  |  | 1,426 |  |
Internal |  |  | 0 |  |  |  |  | 256 |  |  |  |  | 0 |  |  |  |  | 256 |  |
Broker/other |  |  | 0 |  |  |  |  | 616 |  |  |  |  | 0 |  |  |  |  | 616 |  |
Total municipalities |  |  | 0 |  |  |  |  | 2,298 |  |  |  |  | 0 |  |  |  |  | 2,298 |  |
Mortgage- and asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 2,277 |  |  |  |  | 0 |  |  |  |  | 2,277 |  |
Internal |  |  | 0 |  |  |  |  | 27 |  |  |  |  | 105 |  |  |  |  | 132 |  |
Broker/other |  |  | 0 |  |  |  |  | 10 |  |  |  |  | 667 |  |  |  |  | 677 |  |
Total mortgage- and asset-backed securities |  |  | 0 |  |  |  |  | 2,314 |  |  |  |  | 772 |  |  |  |  | 3,086 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 4,570 |  |  |  |  | 0 |  |  |  |  | 4,570 |  |
Internal |  |  | 0 |  |  |  |  | 2,677 |  |  |  |  | 0 |  |  |  |  | 2,677 |  |
Broker/other |  |  | 0 |  |  |  |  | 92 |  |  |  |  | 253 |  |  |  |  | 345 |  |
Total public utilities |  |  | 0 |  |  |  |  | 7,339 |  |  |  |  | 253 |  |  |  |  | 7,592 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 118 |  |  |  |  | 0 |  |  |  |  | 118 |  |
Internal |  |  | 0 |  |  |  |  | 330 |  |  |  |  | 0 |  |  |  |  | 330 |  |
Broker/other |  |  | 0 |  |  |  |  | 59 |  |  |  |  | 30 |  |  |  |  | 89 |  |
Total sovereign and supranational |  |  | 0 |  |  |  |  | 507 |  |  |  |  | 30 |  |  |  |  | 537 |  |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 5,085 |  |  |  |  | 0 |  |  |  |  | 5,085 |  |
Internal |  |  | 0 |  |  |  |  | 3,008 |  |  |  |  | 69 |  |  |  |  | 3,077 |  |
Broker/other |  |  | 0 |  |  |  |  | 664 |  |  |  |  | 9 |  |  |  |  | 673 |  |
Total banks/financial institutions |  |  | 0 |  |  |  |  | 8,757 |  |  |  |  | 78 |  |  |  |  | 8,835 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 18,088 |  |  |  |  | 4 |  |  |  |  | 18,092 |  |
Internal |  |  | 0 |  |  |  |  | 4,210 |  |  |  |  | 230 |  |  |  |  | 4,440 |  |
Broker/other |  |  | 0 |  |  |  |  | 5,396 |  |  |  |  | 414 |  |  |  |  | 5,810 |  |
Total other corporate |  |  | 0 |  |  |  |  | 27,694 |  |  |  |  | 648 |  |  |  |  | 28,342 |  |
Total securities available-for-sale |  |  | $ | 21,700 |  |  |  |  | $ | 49,809 |  |  |  |  | $ | 1,781 |  |  |  |  | $ | 73,290 |  |
Equity securities, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | $ | 800 |  |  |  |  | $ | 0 |  |  |  |  | $ | 0 |  |  |  |  | $ | 800 |  |
Internal |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 216 |  |  |  |  | 216 |  |
Broker/other |  |  | 40 |  |  |  |  | 0 |  |  |  |  | 32 |  |  |  |  | 72 |  |
Total equity securities |  |  | $ | 840 |  |  |  |  | $ | 0 |  |  |  |  | $ | 248 |  |  |  |  | $ | 1,088 |  |
|  | 2022
(In millions) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Securities available-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | $ | 24,158 |  |  |  |  | $ | 582 |  |  |  |  | $ | 0 |  |  |  |  | $ | 24,740 |  |
Internal |  |  | 0 |  |  |  |  | 374 |  |  |  |  | 0 |  |  |  |  | 374 |  |
Total government and agencies |  |  | 24,158 |  |  |  |  | 956 |  |  |  |  | 0 |  |  |  |  | 25,114 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 2,021 |  |  |  |  | 0 |  |  |  |  | 2,021 |  |
Internal |  |  | 0 |  |  |  |  | 299 |  |  |  |  | 0 |  |  |  |  | 299 |  |
Total municipalities |  |  | 0 |  |  |  |  | 2,320 |  |  |  |  | 0 |  |  |  |  | 2,320 |  |
Mortgage- and asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 1,798 |  |  |  |  | 0 |  |  |  |  | 1,798 |  |
Internal |  |  | 0 |  |  |  |  | 3 |  |  |  |  | 0 |  |  |  |  | 3 |  |
Broker/other |  |  | 0 |  |  |  |  | 2 |  |  |  |  | 343 |  |  |  |  | 345 |  |
Total mortgage- and asset-backed securities |  |  | 0 |  |  |  |  | 1,803 |  |  |  |  | 343 |  |  |  |  | 2,146 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 3,786 |  |  |  |  | 0 |  |  |  |  | 3,786 |  |
Internal |  |  | 0 |  |  |  |  | 3,383 |  |  |  |  | 0 |  |  |  |  | 3,383 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 497 |  |  |  |  | 497 |  |
Total public utilities |  |  | 0 |  |  |  |  | 7,169 |  |  |  |  | 497 |  |  |  |  | 7,666 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 232 |  |  |  |  | 0 |  |  |  |  | 232 |  |
Internal |  |  | 0 |  |  |  |  | 565 |  |  |  |  | 0 |  |  |  |  | 565 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 37 |  |  |  |  | 37 |  |
Total sovereign and supranational |  |  | 0 |  |  |  |  | 797 |  |  |  |  | 37 |  |  |  |  | 834 |  |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 4,622 |  |  |  |  | 0 |  |  |  |  | 4,622 |  |
Internal |  |  | 0 |  |  |  |  | 4,518 |  |  |  |  | 105 |  |  |  |  | 4,623 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 54 |  |  |  |  | 54 |  |
Total banks/financial institutions |  |  | 0 |  |  |  |  | 9,140 |  |  |  |  | 159 |  |  |  |  | 9,299 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 22,268 |  |  |  |  | 0 |  |  |  |  | 22,268 |  |
Internal |  |  | 0 |  |  |  |  | 5,352 |  |  |  |  | 200 |  |  |  |  | 5,552 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 542 |  |  |  |  | 542 |  |
Total other corporate |  |  | 0 |  |  |  |  | 27,620 |  |  |  |  | 742 |  |  |  |  | 28,362 |  |
Total securities available-for-sale |  |  | $ | 24,158 |  |  |  |  | $ | 49,805 |  |  |  |  | $ | 1,778 |  |  |  |  | $ | 75,741 |  |
Equity securities, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | $ | 822 |  |  |  |  | $ | 60 |  |  |  |  | $ | 0 |  |  |  |  | $ | 882 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 209 |  |  |  |  | 209 |  |
Total equity securities |  |  | $ | 822 |  |  |  |  | $ | 60 |  |  |  |  | $ | 209 |  |  |  |  | $ | 1,091 |  |
Fair Value Assets Held-To-Maturity Securities Primary Pricing Sources |
|  | 2023
(In millions) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Securities held-to-maturity, carried at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | $ | 18,662 |  |  |  |  | $ | 167 |  |  |  |  | $ | 0 |  |  |  |  | $ | 18,829 |  |
Total government and agencies |  |  | 18,662 |  |  |  |  | 167 |  |  |  |  | 0 |  |  |  |  | 18,829 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 307 |  |  |  |  | 0 |  |  |  |  | 307 |  |
Total municipalities |  |  | 0 |  |  |  |  | 307 |  |  |  |  | 0 |  |  |  |  | 307 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 38 |  |  |  |  | 0 |  |  |  |  | 38 |  |
Total public utilities |  |  | 0 |  |  |  |  | 38 |  |  |  |  | 0 |  |  |  |  | 38 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 226 |  |  |  |  | 0 |  |  |  |  | 226 |  |
Internal |  |  | 0 |  |  |  |  | 236 |  |  |  |  | 0 |  |  |  |  | 236 |  |
Total sovereign and supranational |  |  | 0 |  |  |  |  | 462 |  |  |  |  | 0 |  |  |  |  | 462 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 21 |  |  |  |  | 0 |  |  |  |  | 21 |  |
Total other corporate |  |  | 0 |  |  |  |  | 21 |  |  |  |  | 0 |  |  |  |  | 21 |  |
Total securities held-to-maturity |  |  | $ | 18,662 |  |  |  |  | $ | 995 |  |  |  |  | $ | 0 |  |  |  |  | $ | 19,657 |  |
|  | 2022
(In millions) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Securities held-to-maturity, carried at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | $ | 20,132 |  |  |  |  | $ | 180 |  |  |  |  | $ | 0 |  |  |  |  | $ | 20,312 |  |
Total government and agencies |  |  | 20,132 |  |  |  |  | 180 |  |  |  |  | 0 |  |  |  |  | 20,312 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 335 |  |  |  |  | 0 |  |  |  |  | 335 |  |
Total municipalities |  |  | 0 |  |  |  |  | 335 |  |  |  |  | 0 |  |  |  |  | 335 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 41 |  |  |  |  | 0 |  |  |  |  | 41 |  |
Total public utilities |  |  | 0 |  |  |  |  | 41 |  |  |  |  | 0 |  |  |  |  | 41 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 242 |  |  |  |  | 0 |  |  |  |  | 242 |  |
Broker/other |  |  | 0 |  |  |  |  | 258 |  |  |  |  | 0 |  |  |  |  | 258 |  |
Total sovereign and supranational |  |  | 0 |  |  |  |  | 500 |  |  |  |  | 0 |  |  |  |  | 500 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 22 |  |  |  |  | 0 |  |  |  |  | 22 |  |
Total other corporate |  |  | 0 |  |  |  |  | 22 |  |  |  |  | 0 |  |  |  |  | 22 |  |
Total securities held-to-maturity |  |  | $ | 20,132 |  |  |  |  | $ | 1,078 |  |  |  |  | $ | 0 |  |  |  |  | $ | 21,210 |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present the changes in fair value of the Company's investments carried at fair value classified as Level 3 as of December 31.
2023 |
| Fixed Maturity Securities |  | Equity Securities |  |  |  |  |
(In millions) | Mortgage- and Asset- Backed Securities |  | Public Utilities |  | Sovereign and Supranational |  | Banks/ Financial Institutions |  | Other Corporate |  |  |  |  |  |  |  | Total |
Balance, beginning of period | $ | 343 |  |  | $ | 497 |  |  | $ | 37 |  |  | $ | 159 |  |  | $ | 742 |  |  | $ | 209 |  |  |  |  |  |  | $ | 1,987 |  |
Net investment gains (losses) included in earnings | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 35 |  |  |  |  |  |  | 35 |  |
Unrealized gains (losses) included in other comprehensive income (loss) | 1 |  |  | (2) |  |  | (3) |  |  | 10 |  |  | 17 |  |  | 0 |  |  |  |  |  |  | 23 |  |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | 430 |  |  | 46 |  |  | 0 |  |  | 0 |  |  | 183 |  |  | 10 |  |  |  |  |  |  | 669 |  |
Issuances | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  |  |  | 0 |  |
Sales | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  |  |  | 0 |  |
Settlements | (154) |  |  | (17) |  |  | (4) |  |  | (7) |  |  | (4) |  |  | 0 |  |  |  |  |  |  | (186) |  |
Transfers into Level 3 | 155 |  |  | 18 |  |  | 0 |  |  | 3 |  |  | 39 |  |  | 0 |  |  |  |  |  |  | 215 |  |
Transfers out of Level 3 | (3) |  |  | (289) |  |  | 0 |  |  | (87) |  |  | (329) |  |  | (6) |  |  |  |  |  |  | (714) |  |
Balance, end of period | $ | 772 |  |  | $ | 253 |  |  | $ | 30 |  |  | $ | 78 |  |  | $ | 648 |  |  | $ | 248 |  |  |  |  |  |  | $ | 2,029 |  |
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 40 |  |  |  |  |  |  | $ | 40 |  |
2022 |
| Fixed Maturity Securities |  | Equity Securities |  |  |  |  |
(In millions) | Mortgage- and Asset- Backed Securities |  | Public Utilities |  | Sovereign and Supranational |  | Banks/ Financial Institutions |  | Other Corporate |  |  |  |  |  |  |  | Total |
Balance, beginning of period | $ | 291 |  |  | $ | 493 |  |  | $ | 43 |  |  | $ | 45 |  |  | $ | 426 |  |  | $ | 173 |  |  |  |  |  |  | $ | 1,471 |  |
Net investment gains (losses) included in earnings | (4) |  |  | 4 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 4 |  |  |  |  |  |  | 5 |  |
Unrealized gains (losses) included in other comprehensive income (loss) | (76) |  |  | (99) |  |  | (6) |  |  | (14) |  |  | (93) |  |  | 0 |  |  |  |  |  |  | (288) |  |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | 273 |  |  | 35 |  |  | 0 |  |  | 132 |  |  | 387 |  |  | 59 |  |  |  |  |  |  | 886 |  |
Issuances | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  |  |  | 0 |  |
Sales | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  |  |  | 0 |  |
Settlements | (78) |  |  | (64) |  |  | 0 |  |  | (23) |  |  | (187) |  |  | (7) |  |  |  |  |  |  | (359) |  |
Transfers into Level 3 | 0 |  |  | 128 |  |  | 0 |  |  | 18 |  |  | 350 |  |  | 0 |  |  |  |  |  |  | 496 |  |
Transfers out of Level 3 | (63) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (141) |  |  | (20) |  |  |  |  |  |  | (224) |  |
Balance, end of period | $ | 343 |  |  | $ | 497 |  |  | $ | 37 |  |  | $ | 159 |  |  | $ | 742 |  |  | $ | 209 |  |  |  |  |  |  | $ | 1,987 |  |
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings | $ | (4) |  |  | $ | 1 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1 |  |  |  |  |  |  | $ | (2) |  |
Fair Value Measurement Inputs and Valuation Techniques | Level 3 Significant Unobservable Input Sensitivity The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments carried at fair value as of December 31. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.
2023
(In millions) |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range |  |  | Weighted Average |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage- and asset-backed securities |  |  | $ | 772 |  |  |  | Consensus pricing |  | Offered quotes |  | 84.81 | - | 105.89 | (a) |  | 99.39 |
Public utilities |  |  | 253 |  |  |  | Consensus pricing |  | Offered quotes |  | 94.34 | - | 102.99 | (a) |  | 96.46 |
Sovereign and supranational |  |  | 30 |  |  |  | Consensus pricing |  | Offered quotes |  | N/A | (c) |  | N/A |
Banks/financial institutions |  |  | 78 |  |  |  | Discounted cash flow |  | Credit spreads |  | N/A | (c) |  | N/A |
Other corporate |  |  | 648 |  |  |  | Discounted cash flow |  | Credit spreads |  | 69 bps | - | 423 bps | (b) |  | 206 bps |
Equity securities |  |  | 248 |  |  |  | Adjusted cost |  | Private financials |  | N/A | (d) |  | N/A |
Total assets |  |  | $ | 2,029 |  |  |  |  |  |  |  |  |  |  |  |  |  |
(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques. (b) Actual or equivalent credit spreads in basis points. (c) Category represents a single security; range not applicable. (d) Prices do not utilize credit spreads; therefore, range is not applicable.
2022
(In millions) |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range |  |  | Weighted Average |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage- and asset-backed securities |  |  | $ | 343 |  |  |  | Consensus pricing |  | Offered quotes |  | 97.38 | - | 106.71 | (a) |  | 102.98 |
Public utilities |  |  | 497 |  |  |  | Discounted cash flow |  | Credit spreads |  | 128 bps | - | 286 bps | (b) |  | 192 bps |
Sovereign and supranational |  |  | 37 |  |  |  | Consensus pricing |  | Offered quotes |  | N/A | (c) |  | N/A |
Banks/financial institutions |  |  | 159 |  |  |  | Discounted cash flow |  | Credit spreads |  | 67 bps | - | 188 bps | (b) |  | 113 bps |
Other corporate |  |  | 742 |  |  |  | Discounted cash flow |  | Credit spreads |  | 66 bps | - | 647 bps | (b) |  | 191 bps |
Equity securities |  |  | 209 |  |  |  | Adjusted cost |  | Private financials |  | N/A | (d) |  | N/A |
Total assets |  |  | $ | 1,987 |  |  |  |  |  |  |  |  |  |  |  |  |  |
(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques. (b) Actual or equivalent credit spreads in basis points. (c) Category represents a single security; range not applicable. (d) Prices do not utilize credit spreads; therefore, range is not applicable.

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