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Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments [Abstract]

Net Investment Income

Net Investment Income

			For the years ended December 31,
(Before tax)			2023			2022			2021
Fixed maturities [1]			$	1,895		$	1,469		$	1,349
Equity securities			45			57			73
Mortgage loans			235			211			181
Limited partnerships and other alternative investments			212			515			732
Other investments [2]			9			5			58
Gross investment income			$	2,396		$	2,257		$	2,393
Investment expenses			(91)			(80)			(80)
Total net investment income			$	2,305		$	2,177		$	2,313

[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)			2023			2022			2021
Gross gains on sales of fixed maturities			$	30		$	57		$	319
Gross losses on sales of fixed maturities			(149)			(315)			(89)
Equity securities [1]
Net realized gains (losses) on sales of equity securities			100			(83)			81
Change in net unrealized gains (losses) of equity securities			(22)			(266)			146
Net realized and unrealized gains (losses) on equity securities			78			(349)			227
Net credit losses on fixed maturities, AFS			(14)			(18)			4
Change in ACL on mortgage loans			(15)			(7)			9
Intent-to-sell impairments			—			(6)			—
Other, net [2]			(118)			11			39
Net realized gains (losses)			$	(188)		$	(627)		$	509

[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 $17, $(108), and $155 for the years ended December 31, 2023, 2022, and 2021, respectively.

[2]Includes gains (losses) on non-qualifying derivatives for 2023, 2022, and 2021 of $(108), $46, and $12, respectively, and gains (losses) from transactional foreign currency revaluation of $(15), $28, and $(1), respectively. Also included for the year ended December 31, 2021, is a loss of $21 on the sale of the Continental Europe Operations and a gain of $46 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,
						2023												2022															2021
(Before tax)						CMBS			Corporate						Total						CMBS			Corporate			Foreign govt./govt. agencies			Total						Corporate						Total
Balance as of beginning of period						$	10		$	2					$	12					$	—		$	1		$	—		$	1					$	23					$	23
Credit losses on fixed maturities where an allowance was not previously recorded						—			9						9						7			10			3			20						2						2
Reduction due to sales						—			(5)						(5)						—			(3)			(1)			(4)						(18)						(18)
Reduction due to intent to sell						—			—						—						—			—			(3)			(3)						—						—
Net increases (decreases) on fixed maturities where an allowance was previously recorded						2			3						5						3			(3)			1			1						(6)						(6)
Write-offs charged against the allowance						—			—						—						—			(3)			—			(3)						—						—
Balance as of end of period						$	12		$	9					$	21					$	10		$	2		$	—		$	12					$	1					$	1

Schedule of Available-for-sale Securities

Fixed Maturities, AFS, by Type
			December 31, 2023																		December 31, 2022
			Amortized Cost			ACL			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value						Amortized Cost			ACL			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
ABS			$	3,347		$	—		$	18		$	(45)		$	3,320					$	2,016		$	—		$	—		$	(75)		$	1,941
CLO			3,104			—			3			(17)			3,090						3,040			—			3			(102)			2,941
CMBS			3,466			(12)			19			(348)			3,125						3,715			(10)			21			(358)			3,368
Corporate			18,691			(9)			197			(1,013)			17,866						16,794			(2)			33			(1,592)			15,233
Foreign govt./govt. agencies			583			—			6			(27)			562						596			—			—			(49)			547
Municipal			6,207			—			131			(299)			6,039						6,718			—			93			(515)			6,296
RMBS			4,675			—			18			(406)			4,287						4,214			—			2			(508)			3,708
U.S. Treasuries			1,653			—			26			(150)			1,529						2,440			—			—			(243)			2,197
Total fixed maturities, AFS			$	41,726		$	(21)		$	418		$	(2,305)		$	39,818					$	39,533		$	(12)		$	152		$	(3,442)		$	36,231

Investments by Contractual Maturity Year

Fixed Maturities, AFS, by Contractual Maturity Year

			December 31, 2023									December 31, 2022
			Amortized Cost			Fair Value						Amortized Cost			Fair Value
One year or less			$	1,526		$	1,501					$	1,417		$	1,396
Over one year through five years			9,670			9,433						8,340			7,930
Over five years through ten years			6,568			6,211						7,259			6,485
Over ten years			9,370			8,851						9,532			8,462
Subtotal			27,134			25,996						26,548			24,273
Mortgage-backed and asset-backed securities			14,592			13,822						12,985			11,958
Total fixed maturities, AFS			$	41,726		$	39,818					$	39,533		$	36,231

Unrealized Loss on Investments

Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2023
						Less Than 12 Months												12 Months or More												Total
						Fair Value			Unrealized Losses									Fair Value			Unrealized Losses									Fair Value			Unrealized Losses
ABS						$	604		$	(6)								$	1,043		$	(39)								$	1,647		$	(45)
CLO						209			(1)									2,249			(16)									2,458			(17)
CMBS						117			(7)									2,837			(341)									2,954			(348)
Corporate						810			(10)									11,149			(1,003)									11,959			(1,013)
Foreign govt./govt. agencies						27			—									368			(27)									395			(27)
Municipal						329			(3)									3,196			(296)									3,525			(299)
RMBS						181			(3)									3,207			(403)									3,388			(406)
U.S. Treasuries						120			(11)									1,121			(139)									1,241			(150)
Total fixed maturities, AFS in an unrealized loss position						$	2,397		$	(41)								$	25,170		$	(2,264)								$	27,567		$	(2,305)

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)

Financing Receivable, Allowance for Credit Loss

ACL on Mortgage Loans
			For the years ended December 31,
			2023			2022			2021
ACL as of beginning of period			$	36		$	29		$	38
Current period provision (release)			15			7			(9)
ACL as of December 31,			$	51		$	36		$	29

Loans Credit Quality

Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2023
			2023						2022						2021						2020						2019						2018 & 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			$	16		1.09x			$	38		1.05x			$	—		—x			$	—		—x			$	105		1.41x			$	159		1.29x
65% - 80%			—			—x			189			2.13x			457			2.42x			95			3.47x			98			1.77x			252			1.77x			1,091			2.25x
Less than 65%			400			1.47x			724			2.75x			1,105			2.99x			527			2.92x			679			2.90x			1,453			2.67x			4,888			2.72x
Total mortgage loans			$	400		1.47x			$	929		2.60x			$	1,600		2.78x			$	622		3.00x			$	777		2.76x			$	1,810		2.47x			$	6,138		2.60x

[1]Amortized cost of mortgage loans excludes ACL of $51.

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 by Region
			December 31, 2023									December 31, 2022
			Amortized Cost			Percent of Total						Amortized Cost			Percent of Total
East North Central			$	368		6.0		%				$	317		5.3		%
Middle Atlantic			238			3.9		%				316			5.2		%
Mountain			699			11.4		%				707			11.7		%
New England			351			5.7		%				395			6.5		%
Pacific			1,326			21.6		%				1,299			21.5		%
South Atlantic			1,776			28.9		%				1,670			27.7		%
West North Central			103			1.7		%				105			1.7		%
West South Central			445			7.2		%				421			7.0		%
Other [1]			832			13.6		%				806			13.4		%
Total mortgage loans			6,138			100.0		%				6,036			100.0		%
ACL			(51)									(36)
Total mortgage loans, net of ACL			$	6,087								$	6,000

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

Mortgage Loans by Property Type
			December 31, 2023									December 31, 2022
			Amortized Cost			Percent of Total						Amortized Cost			Percent of Total
Commercial
Industrial			$	2,363		38.5		%				$	2,217		36.7		%
Multifamily			2,200			35.9		%				2,247			37.2		%
Office			578			9.4		%				585			9.7		%
Retail [1]			917			14.9		%				947			15.7		%
Single Family			80			1.3		%				—			—		%
Other			—			—		%				40			0.7		%
Total mortgage loans			6,138			100.0		%				6,036			100.0		%
ACL			(51)									(36)
Total mortgage loans, net of ACL			$	6,087								$	6,000

[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, 2023			December 31, 2022
			Fair Value			Fair Value
Securities on deposit with government agencies			$	2,339		$	2,189
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders			890			718
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders			30			8
Fixed maturities in Lloyd's trust account			154			161
Other investments			75			62
Total Other Restricted Investments			$	3,488		$	3,138

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