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Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Net Realized Capital Gains (Losses)

Net Realized Gains (Losses)
			Three Months Ended September 30,									Nine Months Ended September 30,
(Before tax)			2024			2023						2024			2023
Gross gains on sales of fixed maturities			$	12		$	6					$	23		$	26
Gross losses on sales of fixed maturities			(62)			(27)						(148)			(87)
Equity securities [1]
Net realized gains (losses) on sales of equity securities			1			1						(14)			75
Change in net unrealized gains (losses) of equity securities			26			(14)						90			(43)
Net realized and unrealized gains (losses) on equity securities			27			(13)						76			32
Net credit losses on fixed maturities, AFS			—			(5)						(2)			(13)
Change in ACL on mortgage loans			—			(5)						3			(10)
Other, net [2]			10			(46)						4			(109)
Net realized (losses)			$	(13)		$	(90)					$	(44)		$	(161)

[1]The change in net unrealized gains (losses) on equity securities still held as of September 30, 2024 and included in net realized gains (losses) were $27 and $71 for the three and nine months ended September 30, 2024, respectively. The change in net unrealized gains (losses) on equity securities still held as of September 30, 2023 and included in net realized gains (losses) were $(14) and $(5) for the three and nine months ended September 30, 2023, respectively.

[2] For the three and nine months ended September 30, 2024 includes gains (losses) from transactional foreign currency revaluation of $(11) and $(5), respectively, and gains (losses) on non-qualifying derivatives of $23 and $15, respectively. For the three and nine months ended September 30, 2023 includes gains (losses) from transactional foreign currency revaluation of $13 and $(3), respectively, and gains (losses) on non-qualifying derivatives of $(74) and $(108), respectively.

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

ACL on Fixed Maturities, AFS by Type
									Three Months Ended September 30,
															2024												2023
(Before tax)																														Corporate						CMBS			Total						Corporate						CMBS			Total
Balance as of beginning of period																														$	6					$	13		$	19					$	6					$	12		$	18
Credit losses on fixed maturities where an allowance was not previously recorded																														—						—			—						3						—			3
Reduction due to sales																														(3)						—			(3)						(3)						—			(3)
Net increases (decreases) on fixed maturities where an allowance was previously recorded																														—						—			—						2						—			2
Balance as of end of period																														$	3					$	13		$	16					$	8					$	12		$	20

ACL on Fixed Maturities, AFS by Type
									Nine Months Ended September 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						9						—			9
Reduction due to sales																								(3)						—			(3)						(5)						—			(5)
Net increases (decreases) on fixed maturities where an allowance was previously recorded																								1						—			1						2						2			4
Write-offs charged against the allowance																								(4)						—			(4)						—						—			—
Balance as of end of period																								$	3					$	13		$	16					$	8					$	12		$	20

Schedule of Available-for-sale Securities

Fixed Maturities, AFS, by Type
			September 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			$	3,474		$	—		$	57		$	(19)		$	3,512								$	3,347		$	—		$	18		$	(45)		$	3,320
CLOs			3,553			—			10			—			3,563									3,104			—			3			(17)			3,090
CMBS			3,062			(13)			28			(220)			2,857									3,466			(12)			19			(348)			3,125
Corporate			20,850			(3)			395			(684)			20,558									18,691			(9)			197			(1,013)			17,866
Foreign govt./govt. agencies			543			—			11			(13)			541									583			—			6			(27)			562
Municipal			5,779			—			124			(249)			5,654									6,207			—			131			(299)			6,039
RMBS			5,356			—			49			(282)			5,123									4,675			—			18			(406)			4,287
U.S. Treasuries			1,047			—			20			(82)			985									1,653			—			26			(150)			1,529
Total fixed maturities, AFS			$	43,664		$	(16)		$	694		$	(1,549)		$	42,793								$	41,726		$	(21)		$	418		$	(2,305)		$	39,818

Investments by Contractual Maturity Year

Fixed Maturities, AFS, by Contractual Maturity Year
			September 30, 2024									December 31, 2023
			Amortized Cost			Fair Value						Amortized Cost			Fair Value
One year or less			$	1,298		$	1,294					$	1,526		$	1,501
Over one year through five years			9,437			9,425						9,670			9,433
Over five years through ten years			7,425			7,316						6,568			6,211
Over ten years			10,059			9,703						9,370			8,851
Subtotal			28,219			27,738						27,134			25,996
Mortgage-backed and asset-backed securities			15,445			15,055						14,592			13,822
Total fixed maturities, AFS			$	43,664		$	42,793					$	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 September 30, 2024
						Less Than 12 Months												12 Months or More												Total
						Fair Value			Unrealized Losses									Fair Value			Unrealized Losses									Fair Value			Unrealized Losses
ABS						$	180		$	—								$	469		$	(19)								$	649		$	(19)
CLOs						262			—									—			—									262			—
CMBS						36			(1)									2,491			(219)									2,527			(220)
Corporate						709			(7)									8,943			(677)									9,652			(684)
Foreign govt./govt. agencies						37			—									250			(13)									287			(13)
Municipal						251			(1)									2,907			(248)									3,158			(249)
RMBS						237			(1)									2,876			(281)									3,113			(282)
U.S. Treasuries						205			(1)									502			(81)									707			(82)
Total fixed maturities, AFS in an unrealized loss position						$	1,917		$	(11)								$	18,438		$	(1,538)								$	20,355		$	(1,549)

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)
CLOs						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 September 30,									Nine Months Ended September 30,
			2024			2023						2024			2023
ACL as of beginning of period			$	48		$	41					$	51		$	36
Current period provision (release)			—			5						(3)			10
Current period gross write-offs			(4)			—						(4)			—
ACL as of September 30,			$	44		$	46					$	44		$	46

Loans Credit Quality

Mortgage Loans LTV & DSCR by Origination Year as of September 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%			$	25		0.37x			$	—		—x			$	16		1.14x			$	37		1.03x			$	—		—x			$	81		1.07x			$	159		0.94x
65% - 80%			60			1.29x			—			—x			198			2.01x			497			2.30x			89			3.60x			429			1.94x			1,273			2.18x
Less than 65%			276			1.68x			491			1.41x			744			2.77x			1,034			3.07x			530			2.94x			1,952			2.83x			5,027			2.68x
Total mortgage loans			$	361		1.51x			$	491		1.41x			$	958		2.59x			$	1,568		2.78x			$	619		3.03x			$	2,462		2.61x			$	6,459		2.53x

[1]Amortized cost of mortgage loans excludes ACL of $44.

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
			September 30, 2024									December 31, 2023
			Amortized Cost			Percent of Total						Amortized Cost			Percent of Total
East North Central			$	378		5.8		%				$	368		6.0		%
Middle Atlantic			256			4.0		%				238			3.9		%
Mountain			740			11.5		%				699			11.4		%
New England			358			5.5		%				351			5.7		%
Pacific			1,375			21.3		%				1,326			21.6		%
South Atlantic			1,810			28.0		%				1,776			28.9		%
West North Central			96			1.5		%				103			1.7		%
West South Central			602			9.3		%				445			7.2		%
Other [1]			844			13.1		%				832			13.6		%
Total mortgage loans			6,459			100.0		%				6,138			100.0		%
ACL			(44)									(51)
Total mortgage loans, net of ACL			$	6,415								$	6,087

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

Mortgage Loans by Property Type
			September 30, 2024									December 31, 2023
			Amortized Cost			Percent of Total						Amortized Cost			Percent of Total
Commercial
Industrial			$	2,712		42.0		%				$	2,363		38.5		%
Multifamily			2,188			33.9		%				2,200			35.9		%
Office			546			8.4		%				578			9.4		%
Retail [1]			934			14.5		%				917			14.9		%
Single Family			79			1.2		%				80			1.3		%
Total mortgage loans			6,459			100.0		%				6,138			100.0		%
ACL			(44)									(51)
Total mortgage loans, net of ACL			$	6,415								$	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

			September 30, 2024			December 31, 2023
			Fair Value			Fair Value
Securities on deposit with government agencies			$	2,434		$	2,339
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders			1,026			890
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders			32			30
Fixed maturities in Lloyd's trust account			47			154
Other investments			60			75
Total Other Restricted Investments			$	3,599		$	3,488

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