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Investments (Tables) | 3 Months Ended
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Mar. 31, 2024
Investments [Abstract] |
Net Realized Capital Gains (Losses) |
Net Realized Gains (Losses)
|  |  | Three Months Ended March 31,
(Before tax) |  |  |  | 2024 | 2023
Gross gains on sales of fixed maturities |  |  |  | $ | 5 |  | $ | 17 |
Gross losses on sales of fixed maturities |  |  |  | (11) |  | (39) |
Equity securities [1] |  |  |  |  |
Net realized gains (losses) on sales of equity securities |  |  |  | (12) |  | 50 |
Change in net unrealized gains (losses) of equity securities |  |  |  | 47 |  | (15) |
Net realized and unrealized gains (losses) on equity securities |  |  |  | 35 |  | 35 |
Net credit losses on fixed maturities, AFS |  |  |  | (1) |  | (5) |
Change in ACL on mortgage loans |  |  |  | 3 |  | — |
Other, net [2] |  |  |  | (3) |  | (15) |
Net realized gains (losses) |  |  |  | $ | 28 |  | $ | (7) |
[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 $36 and $2 for the three months ended March 31, 2024, and 2023, respectively. [2]For the three months ended March 31, 2024, and 2023 includes gains (losses) from transactional foreign currency revaluation of $2 and $(7), respectively, and gains (losses) on non-qualifying derivatives of $(2), and $5, respectively.
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block] |
ACL on Fixed Maturities, AFS by Type
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023 |  |
(Before tax) |  |  |  |  |  |  |  | Corporate |  | CMBS | Total |  | Corporate |  | CMBS | Total |  |  |
Balance as of beginning of period |  |  |  |  |  |  |  | $ | 9 |  |  | $ | 12 |  | $ | 21 |  |  | $ | 2 |  |  | $ | 10 |  | $ | 12 |  |  |  |
Credit losses on fixed maturities where an allowance was not previously recorded |  |  |  |  |  |  |  | — |  |  | — |  | — |  |  | 4 |  |  | — |  | 4 |  |  |  |
Net increases (decreases) on fixed maturities where an allowance was previously recorded |  |  |  |  |  |  |  | 1 |  |  | — |  | 1 |  |  | — |  |  | 1 |  | 1 |  |  |  |
Write-offs charged against the allowance |  |  |  |  |  |  |  | (4) |  |  | — |  | (4) |  |  | — |  |  | — |  | — |  |  |  |
Balance as of end of period |  |  |  |  |  |  |  | $ | 6 |  |  | $ | 12 |  | $ | 18 |  |  | $ | 6 |  |  | $ | 11 |  | $ | 17 |  |  |  |
Schedule of Available-for-sale Securities |
Fixed Maturities, AFS, by Type
| March 31, 2024 |  | December 31, 2023
| Amortized Cost | ACL | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  |  | Amortized Cost | ACL | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |
ABS | $ | 3,527 |  | $ | — |  | $ | 15 |  | $ | (43) |  | $ | 3,499 |  |  |  | $ | 3,347 |  | $ | — |  | $ | 18 |  | $ | (45) |  | $ | 3,320 |  |
CLO | 3,168 |  | — |  | 5 |  | (5) |  | 3,168 |  |  |  | 3,104 |  | — |  | 3 |  | (17) |  | 3,090 |  |
CMBS | 3,345 |  | (12) |  | 20 |  | (303) |  | 3,050 |  |  |  | 3,466 |  | (12) |  | 19 |  | (348) |  | 3,125 |  |
Corporate | 19,598 |  | (6) |  | 144 |  | (1,079) |  | 18,657 |  |  |  | 18,691 |  | (9) |  | 197 |  | (1,013) |  | 17,866 |  |
Foreign govt./govt. agencies | 574 |  | — |  | 4 |  | (30) |  | 548 |  |  |  | 583 |  | — |  | 6 |  | (27) |  | 562 |  |
Municipal | 6,175 |  | — |  | 101 |  | (335) |  | 5,941 |  |  |  | 6,207 |  | — |  | 131 |  | (299) |  | 6,039 |  |
RMBS | 4,889 |  | — |  | 10 |  | (426) |  | 4,473 |  |  |  | 4,675 |  | — |  | 18 |  | (406) |  | 4,287 |  |
U.S. Treasuries | 1,670 |  | — |  | 12 |  | (178) |  | 1,504 |  |  |  | 1,653 |  | — |  | 26 |  | (150) |  | 1,529 |  |
Total fixed maturities, AFS | $ | 42,946 |  | $ | (18) |  | $ | 311 |  | $ | (2,399) |  | $ | 40,840 |  |  |  | $ | 41,726 |  | $ | (21) |  | $ | 418 |  | $ | (2,305) |  | $ | 39,818 |  |
Investments by Contractual Maturity Year |
Fixed Maturities, AFS, by Contractual Maturity Year
| March 31, 2024 |  | December 31, 2023
| Amortized Cost | Fair Value |  | Amortized Cost | Fair Value
One year or less | $ | 1,541 |  | $ | 1,517 |  |  | $ | 1,526 |  | $ | 1,501 |
Over one year through five years | 10,212 |  | 9,900 |  |  | 9,670 |  | 9,433 |
Over five years through ten years | 6,440 |  | 6,074 |  |  | 6,568 |  | 6,211 |
Over ten years | 9,824 |  | 9,159 |  |  | 9,370 |  | 8,851 |
Subtotal | 28,017 |  | 26,650 |  |  | 27,134 |  | 25,996 |
Mortgage-backed and asset-backed securities | 14,929 |  | 14,190 |  |  | 14,592 |  | 13,822 |
Total fixed maturities, AFS | $ | 42,946 |  | $ | 40,840 |  |  | $ | 41,726 |  | $ | 39,818 |
Unrealized Gain (Loss) on Investments [Table Text Block] |
Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of March 31, 2024
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total
|  | Fair Value | Unrealized Losses |  |  | Fair Value | Unrealized Losses |  |  | Fair Value | Unrealized Losses
ABS |  | $ | 982 |  | $ | (7) |  |  |  | $ | 942 |  | $ | (36) |  |  |  | $ | 1,924 |  | $ | (43) |
CLO |  | 1,107 |  | (4) |  |  |  | 295 |  | (1) |  |  |  | 1,402 |  | (5) |
CMBS |  | 59 |  | (1) |  |  |  | 2,794 |  | (302) |  |  |  | 2,853 |  | (303) |
Corporate |  | 1,733 |  | (25) |  |  |  | 11,000 |  | (1,054) |  |  |  | 12,733 |  | (1,079) |
Foreign govt./govt. agencies |  | 96 |  | (1) |  |  |  | 344 |  | (29) |  |  |  | 440 |  | (30) |
Municipal |  | 664 |  | (6) |  |  |  | 3,212 |  | (329) |  |  |  | 3,876 |  | (335) |
RMBS |  | 685 |  | (8) |  |  |  | 3,061 |  | (418) |  |  |  | 3,746 |  | (426) |
U.S. Treasuries |  | 287 |  | (14) |  |  |  | 999 |  | (164) |  |  |  | 1,286 |  | (178) |
Total fixed maturities, AFS in an unrealized loss position |  | $ | 5,613 |  | $ | (66) |  |  |  | $ | 22,647 |  | $ | (2,333) |  |  |  | $ | 28,260 |  | $ | (2,399) |
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) |
Financing Receivable, Allowance for Credit Loss [Table Text Block] |
ACL on Mortgage Loans
|  |  | Three Months Ended March 31,
|  |  |  | 2024 | 2023 |
ACL as of beginning of period |  |  |  | $ | 51 |  | $ | 36 |  |
Current period provision (release) |  |  |  | (3) |  | — |  |
ACL as of December 31, |  |  |  | $ | 48 |  | $ | 36 |  |
Loans Credit Quality |
Mortgage Loans LTV & DSCR by Origination Year as of March 31, 2024
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 & 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 | $ | 16 |  | 1.14x | $ | 38 |  | 1.05x | $ | — |  | —x | $ | 104 |  | 0.89x | $ | 158 |  | 0.95x
65% - 80% | — |  | —x | — |  | —x | 189 |  | 2.20x | 489 |  | 2.35x | 94 |  | 3.48x | 349 |  | 1.77x | 1,121 |  | 2.24x
Less than 65% | 98 |  | 1.62x | 434 |  | 1.45x | 735 |  | 2.77x | 1,062 |  | 3.13x | 527 |  | 2.91x | 2,110 |  | 2.78x | 4,966 |  | 2.73x
Total mortgage loans | $ | 98 |  | 1.62x | $ | 434 |  | 1.45x | $ | 940 |  | 2.63x | $ | 1,589 |  | 2.84x | $ | 621 |  | 2.99x | $ | 2,563 |  | 2.57x | $ | 6,245 |  | 2.60x
[1]Amortized cost of mortgage loans excludes ACL of $48.
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 by Region
| March 31, 2024 |  | December 31, 2023
| Amortized Cost | Percent of Total |  | Amortized Cost | Percent of Total
East North Central | $ | 371 |  | 5.9 | % |  | $ | 368 |  | 6.0 | %
Middle Atlantic | 246 |  | 3.9 | % |  | 238 |  | 3.9 | %
Mountain | 728 |  | 11.7 | % |  | 699 |  | 11.4 | %
New England | 350 |  | 5.6 | % |  | 351 |  | 5.7 | %
Pacific | 1,330 |  | 21.3 | % |  | 1,326 |  | 21.6 | %
South Atlantic | 1,780 |  | 28.5 | % |  | 1,776 |  | 28.9 | %
West North Central | 104 |  | 1.7 | % |  | 103 |  | 1.7 | %
West South Central | 498 |  | 8.0 | % |  | 445 |  | 7.2 | %
Other [1] | 838 |  | 13.4 | % |  | 832 |  | 13.6 | %
Total mortgage loans | 6,245 |  | 100.0 | % |  | 6,138 |  | 100.0 | %
ACL | (48) |  |  |  | (51) |  |
Total mortgage loans, net of ACL | $ | 6,197 |  |  |  | $ | 6,087 |  |
[1]Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
| March 31, 2024 |  | December 31, 2023
| Amortized Cost | Percent of Total |  | Amortized Cost | Percent of Total
Commercial |  |  |  |  |
Industrial | $ | 2,478 |  | 39.7 | % |  | $ | 2,363 |  | 38.5 | %
Multifamily | 2,192 |  | 35.1 | % |  | 2,200 |  | 35.9 | %
Office | 568 |  | 9.1 | % |  | 578 |  | 9.4 | %
Retail [1] | 927 |  | 14.8 | % |  | 917 |  | 14.9 | %
Single Family | 80 |  | 1.3 | % |  | 80 |  | 1.3 | %
Total mortgage loans | 6,245 |  | 100.0 | % |  | 6,138 |  | 100.0 | %
ACL | (48) |  |  |  | (51) |  |
Total mortgage loans, net of ACL | $ | 6,197 |  |  |  | $ | 6,087 |  |
[1]Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.
Schedule of Financial Instruments Owned and Pledged as Collateral |
| March 31, 2024 | December 31, 2023
| Fair Value | Fair Value
Securities on deposit with government agencies | $ | 2,370 |  | $ | 2,339 |
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders | 917 |  | 890 |
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders | 19 |  | 30 |
Fixed maturities in Lloyd's trust account | 160 |  | 154 |
Other investments | 75 |  | 75 |
Total Other Restricted Investments | $ | 3,541 |  | $ | 3,488 |

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