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Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Net Investment Income

Net Investment Income

			For the years ended December 31,
(Before tax)			2022			2021			2020
Fixed maturities [1]			$	1,469		$	1,349		$	1,442
Equity securities			57			73			39
Mortgage loans			211			181			172
Limited partnerships and other alternative investments			515			732			222
Other investments [2]			5			58			42
Investment expenses			(80)			(80)			(71)
Total net investment income			$	2,177		$	2,313		$	1,846

[1]Includes net investment income on short-term investments.

[2]Primarily includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.

Net Realized Capital Gains (Losses)

Net Realized Gains (Losses)

			For the years ended December 31,
(Before tax)			2022			2021			2020
Gross gains on sales of fixed maturities			$	57		$	319		$	255
Gross losses on sales of fixed maturities			(315)			(89)			(50)
Equity securities [1]
Net realized gains (losses) on sales of equity securities			(83)			81			(118)
Change in net unrealized gains (losses) of equity securities			(266)			146			(96)
Net realized and unrealized gains (losses) on equity securities			(349)			227			(214)
Net credit losses on fixed maturities, AFS			(18)			4			(28)
Change in ACL on mortgage loans			(7)			9			(19)
Intent-to-sell impairments			(6)			—			(5)
Other, net [2]			11			39			47
Net realized gains (losses)			$	(627)		$	509		$	(14)

[1]The change in net unrealized gains (losses) on equity securities still held as of the end of the period and included in net realized gains (losses) were $(108), $155, and $53 for the years ended December 31, 2022, 2021, and 2020, respectively.

[2]Includes gains on non-qualifying derivatives for 2022, 2021, and 2020 of $46, $12, and $104, respectively, and gains (losses) from transactional foreign currency revaluation of $28, $(1) and $(1), respectively. Also includes a loss of $21 and $48, respectively, on the sale of the Continental Europe Operations for the years ended December 31, 2021 and 2020, as well as a gain of $46 for the year ended December 31, 2021 on the sale of the Company's previously owned interest in Talcott Resolution.

Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]

ACL on Fixed Maturities, AFS by Type
						For the years ended December 31,
						2022															2021									2020
(Before tax)						CMBS			Corporate			Foreign govt./govt. agencies			Total						Corporate						Total						Corporate			Municipal			Total
Balance as of beginning of period						$	—		$	1		$	—		$	1					$	23					$	23					$	—		$	—		$	—
Credit losses on fixed maturities where an allowance was not previously recorded						7			10			3			20						2						2						36			3			39
Reduction due to sales						—			(3)			(1)			(4)						(18)						(18)						(4)			(3)			(7)
Reduction due to intent to sell						—			—			(3)			(3)						—						—						—			—			—
Net increases (decreases) on fixed maturities where an allowance was previously recorded						3			(3)			1			1						(6)						(6)						(9)			—			(9)
Write-offs charged against the allowance						—			(3)			—			(3)						—						—						—			—			—
Balance as of end of period						$	10		$	2		$	—		$	12					$	1					$	1					$	23		$	—		$	23

Schedule of Available-for-sale Securities

Fixed Maturities, AFS, by Type
			December 31, 2022																		December 31, 2021
			Amortized Cost			ACL			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value						Amortized Cost			ACL			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
ABS			$	2,016		$	—		$	—		$	(75)		$	1,941					$	1,125		$	—		$	13		$	(3)		$	1,135
CLO			3,040			—			3			(102)			2,941						3,019			—			8			(2)			3,025
CMBS			3,715			(10)			21			(358)			3,368						3,955			—			179			(15)			4,119
Corporate			16,794			(2)			33			(1,592)			15,233						17,744			(1)			1,038			(74)			18,707
Foreign govt./govt. agencies			596			—			—			(49)			547						883			—			33			(6)			910
Municipal			6,718			—			93			(515)			6,296						7,473			—			787			(3)			8,257
RMBS			4,214			—			2			(508)			3,708						3,610			—			60			(27)			3,643
U.S. Treasuries			2,440			—			—			(243)			2,197						2,979			—			86			(14)			3,051
Total fixed maturities, AFS			$	39,533		$	(12)		$	152		$	(3,442)		$	36,231					$	40,788		$	(1)		$	2,204		$	(144)		$	42,847

Investments by Contractual Maturity Year

Fixed Maturities, AFS, by Contractual Maturity Year

			December 31, 2022									December 31, 2021
			Amortized Cost			Fair Value						Amortized Cost			Fair Value
One year or less			$	1,417		$	1,396					$	1,400		$	1,419
Over one year through five years			8,340			7,930						8,615			8,894
Over five years through ten years			7,259			6,485						8,303			8,633
Over ten years			9,532			8,462						10,761			11,979
Subtotal			26,548			24,273						29,079			30,925
Mortgage-backed and asset-backed securities			12,985			11,958						11,709			11,922
Total fixed maturities, AFS			$	39,533		$	36,231					$	40,788		$	42,847

Unrealized Loss on Investments

Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2022
						Less Than 12 Months												12 Months or More												Total
						Fair Value			Unrealized Losses									Fair Value			Unrealized Losses									Fair Value			Unrealized Losses
ABS						$	1,577		$	(50)								$	281		$	(25)								$	1,858		$	(75)
CLO						1,490			(48)									1,378			(54)									2,868			(102)
CMBS						2,560			(270)									521			(88)									3,081			(358)
Corporate						11,157			(1,071)									2,575			(521)									13,732			(1,592)
Foreign govt./govt. agencies						308			(26)									224			(23)									532			(49)
Municipal						4,270			(461)									228			(54)									4,498			(515)
RMBS						2,311			(249)									1,250			(259)									3,561			(508)
U.S. Treasuries						1,554			(145)									633			(98)									2,187			(243)
Total fixed maturities, AFS in an unrealized loss position						$	25,227		$	(2,320)								$	7,090		$	(1,122)								$	32,317		$	(3,442)

Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2021
						Less Than 12 Months												12 Months or More												Total
						Fair Value			Unrealized Losses									Fair Value			Unrealized Losses									Fair Value			Unrealized Losses
ABS						$	396		$	(3)								$	—		$	—								$	396		$	(3)
CLO						1,434			(2)									147			—									1,581			(2)
CMBS						594			(7)									82			(8)									676			(15)
Corporate						3,698			(65)									234			(9)									3,932			(74)
Foreign govt./govt. agencies						340			(5)									16			(1)									356			(6)
Municipal						301			(3)									12			—									313			(3)
RMBS						1,869			(23)									94			(4)									1,963			(27)
U.S. Treasuries						2,301			(13)									23			(1)									2,324			(14)
Total fixed maturities, AFS in an unrealized loss position						$	10,933		$	(121)								$	608		$	(23)								$	11,541		$	(144)

Financing Receivable, Allowance for Credit Loss

ACL on Mortgage Loans
			For the years ended December 31,
			2022			2021			2020
ACL as of beginning of period			$	29		$	38		$	—
Cumulative effect of accounting changes [1]									19
Adjusted beginning ACL			29			38			19
Current period provision (release)			7			(9)			19
ACL as of December 31,			$	36		$	29		$	38

[1]Represents the adjustment to the ACL recorded on adoption of accounting guidance for credit losses on January 1, 2020. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies.

Loans Credit Quality

Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2022
			2022						2021						2020						2019						2018						2017 & Prior						Total
Loan-to-value			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost [1]			Avg. DSCR
Greater than 80%			$	—		—x			$	—		—x			$	—		—x			$	—		—x			$	—		—x			$	23		1.40x			$	23		1.40x
65% - 80%			16			2.02x			59			2.61x			43			2.78x			100			1.95x			108			1.11x			117			1.91x			443			1.91x
Less than 65%			839			2.43x			1,475			2.79x			663			3.02x			680			2.77x			437			2.21x			1,476			2.54x			5,570			2.65x
Total mortgage loans			$	855		2.42x			$	1,534		2.78x			$	706		3.01x			$	780		2.66x			$	545		1.99x			$	1,616		2.48x			$	6,036		2.59x

[1]Amortized cost of mortgage loans excludes ACL of $36.

Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2021
			2021						2020						2019						2018						2017						2016 & Prior						Total
Loan-to-value			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost			Avg. DSCR			Amortized Cost [1]			Avg. DSCR
65% - 80%			$	7		2.37x			$	50		2.63x			$	91		1.57x			$	100		1.00x			$	45		1.37x			$	97		1.80x			$	390		1.61x
Less than 65%			1,481			2.70x			645			2.78x			722			2.78x			472			2.23x			417			1.91x			1,285			2.45x			5,022			2.55x
Total mortgage loans			$	1,488		2.70x			$	695		2.77x			$	813		2.64x			$	572		2.02x			$	462		1.86x			$	1,382		2.41x			$	5,412		2.48x

[1]Amortized cost of mortgage loans excludes ACL of $29.

Mortgage Loans by Region
			December 31, 2022									December 31, 2021
			Amortized Cost			Percent of Total						Amortized Cost			Percent of Total
East North Central			$	317		5.3		%				$	284		5.2		%
Middle Atlantic			316			5.2		%				303			5.6		%
Mountain			707			11.7		%				450			8.3		%
New England			395			6.5		%				393			7.3		%
Pacific			1,299			21.5		%				1,245			23.0		%
South Atlantic			1,670			27.7		%				1,556			28.8		%
West North Central			105			1.7		%				85			1.6		%
West South Central			421			7.0		%				424			7.8		%
Other [1]			806			13.4		%				672			12.4		%
Total mortgage loans			6,036			100.0		%				5,412			100.0		%
ACL			(36)									(29)
Total mortgage loans, net of ACL			$	6,000								$	5,383

[1]Primarily represents loans collateralized by multiple properties in various regions.

Mortgage Loans by Property Type
			December 31, 2022									December 31, 2021
			Amortized Cost			Percent of Total						Amortized Cost			Percent of Total
Commercial
Industrial			$	2,217		36.7		%				$	1,931		35.7		%
Multifamily			2,247			37.2		%				1,833			33.9		%
Office			585			9.7		%				627			11.6		%
Retail [1]			947			15.7		%				951			17.6		%
Single Family			—			—		%				30			0.5		%
Other			40			0.7		%				40			0.7		%
Total mortgage loans			6,036			100.0		%				5,412			100.0		%
ACL			(36)									(29)
Total mortgage loans, net of ACL			$	6,000								$	5,383

[1]Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.

Schedule of Financial Instruments Owned and Pledged as Collateral

			December 31, 2022			December 31, 2021
			Fair Value			Fair Value
Securities on deposit with government agencies			$	2,189		$	2,376
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders			718			712
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders			8			7
Fixed maturities in Lloyd's trust account			161			160
Other investments			62			65
Total Other Restricted Investments			$	3,138		$	3,320

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