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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of March 31, 2024
| Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis |  |  |  |
Fixed maturities, AFS |  |  |  |
Asset backed securities ("ABS") | $ | 3,499 |  | $ | — |  | $ | 3,483 |  | $ | 16 |
Collateralized loan obligations ("CLO") | 3,168 |  | — |  | 2,984 |  | 184 |
Commercial mortgage-backed securities ("CMBS") | 3,050 |  | — |  | 2,809 |  | 241 |
Corporate | 18,657 |  | — |  | 16,734 |  | 1,923 |
Foreign government/government agencies | 548 |  | — |  | 548 |  | — |
Municipal | 5,941 |  | — |  | 5,941 |  | — |
Residential mortgage-backed securities ("RMBS") | 4,473 |  | — |  | 4,404 |  | 69 |
U.S. Treasuries | 1,504 |  | — |  | 1,504 |  | — |
Total fixed maturities, AFS | 40,840 |  | — |  | 38,407 |  | 2,433 |
FVO securities | 292 |  | — |  | 125 |  | 167 |
Equity securities, at fair value [1] | 736 |  | 344 |  | 334 |  | 58 |
Derivative assets |  |  |  |
Credit derivatives | 29 |  | — |  | 29 |  | — |
Foreign exchange derivatives | 17 |  | — |  | 17 |  | — |
Interest rate derivatives | 1 |  | — |  | 1 |  | — |
Total derivative assets [2] | 47 |  | — |  | 47 |  | — |
Short-term investments | 2,975 |  | 442 |  | 2,507 |  | 26 |
Total assets accounted for at fair value on a recurring basis | $ | 44,890 |  | $ | 786 |  | $ | 41,420 |  | $ | 2,684 |
Liabilities accounted for at fair value on a recurring basis |  |  |  |
Derivative liabilities |  |  |  |
Credit derivatives | $ | (29) |  | $ | — |  | $ | (29) |  | $ | — |
Foreign exchange derivatives | 10 |  | — |  | 10 |  | — |
Interest rate derivatives | (3) |  | — |  | (3) |  | — |
Total derivative liabilities [3] | (22) |  | — |  | (22) |  | — |
Total liabilities accounted for at fair value on a recurring basis | $ | (22) |  | $ | — |  | $ | (22) |  | $ | — |
Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2023
| Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis |  |  |  |
Fixed maturities, AFS |  |  |  |
ABS | $ | 3,320 |  | $ | — |  | $ | 3,320 |  | $ | — |
CLO | 3,090 |  | — |  | 2,977 |  | 113 |
CMBS | 3,125 |  | — |  | 2,898 |  | 227 |
Corporate | 17,866 |  | — |  | 16,005 |  | 1,861 |
Foreign government/government agencies | 562 |  | — |  | 562 |  | — |
Municipal | 6,039 |  | — |  | 6,039 |  | — |
RMBS | 4,287 |  | — |  | 4,251 |  | 36 |
U.S. Treasuries | 1,529 |  | 18 |  | 1,511 |  | — |
Total fixed maturities, AFS | 39,818 |  | 18 |  | 37,563 |  | 2,237 |
FVO securities | 327 |  | — |  | 160 |  | 167 |
Equity securities, at fair value [1] | 864 |  | 333 |  | 473 |  | 58 |
Derivative assets |  |  |  |
Credit derivatives | (10) |  | — |  | (10) |  | — |
Foreign exchange derivatives | 9 |  | — |  | 9 |  | — |
Total derivative assets [2] | (1) |  | — |  | (1) |  | — |
Short-term investments | 3,850 |  | 1,400 |  | 2,425 |  | 25 |
Total assets accounted for at fair value on a recurring basis | $ | 44,858 |  | $ | 1,751 |  | $ | 40,620 |  | $ | 2,487 |
Liabilities accounted for at fair value on a recurring basis |  |  |  |
Derivative liabilities |  |  |  |
Credit derivatives | $ | 10 |  | $ | — |  | $ | 10 |  | $ | — |
Foreign exchange derivatives | 4 |  | — |  | 4 |  | — |
Interest rate derivatives | (6) |  | — |  | (6) |  | — |
Total derivative liabilities [3] | 8 |  | — |  | 8 |  | — |
Total liabilities accounted for at fair value on a recurring basis | $ | 8 |  | $ | — |  | $ | 8 |  | $ | — |
[1]Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company. [2]Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 3 to this table for derivative liabilities. [3]Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.
Fair Value Inputs, Assets, Quantitative Information |
Significant Unobservable Inputs for Level 3 - Securities |  |
Assets accounted for at fair value on a recurring basis | Fair Value | Predominant Valuation Technique | Significant Unobservable Input | Minimum | Maximum | Weighted Average [1] | Impact of Increase in Input on Fair Value [2] |  |
As of March 31, 2024 |  |
CLO [3] | $ | 124 |  | Discounted cash flows | Spread | 259 bps | 260 bps | 260 bps | Decrease |  |
CMBS [3] | $ | 239 |  | Discounted cash flows | Spread (encompasses prepayment, default risk and loss severity) | 235 bps | 1,225 bps | 430 bps | Decrease |  |
Corporate [4] | $ | 1,806 |  | Discounted cash flows | Spread | 7 bps | 714 bps | 304 bps | Decrease |  |
RMBS | $ | 69 |  | Discounted cash flows | Spread [6] | 44 bps | 420 bps | 158 bps | Decrease |  |
|  |  | Constant prepayment rate [6] | —% | 17% | 4% | Decrease [5] |  |
|  |  | Constant default rate [6] | 1% | 3% | 2% | Decrease |  |
|  |  | Loss severity [6] | 30% | 64% | 38% | Decrease |  |
Short-term investments [3] | $ | 16 |  | Discounted cash flows | Spread | 887 bps | 887 bps | 887 bps | Decrease |  |
As of December 31, 2023 |  |
CLO [3] | $ | 98 |  | Discounted cash flows | Spread | 268 bps | 270 bps | 269 bps | Decrease |  |
CMBS [3] | $ | 226 |  | Discounted cash flows | Spread (encompasses prepayment, default risk and loss severity) | 365 bps | 1,315 bps | 509 bps | Decrease |  |
Corporate [4] | $ | 1,741 |  | Discounted cash flows | Spread | 49 bps | 743 bps | 323 bps | Decrease |  |
RMBS | $ | 36 |  | Discounted cash flows | Spread [6] | 32 bps | 298 bps | 161 bps | Decrease |  |
|  |  | Constant prepayment rate [6] | 1% | 5% | 4% | Decrease [5] |  |
|  |  | Constant default rate [6] | 1% | 5% | 2% | Decrease |  |
|  |  | Loss severity [6] | 10% | 70% | 41% | Decrease |  |
Short-term investments [3] | $ | 15 |  | Discounted cash flows | Spread | 579 bps | 1,254 bps | 1,225 bps | Decrease |  |
[1]The weighted average is determined based on the fair value of the securities. [2]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [3]Excludes securities for which the Company bases fair value on broker quotations. [4]Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value. [5]Decrease for above market rate coupons and increase for below market rate coupons. [6]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended March 31, 2024
| Total realized/unrealized gains (losses) |  |  |  |  |  |
|  | Fair value as of January 1, 2024 | Included in net income [1] | Included in OCI [2] | Purchases | Settlements | Sales | Transfers into Level 3 [3] | Transfers out of Level 3 [3] | Fair value as of March 31, 2024
Assets |  |  |  |  |  |  |  |  |
Fixed maturities, AFS |  |  |  |  |  |  |  |  |
| ABS | $ | — |  | $ | — |  | $ | — |  | $ | 16 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 16 |
| CLO | 113 |  | — |  | — |  | 130 |  | (12) |  | — |  | — |  | (47) |  | 184 |
| CMBS | 227 |  | — |  | 10 |  | — |  | (2) |  | — |  | 6 |  | — |  | 241 |
| Corporate | 1,861 |  | — |  | (15) |  | 106 |  | (27) |  | (2) |  | — |  | — |  | 1,923 |
| RMBS | 36 |  | — |  | — |  | 38 |  | (5) |  | — |  | — |  | — |  | 69 |
Total fixed maturities, AFS | 2,237 |  | — |  | (5) |  | 290 |  | (46) |  | (2) |  | 6 |  | (47) |  | 2,433 |
FVO securities | 167 |  | 3 |  | — |  | — |  | (3) |  | — |  | — |  | — |  | 167 |
Equity securities, at fair value | 58 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 58 |
Short-term investments | 25 |  | — |  | — |  | 1 |  | — |  | — |  | — |  | — |  | 26 |
Total Assets | $ | 2,487 |  | $ | 3 |  | $ | (5) |  | $ | 291 |  | $ | (49) |  | $ | (2) |  | $ | 6 |  | $ | (47) |  | $ | 2,684 |
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended March 31, 2023
| Total realized/unrealized gains (losses) |  |  |  |  |  |
|  | Fair value as of January 1, 2023 | Included in net income [1] | Included in OCI [2] | Purchases | Settlements | Sales | Transfers into Level 3 [3] | Transfers out of Level 3 [3] | Fair value as of March 31, 2023
Assets |  |  |  |  |  |  |  |  |
Fixed maturities, AFS |  |  |  |  |  |  |  |  |
| ABS | $ | 30 |  | $ | — |  | $ | — |  | $ | 36 |  | $ | — |  | $ | — |  | $ | — |  | $ | (30) |  | $ | 36 |
| CLO | 115 |  | — |  | — |  | 40 |  | (4) |  | — |  | — |  | — |  | 151 |
| CMBS | 222 |  | — |  | (5) |  | 4 |  | — |  | — |  | 10 |  | — |  | 231 |
| Corporate | 1,589 |  | 1 |  | 31 |  | 66 |  | (51) |  | (7) |  | 27 |  | (13) |  | 1,643 |
| RMBS | 95 |  | — |  | — |  | — |  | (8) |  | — |  | — |  | (30) |  | 57 |
Total fixed maturities, AFS | 2,051 |  | 1 |  | 26 |  | 146 |  | (63) |  | (7) |  | 37 |  | (73) |  | 2,118 |
FVO securities | 178 |  | (8) |  | — |  | — |  | 2 |  | — |  | — |  | — |  | 172 |
Equity securities, at fair value | 61 |  | (1) |  | — |  | 1 |  | (1) |  | — |  | — |  | — |  | 60 |
Short-term investments | 193 |  | — |  | — |  | 1 |  | (7) |  | — |  | — |  | — |  | 187 |
Total Assets | $ | 2,483 |  | $ | (8) |  | $ | 26 |  | $ | 148 |  | $ | (69) |  | $ | (7) |  | $ | 37 |  | $ | (73) |  | $ | 2,537 |
[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes. [2]All amounts are before income taxes. [3]Transfers into and/or (out of) Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Level 3 Still Held at End of Period
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  |  | 2024 | 2023 |  | 2024 | 2023
|  |  |  |  | Changes in Unrealized Gain/(Loss) included in Net Income [1] [2] |  | Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets |  |  |  |  |  |  |  |  |  |
Fixed maturities, AFS |  |  |  |  |  |  |  |  |  |
| CMBS |  |  |  |  |  | $ | — |  | $ | — |  |  | $ | 10 |  | $ | (5) |
| Corporate |  |  |  |  |  | — |  | — |  |  | (15) |  | 31 |
Total fixed maturities, AFS |  |  |  |  |  | — |  | — |  |  | (5) |  | 26 |
FVO securities |  |  |  |  |  | 3 |  | (8) |  |  | — |  | — |
Total Assets |  |  |  |  |  | $ | 3 |  | $ | (8) |  |  | $ | (5) |  | $ | 26 |
[1]All amounts in these rows are reported in net realized gains (losses). All amounts are before income taxes. [2]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. [3]Changes in unrealized gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities in the Condensed Consolidated Statements of Comprehensive Income.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
Financial Assets and Liabilities Not Carried at Fair Value
| March 31, 2024 |  | December 31, 2023
| Fair Value Hierarchy Level | Carrying Amount [1] | Fair Value |  | Fair Value Hierarchy Level | Carrying Amount [1] | Fair Value
Assets |  |  |  |  |  |  |
Mortgage loans | Level 3 | $ | 6,197 |  | $ | 5,618 |  |  | Level 3 | $ | 6,087 |  | $ | 5,584 |
Liabilities |  |  |  |  |  |  |
Other policyholder funds and benefits payable | Level 3 | $ | 633 |  | $ | 633 |  |  | Level 3 | $ | 638 |  | $ | 639 |
Senior notes [2] | Level 2 | $ | 3,864 |  | $ | 3,491 |  |  | Level 2 | $ | 3,863 |  | $ | 3,533 |
Junior subordinated debentures [2] | Level 2 | $ | 499 |  | $ | 445 |  |  | Level 2 | $ | 499 |  | $ | 429 |
[1]As of March 31, 2024 and December 31, 2023, the carrying amount of mortgage loans is net of ACL of $48 and $51, respectively. [2]Included in long-term debt in the Condensed Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable.

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