XML 80 R32.htm IDEA: XBRL DOCUMENT v3.24.2

Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments [Abstract]

Net Realized Capital Gains (Losses)

Net Realized Gains (Losses)
			Three Months Ended June 30,									Six Months Ended June 30,
(Before tax)			2024			2023						2024			2023
Gross gains on sales of fixed maturities			$	6		$	3					$	11		$	20
Gross losses on sales of fixed maturities			(75)			(21)						(86)			(60)
Equity securities [1]
Net realized gains (losses) on sales of equity securities			(3)			24						(15)			74
Change in net unrealized gains (losses) of equity securities			17			(14)						64			(29)
Net realized and unrealized gains (losses) on equity securities			14			10						49			45
Net credit losses on fixed maturities, AFS			(1)			(3)						(2)			(8)
Change in ACL on mortgage loans			—			(5)						3			(5)
Other, net [2]			(3)			(48)						(6)			(63)
Net realized (losses)			$	(59)		$	(64)					$	(31)		$	(71)

[1]The change in net unrealized gains (losses) on equity securities still held as of June 30, 2024 and included in net realized gains (losses) were $15 and $44 for the three and six months ended June 30, 2024, respectively. The change in net unrealized gains (losses) on equity securities still held as of June 30, 2023 and included in net realized gains (losses) were $7 and $7 for the three and six months ended June 30, 2023, respectively.

[2]For the three and six months ended June 30, 2024 includes gains (losses) from transactional foreign currency revaluation of $4 and $6, respectively, and gains (losses) on non-qualifying derivatives of $(6), and $(8), respectively. For the three and six months ended June 30, 2023 includes gains (losses) from transactional foreign currency revaluation of $(9) and $(16), respectively, and gains (losses) on non-qualifying derivatives of $(39) and $(34), respectively.

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

ACL on Fixed Maturities, AFS by Type
									Three Months Ended June 30,
															2024												2023
(Before tax)																														Corporate						CMBS			Total						Corporate						CMBS			Total
Balance as of beginning of period																														$	6					$	12		$	18					$	6					$	11		$	17
Credit losses on fixed maturities where an allowance was not previously recorded																														—						1			1						2						—			2
Reduction due to sales																														—						—			—						(2)						—			(2)
Net increases (decreases) on fixed maturities where an allowance was previously recorded																														—						—			—						—						1			1
Balance as of end of period																														$	6					$	13		$	19					$	6					$	12		$	18

ACL on Fixed Maturities, AFS by Type
									Six Months Ended June 30,
															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																								—						1			1						6						—			6
Reduction due to sales																								—						—			—						(2)						—			(2)
Net increases (decreases) on fixed maturities where an allowance was previously recorded																								1						—			1						—						2			2
Write-offs charged against the allowance																								(4)						—			(4)						—						—			—
Balance as of end of period																								$	6					$	13		$	19					$	6					$	12		$	18

Schedule of Available-for-sale Securities

Fixed Maturities, AFS, by Type
			June 30, 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			$	3,041		$	—		$	11		$	(38)		$	3,014								$	3,347		$	—		$	18		$	(45)		$	3,320
CLO			3,507			—			8			(1)			3,514									3,104			—			3			(17)			3,090
CMBS			3,234			(13)			22			(301)			2,942									3,466			(12)			19			(348)			3,125
Corporate			20,548			(6)			101			(1,150)			19,493									18,691			(9)			197			(1,013)			17,866
Foreign govt./govt. agencies			569			—			3			(26)			546									583			—			6			(27)			562
Municipal			5,555			—			80			(341)			5,294									6,207			—			131			(299)			6,039
RMBS			5,204			—			10			(427)			4,787									4,675			—			18			(406)			4,287
U.S. Treasuries			1,377			—			4			(157)			1,224									1,653			—			26			(150)			1,529
Total fixed maturities, AFS			$	43,035		$	(19)		$	239		$	(2,441)		$	40,814								$	41,726		$	(21)		$	418		$	(2,305)		$	39,818

Investments by Contractual Maturity Year

Fixed Maturities, AFS, by Contractual Maturity Year
			June 30, 2024									December 31, 2023
			Amortized Cost			Fair Value						Amortized Cost			Fair Value
One year or less			$	1,535		$	1,514					$	1,526		$	1,501
Over one year through five years			10,109			9,815						9,670			9,433
Over five years through ten years			6,915			6,520						6,568			6,211
Over ten years			9,490			8,708						9,370			8,851
Subtotal			28,049			26,557						27,134			25,996
Mortgage-backed and asset-backed securities			14,986			14,257						14,592			13,822
Total fixed maturities, AFS			$	43,035		$	40,814					$	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 June 30, 2024
						Less Than 12 Months												12 Months or More												Total
						Fair Value			Unrealized Losses									Fair Value			Unrealized Losses									Fair Value			Unrealized Losses
ABS						$	570		$	(2)								$	775		$	(36)								$	1,345		$	(38)
CLO						474			(1)									68			—									542			(1)
CMBS						126			(1)									2,640			(300)									2,766			(301)
Corporate						3,476			(54)									10,653			(1,096)									14,129			(1,150)
Foreign govt./govt. agencies						94			(1)									340			(25)									434			(26)
Municipal						680			(11)									3,021			(330)									3,701			(341)
RMBS						865			(13)									2,971			(414)									3,836			(427)
U.S. Treasuries						198			(13)									794			(144)									992			(157)
Total fixed maturities, AFS in an unrealized loss position						$	6,483		$	(96)								$	21,262		$	(2,345)								$	27,745		$	(2,441)

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 June 30,									Six Months Ended June 30,
			2024			2023						2024			2023
ACL as of beginning of period			$	48		$	36					$	51		$	36
Current period provision (release)			—			5						(3)			5
ACL as of June 30,			$	48		$	41					$	48		$	41

Loans Credit Quality

Mortgage Loans LTV & DSCR by Origination Year as of June 30, 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		1.03x			$	—		—x			$	103		0.83x			$	157		0.91x
65% - 80%			31			1.31x			—			—x			189			2.12x			488			2.35x			89			3.58x			363			1.80x			1,160			2.20x
Less than 65%			248			1.69x			466			1.42x			746			2.76x			1,044			3.17x			531			3.03x			2,053			2.78x			5,088			2.71x
Total mortgage loans			$	279		1.65x			$	466		1.42x			$	951		2.60x			$	1,570		2.86x			$	620		3.11x			$	2,519		2.56x			$	6,405		2.57x

[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
			June 30, 2024									December 31, 2023
			Amortized Cost			Percent of Total						Amortized Cost			Percent of Total
East North Central			$	375		5.9		%				$	368		6.0		%
Middle Atlantic			253			3.9		%				238			3.9		%
Mountain			735			11.5		%				699			11.4		%
New England			349			5.4		%				351			5.7		%
Pacific			1,351			21.1		%				1,326			21.6		%
South Atlantic			1,819			28.4		%				1,776			28.9		%
West North Central			104			1.6		%				103			1.7		%
West South Central			567			8.9		%				445			7.2		%
Other [1]			852			13.3		%				832			13.6		%
Total mortgage loans			6,405			100.0		%				6,138			100.0		%
ACL			(48)									(51)
Total mortgage loans, net of ACL			$	6,357								$	6,087

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

Mortgage Loans by Property Type
			June 30, 2024									December 31, 2023
			Amortized Cost			Percent of Total						Amortized Cost			Percent of Total
Commercial
Industrial			$	2,651		41.4		%				$	2,363		38.5		%
Multifamily			2,184			34.1		%				2,200			35.9		%
Office			565			8.8		%				578			9.4		%
Retail [1]			926			14.5		%				917			14.9		%
Single Family			79			1.2		%				80			1.3		%
Total mortgage loans			6,405			100.0		%				6,138			100.0		%
ACL			(48)									(51)
Total mortgage loans, net of ACL			$	6,357								$	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

			June 30, 2024			December 31, 2023
			Fair Value			Fair Value
Securities on deposit with government agencies			$	2,306		$	2,339
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders			935			890
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders			30			30
Fixed maturities in Lloyd's trust account			111			154
Other investments			65			75
Total Other Restricted Investments			$	3,447		$	3,488

X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

+ Details

Name:	us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-9

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-29

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

Name:	us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of realized gains and losses on investments reported in the statement of income.

+ References

No definition available.

+ Details

Name:	us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481444/860-30-45-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

+ Details

Name:	us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of unrealized gains and losses on investments.

+ References

No definition available.

+ Details

Name:	us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration