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Fair Value of Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value |
Assets and liabilities measured at fair value
|  | March 31, 2025
($ in millions) |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Counterparty and cash collateral netting |  | Total
Assets |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 10,697 |  |  | $ | 8 |  |  | $ | — |  |  |  |  | $ | 10,705 |
Municipal |  | — |  |  | 7,472 |  |  | 2 |  |  |  |  | 7,474 |
Corporate - public |  | — |  |  | 21,405 |  |  | 35 |  |  |  |  | 21,440 |
Corporate - privately placed |  | — |  |  | 9,218 |  |  | 109 |  |  |  |  | 9,327 |
Foreign government |  | — |  |  | 1,334 |  |  | — |  |  |  |  | 1,334 |
ABS |  | — |  |  | 1,574 |  |  | 139 |  |  |  |  | 1,713 |
Total fixed income securities |  | 10,697 |  |  | 41,011 |  |  | 285 |  |  |  |  | 51,993 |
Equity securities (1) |  | 3,586 |  |  | 313 |  |  | 416 |  |  |  |  | 4,315 |
Short-term investments |  | 992 |  |  | 5,547 |  |  | 2 |  |  |  |  | 6,541 |
Other investments |  | — |  |  | 2 |  |  | 1 |  |  | $ | (1) |  |  | 2 |
Other assets |  | 1 |  |  | — |  |  | 134 |  |  |  |  | 135 |
Assets held for sale |  | 264 |  |  | 1,687 |  |  | 7 |  |  |  |  | 1,958 |
Total recurring basis assets |  | 15,540 |  |  | 48,560 |  |  | 845 |  |  | (1) |  |  | 64,944 |
Non-recurring basis |  | — |  |  | — |  |  | 2 |  |  |  |  | 2 |
Total assets at fair value |  | $ | 15,540 |  |  | $ | 48,560 |  |  | $ | 847 |  |  | $ | (1) |  |  | $ | 64,946 |
Investments reported at NAV |  |  |  |  |  |  |  |  |  | 1,012 |
Total |  |  |  |  |  |  |  |  |  | $ | 65,958 |
Liabilities |  |  |  |  |  |  |  |  |  |
Other liabilities |  | $ | — |  |  | $ | (7) |  |  | $ | (1) |  |  | $ | 7 |  |  | $ | (1) |
Total recurring basis liabilities |  | — |  |  | (7) |  |  | (1) |  |  | 7 |  |  | (1) |
Total liabilities at fair value |  | $ | — |  |  | $ | (7) |  |  | $ | (1) |  |  | $ | 7 |  |  | $ | (1) |
(1)Excludes $150 million of preferred stock measured at cost.
Assets and liabilities measured at fair value
|  | December 31, 2024
($ in millions) |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Counterparty and cash collateral netting |  | Total
Assets |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 11,099 |  |  | $ | 9 |  |  | $ | — |  |  |  |  | $ | 11,108 |
Municipal |  | — |  |  | 8,840 |  |  | 2 |  |  |  |  | 8,842 |
Corporate - public |  | — |  |  | 21,211 |  |  | 22 |  |  |  |  | 21,233 |
Corporate - privately placed |  | — |  |  | 8,849 |  |  | 110 |  |  |  |  | 8,959 |
Foreign government |  | — |  |  | 1,364 |  |  | — |  |  |  |  | 1,364 |
ABS |  | — |  |  | 1,127 |  |  | 114 |  |  |  |  | 1,241 |
Total fixed income securities |  | 11,099 |  |  | 41,400 |  |  | 248 |  |  |  |  | 52,747 |
Equity securities (1) |  | 3,600 |  |  | 306 |  |  | 407 |  |  |  |  | 4,313 |
Short-term investments |  | 2,016 |  |  | 2,516 |  |  | 5 |  |  |  |  | 4,537 |
Other investments |  | — |  |  | 21 |  |  | 1 |  |  | $ | (19) |  |  | 3 |
Other assets |  | — |  |  | — |  |  | 134 |  |  |  |  | 134 |
Assets held for sale |  | 241 |  |  | 1,536 |  |  | 7 |  |  |  |  | 1,784 |
Total recurring basis assets |  | 16,956 |  |  | 45,779 |  |  | 802 |  |  | (19) |  |  | 63,518 |
Non-recurring basis |  | — |  |  | — |  |  | 3 |  |  |  |  | 3 |
Total assets at fair value |  | $ | 16,956 |  |  | $ | 45,779 |  |  | $ | 805 |  |  | $ | (19) |  |  | $ | 63,521 |
Investments reported at NAV |  |  |  |  |  |  |  |  |  | 1,096 |
Total |  |  |  |  |  |  |  |  |  | $ | 64,617 |
Liabilities |  |  |  |  |  |  |  |  |  |
Other liabilities |  | $ | (1) |  |  | $ | (1) |  |  | $ | — |  |  | $ | 1 |  |  | $ | (1) |
Total recurring basis liabilities |  | (1) |  |  | (1) |  |  | — |  |  | 1 |  |  | (1) |
Total liabilities at fair value |  | $ | (1) |  |  | $ | (1) |  |  | $ | — |  |  | $ | 1 |  |  | $ | (1) |
(1)Excludes $150 million of preferred stock measured at cost.
Schedule of Rollforward of Level 3 Assets and Liabilities Held at Fair Value |
Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended March 31, 2025
|  | Balance as of December 31, 2024 |  | Total gains (losses) included in: |  | Transfers |  |  |  |  |  |  |  |  |  |  |  | Balance as of March 31, 2025
($ in millions) |  |  | Net income |  | OCI |  | Into Level 3 |  | Out of Level 3 |  |  | Purchases |  | Sales |  |  |  | Settlements |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 2 |
Corporate - public |  | 22 |  |  | (1) |  |  | 1 |  |  | — |  |  | (7) |  |  |  |  | 20 |  |  | — |  |  |  |  | — |  |  | 35 |
Corporate - privately placed |  | 110 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 109 |
ABS |  | 114 |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | (1) |  |  | 139 |
Total fixed income securities |  | 248 |  |  | (2) |  |  | 1 |  |  | 26 |  |  | (7) |  |  |  |  | 20 |  |  | — |  |  |  |  | (1) |  |  | 285 |
Equity securities |  | 407 |  |  | 14 |  |  | — |  |  | — |  |  | — |  |  |  |  | 4 |  |  | (9) |  |  |  |  | — |  |  | 416 |
Short-term investments |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 1 |  |  | (4) |  |  |  |  | — |  |  | 2 |
Other investments |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 1 |
Other assets |  | 134 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 134 |
Assets held for sale |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 7 |
Total recurring Level 3 assets |  | $ | 802 |  |  | $ | 12 |  |  | $ | 1 |  |  | $ | 26 |  |  | $ | (7) |  |  |  |  | $ | 25 |  |  | $ | (13) |  |  |  |  | $ | (1) |  |  | $ | 845 |
Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended March 31, 2024
|  | Balance as of December 31, 2023 |  | Total gains (losses) included in: |  | Transfers |  |  |  |  |  |  |  |  |  | Balance as of March 31, 2024
($ in millions) |  |  | Net income |  | OCI |  | Into Level 3 |  | Out of Level 3 |  | Purchases |  | Sales |  |  |  | Settlements |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal |  | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  |  |  | $ | (2) |  |  | $ | 8 |
Corporate - public |  | 26 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  |  |  | — |  |  | 23 |
Corporate - privately placed |  | 58 |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 54 |
ABS |  | 58 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 58 |
Total fixed income securities |  | 153 |  |  | (4) |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  |  |  | (2) |  |  | 143 |
Equity securities |  | 402 |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  |  |  | — |  |  | 408 |
Short-term investments |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  |  |  | — |  |  | 21 |
Other investments |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 2 |
Other assets |  | 118 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 120 |
Total recurring Level 3 assets |  | $ | 676 |  |  | $ | 7 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  | $ | (9) |  |  |  |  | $ | (2) |  |  | $ | 694 |
Total Level 3 gains (losses) included in net income
|  | Three months ended March 31, |  |
($ in millions) |  | 2025 |  | 2024 |  |  |  |
Net investment income |  | $ | 13 |  |  | $ | — |  |  |  |  |
Net gains (losses) on investments and derivatives |  | (1) |  |  | 5 |  |  |  |  |
Operating costs and expenses |  | — |  |  | 2 |  |  |  |  |
Schedule of Valuation Changes Included in Net Income and OCI for Level 3 Assets and Liabilities |
Valuation changes included in net income and OCI for Level 3 assets and liabilities still held
|  | Three months ended March 31, |  |
($ in millions) |  | 2025 |  | 2024 |  |  |  |
Assets |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |
Corporate - public |  | $ | (1) |  |  | $ | — |  |  |  |  |
Corporate - privately placed |  | — |  |  | (4) |  |  |  |  |
Total fixed income securities |  | (1) |  |  | (4) |  |  |  |  |
Equity securities |  | 15 |  |  | 9 |  |  |  |  |
Other assets |  | — |  |  | 2 |  |  |  |  |
Total recurring Level 3 assets |  | $ | 14 |  |  | $ | 7 |  |  |  |  |
Total included in net income |  | $ | 14 |  |  | $ | 7 |  |  |  |  |
Components of net income |  |  |  |  |  |  |  |
Net investment income |  | $ | 14 |  |  | $ | — |  |  |  |  |
Net gains (losses) on investments and derivatives |  | — |  |  | 5 |  |  |  |  |
Operating costs and expenses |  | — |  |  | 2 |  |  |  |  |
Total included in net income |  | $ | 14 |  |  | $ | 7 |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Corporate - public |  | $ | 1 |  |  | $ | 2 |  |  |  |  |
Changes in unrealized net capital gains and losses reported in OCI |  | $ | 1 |  |  | $ | 2 |  |  |  |  |
Schedule of Financial Instruments Not Carried at Fair Value |
Financial instruments not carried at fair value
($ in millions) |  |  |  | March 31, 2025 |  | December 31, 2024
Financial assets |  | Fair value level |  | Amortized cost, net (1) |  | Fair value |  | Amortized cost, net (1) |  | Fair value
Mortgage loans |  | Level 3 |  | $ | 770 |  |  | $ | 741 |  |  | $ | 784 |  |  | $ | 746 |
Bank loans |  | Level 3 |  | 274 |  |  | 279 |  |  | 201 |  |  | 207 |
Financial liabilities |  | Fair value level |  | Carrying value (1) |  | Fair value |  | Carrying value (1) |  | Fair value
Debt |  | Level 2 |  | $ | 8,086 |  |  | $ | 7,813 |  |  | $ | 8,085 |  |  | $ | 7,740 |
Liability for collateral |  | Level 2 |  | 2,137 |  |  | 2,137 |  |  | 2,041 |  |  | 2,041 |
Liabilities held for sale |  | Level 3 |  | 39 |  |  | 39 |  |  | 40 |  |  | 40 |
(1)Represents the amounts reported on the Condensed Consolidated Statements of Financial Position.

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