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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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")			$	3,014		$	—		$	3,006		$	8
Collateralized loan obligations ("CLO")			3,514			—			3,014			500
Commercial mortgage-backed securities ("CMBS")			2,942			—			2,752			190
Corporate			19,493			—			17,432			2,061
Foreign government/government agencies			546			—			546			—
Municipal			5,294			—			5,294			—
Residential mortgage-backed securities ("RMBS")			4,787			—			4,747			40
U.S. Treasuries			1,224			—			1,224			—
Total fixed maturities, AFS			40,814			—			38,015			2,799
FVO securities			272			—			112			160
Equity securities, at fair value [1]			591			325			208			58
Derivative assets
Foreign exchange derivatives			8			—			8			—
Total derivative assets [2]			8			—			8			—
Short-term investments			3,701			779			2,897			25
Total assets accounted for at fair value on a recurring basis			$	45,386		$	1,104		$	41,240		$	3,042
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Foreign exchange derivatives			$	31		$	—		$	31		$	—
Interest rate derivatives			(1)			—			(1)			—
Total derivative liabilities [3]			30			—			30			—
Total liabilities accounted for at fair value on a recurring basis			$	30		$	—		$	30		$	—

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 June 30, 2024

CLO [3]

$

97

Discounted cash flows

Spread

275 bps

275 bps

275 bps

Decrease

CMBS [3]

$

188

Discounted cash flows

Spread (encompasses prepayment, default risk and loss severity)

190 bps

1,293 bps

451 bps

Decrease

Corporate [4]

$

1,945

Discounted cash flows

Spread

11 bps

1,721 bps

335 bps

Decrease

RMBS [3]

$

27

Discounted cash flows

Spread [6]

89 bps

418 bps

157 bps

Decrease

Constant prepayment rate [6]

1%

17%

4%

Decrease [5]

Constant default rate [6]

1%

4%

2%

Decrease

Loss severity [6]

30%

64%

38%

Decrease

Short-term investments [3]

$

16

Discounted cash flows

Spread

911 bps

911 bps

911 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 June 30, 2024
									Total realized/unrealized gains (losses)
						Fair value as of March 31, 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 June 30, 2024
Assets
Fixed maturities, AFS
			ABS			$	16		$	—		$	—		$	—		$	—		$	—		$	—		$	(8)		$	8
			CLO			184			—			—			460			(14)			—			—			(130)			500
			CMBS			241			(2)			2			—			(3)			(48)			—			—			190
			Corporate			1,923			—			(18)			206			(49)			(1)			—			—			2,061
			RMBS			69			—			—			14			(5)			—			—			(38)			40
Total fixed maturities, AFS						2,433			(2)			(16)			680			(71)			(49)			—			(176)			2,799
FVO securities						167			(2)			—			—			(5)			—			—			—			160
Equity securities, at fair value						58			—			—			—			—			—			—			—			58
Short-term investments						26			—			—			—			(1)			—			—			—			25
Total Assets						$	2,684		$	(4)		$	(16)		$	680		$	(77)		$	(49)		$	—		$	(176)		$	3,042

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Six Months Ended June 30, 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 June 30, 2024
Assets
Fixed maturities, AFS
			ABS			$	—		$	—		$	—		$	16		$	—		$	—		$	—		$	(8)		$	8
			CLO			113			—			—			590			(26)			—			—			(177)			500
			CMBS			227			(2)			12			—			(5)			(48)			6			—			190
			Corporate			1,861			—			(33)			312			(76)			(3)			—			—			2,061
			RMBS			36			—			—			52			(10)			—			—			(38)			40
Total fixed maturities, AFS						2,237			(2)			(21)			970			(117)			(51)			6			(223)			2,799
FVO securities						167			1			—			—			(8)			—			—			—			160
Equity securities, at fair value						58			—			—			—			—			—			—			—			58
Short-term investments						25			—			—			1			(1)			—			—			—			25
Total Assets						$	2,487		$	(1)		$	(21)		$	971		$	(126)		$	(51)		$	6		$	(223)		$	3,042

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Three Months Ended June 30, 2023
									Total realized/unrealized gains (losses)
						Fair value as of March 31, 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 June 30, 2023
Assets
Fixed maturities, AFS
			ABS			$	36		$	—		$	—		$	—		$	—		$	—		$	—		$	(36)		$	—
			CLO			151			—			—			—			(26)			—			—			(40)			85
			CMBS			231			(2)			7			2			(1)			(5)			6			—			238
			Corporate			1,643			(2)			(3)			51			(30)			(2)			4			(39)			1,622
			RMBS			57			—			—			19			(7)			—			—			—			69
Total fixed maturities, AFS						2,118			(4)			4			72			(64)			(7)			10			(115)			2,014
FVO securities						172			(5)			—			—			(4)			—			—			—			163
Equity securities, at fair value						60			(1)			—			—			—			—			—			—			59
Short-term investments						187			—			—			3			(4)			—			—			—			186
Total Assets						$	2,537		$	(10)		$	4		$	75		$	(72)		$	(7)		$	10		$	(115)		$	2,422

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Six Months Ended June 30, 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 June 30, 2023
Assets
Fixed maturities, AFS
			ABS			$	30		$	—		$	—		$	36		$	—		$	—		$	—		$	(66)		$	—
			CLO			115			—			—			40			(30)			—			—			(40)			85
			CMBS			222			(2)			2			6			(1)			(5)			16			—			238
			Corporate			1,589			(1)			28			117			(81)			(9)			31			(52)			1,622
			RMBS			95			—			—			19			(15)			—			—			(30)			69
Total fixed maturities, AFS						2,051			(3)			30			218			(127)			(14)			47			(188)			2,014
FVO securities						178			(13)			—			—			(2)			—			—			—			163
Equity securities, at fair value						61			(2)			—			1			(1)			—			—			—			59
Short-term investments						193			—			—			4			(11)			—			—			—			186
Total Assets						$	2,483		$	(18)		$	30		$	223		$	(141)		$	(14)		$	47		$	(188)		$	2,422

[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 June 30,															Six Months Ended June 30,
						2024			2023			2024			2023						2024			2023			2024			2023
						Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]						Changes in Unrealized Gain/(Loss) included in OCI [3]									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			$	—		$	—		$	1		$	6					$	—		$	—		$	10		$	2
			Corporate			—			(2)			(18)			(3)						—			(2)			(32)			28
Total fixed maturities, AFS						—			(2)			(17)			3						—			(2)			(22)			30
FVO securities						(2)			(5)			—			—						1			(13)			—			—
Equity securities, at fair value						—			(1)			—			—						—			(1)			—			—
Total Assets						$	(2)		$	(8)		$	(17)		$	3					$	1		$	(16)		$	(22)		$	30

[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
			June 30, 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			$	6,357		$	5,800					Level 3			$	6,087		$	5,584
Liabilities
Other policyholder funds and benefits payable			Level 3			$	622		$	622					Level 3			$	638		$	639
Senior notes [2]			Level 2			$	3,865		$	3,415					Level 2			$	3,863		$	3,533
Junior subordinated debentures [2]			Level 2			$	499		$	445					Level 2			$	499		$	429

[1]As of June 30, 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.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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