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Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments [Abstract]

Net Investment Income

Net Investment Income

			For the years ended December 31,
(Before tax)			2024			2023			2022
Fixed maturities [1]			$	2,204		$	1,895		$	1,469
Equity securities			35			45			57
Mortgage loans			266			235			211
Limited partnerships and other alternative investments			148			212			515
Other investments [2]			14			9			5
Gross investment income			$	2,667		$	2,396		$	2,257
Investment expenses			(99)			(91)			(80)
Total net investment income			$	2,568		$	2,305		$	2,177

[1]Includes net investment income on short-term investments.

[2]Primarily includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.

Net Realized Capital Gains (Losses)

Net Realized Gains (Losses)

			For the years ended December 31,
(Before tax)			2024			2023			2022
Gross gains on sales of fixed maturities			$	31		$	30		$	57
Gross losses on sales of fixed maturities			(198)			(149)			(315)
Equity securities [1]
Net realized gains (losses) on sales of equity securities			(11)			100			(83)
Change in net unrealized gains (losses) of equity securities			84			(22)			(266)
Net realized and unrealized gains (losses) on equity securities			73			78			(349)
Net credit losses on fixed maturities, AFS			(2)			(14)			(18)
Change in ACL on mortgage loans			3			(15)			(7)
Intent-to-sell impairments			—			—			(6)
Other, net [2]			32			(118)			11
Net realized (losses)			$	(61)		$	(188)		$	(627)

[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 $68, $17, and $(108) for the years ended December 31, 2024, 2023, and 2022, respectively.

[2]Includes gains (losses) on non-qualifying derivatives for the years ended December 31, 2024, 2023, and 2022 of $13, $(108), and $46, respectively, and gains (losses) from transactional foreign currency revaluation of $20, $(15), and $28, respectively.

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

ACL on Fixed Maturities, AFS by Type
						For the years ended December 31,
						2024												2023												2022
(Before tax)						CMBS			Corporate						Total						CMBS			Corporate						Total						CMBS			Corporate			Foreign govt./govt. agencies			Total
Balance as of beginning of period						$	12		$	9					$	21					$	10		$	2					$	12					$	—		$	1		$	—		$	1
Credit losses on fixed maturities where an allowance was not previously recorded						1			—						1						—			9						9						7			10			3			20
Reduction due to sales						—			(3)						(3)						—			(5)						(5)						—			(3)			(1)			(4)
Reduction due to intent to sell						—			—						—						—			—						—						—			—			(3)			(3)
Net increases (decreases) on fixed maturities where an allowance was previously recorded						—			1						1						2			3						5						3			(3)			1			1
Write-offs charged against the allowance						—			(4)						(4)						—			—						—						—			(3)			—			(3)
Balance as of end of period						$	13		$	3					$	16					$	12		$	9					$	21					$	10		$	2		$	—		$	12

Schedule of Available-for-sale Securities

Fixed Maturities, AFS, by Type
			December 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			$	3,948		$	—		$	28		$	(39)		$	3,937					$	3,347		$	—		$	18		$	(45)		$	3,320
CLOs			3,237			—			13			—			3,250						3,104			—			3			(17)			3,090
CMBS			2,976			(13)			21			(248)			2,736						3,466			(12)			19			(348)			3,125
Corporate			21,555			(3)			117			(1,033)			20,636						18,691			(9)			197			(1,013)			17,866
Foreign govt./govt. agencies			500			—			3			(23)			480						583			—			6			(27)			562
Municipal			5,574			—			77			(347)			5,304						6,207			—			131			(299)			6,039
RMBS			5,610			—			13			(393)			5,230						4,675			—			18			(406)			4,287
U.S. Treasuries			1,138			—			—			(144)			994						1,653			—			26			(150)			1,529
Total fixed maturities, AFS			$	44,538		$	(16)		$	272		$	(2,227)		$	42,567					$	41,726		$	(21)		$	418		$	(2,305)		$	39,818

Investments by Contractual Maturity Year

Fixed Maturities, AFS, by Contractual Maturity Year

			December 31, 2024									December 31, 2023
			Amortized Cost			Fair Value						Amortized Cost			Fair Value
One year or less			$	1,308		$	1,298					$	1,526		$	1,501
Over one year through five years			9,564			9,414						9,670			9,433
Over five years through ten years			7,687			7,334						6,568			6,211
Over ten years			10,208			9,368						9,370			8,851
Subtotal			28,767			27,414						27,134			25,996
Mortgage-backed and asset-backed securities			15,771			15,153						14,592			13,822
Total fixed maturities, AFS			$	44,538		$	42,567					$	41,726		$	39,818

Unrealized Loss on Investments

Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2024
						Less Than 12 Months												12 Months or More												Total
						Fair Value			Unrealized Losses									Fair Value			Unrealized Losses									Fair Value			Unrealized Losses
ABS						$	1,088		$	(14)								$	407		$	(25)								$	1,495		$	(39)
CLOs						78			—									—			—									78			—
CMBS						228			(4)									2,299			(244)									2,527			(248)
Corporate						5,883			(138)									8,212			(895)									14,095			(1,033)
Foreign govt./govt. agencies						165			(5)									178			(18)									343			(23)
Municipal						1,263			(27)									2,712			(320)									3,975			(347)
RMBS						1,297			(29)									2,672			(364)									3,969			(393)
U.S. Treasuries						406			(26)									461			(118)									867			(144)
Total fixed maturities, AFS in an unrealized loss position						$	10,408		$	(243)								$	16,941		$	(1,984)								$	27,349		$	(2,227)

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

ACL on Mortgage Loans
			For the years ended December 31,
			2024			2023			2022
ACL as of beginning of period			$	51		$	36		$	29
Current period provision (release)			(3)			15			7
Current period gross write-offs			(4)			—			—
ACL as of December 31,			$	44		$	51		$	36

Loans Credit Quality

Mortgage Loans LTV & DSCR by Origination Year as of December 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%			$	25		0.63x			$	—		—x			$	16		1.05x			$	37		1.03x			$	—		—x			$	110		1.68x			$	188		1.34x
65% - 80%			89			1.42x			7			1.35x			204			1.89x			421			2.55x			100			3.60x			439			2.01x			1,260			2.26x
Less than 65%			357			1.62x			489			1.39x			696			2.85x			1,108			2.93x			518			2.67x			1,824			2.71x			4,992			2.57x
Total mortgage loans			$	471		1.52x			$	496		1.39x			$	916		2.61x			$	1,566		2.79x			$	618		2.82x			$	2,373		2.53x			$	6,440		2.47x

[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
			December 31, 2024									December 31, 2023
			Amortized Cost			Percent of Total						Amortized Cost			Percent of Total
East North Central			$	362		5.6		%				$	368		6.0		%
Middle Atlantic			259			4.0		%				238			3.9		%
Mountain			764			11.9		%				699			11.4		%
New England			356			5.5		%				351			5.7		%
Pacific			1,400			21.8		%				1,326			21.6		%
South Atlantic			1,821			28.3		%				1,776			28.9		%
West North Central			97			1.5		%				103			1.7		%
West South Central			588			9.1		%				445			7.2		%
Other [1]			793			12.3		%				832			13.6		%
Total mortgage loans			6,440			100.0		%				6,138			100.0		%
ACL			(44)									(51)
Total mortgage loans, net of ACL			$	6,396								$	6,087

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

Mortgage Loans by Property Type
			December 31, 2024									December 31, 2023
			Amortized Cost			Percent of Total						Amortized Cost			Percent of Total
Commercial
Industrial			$	2,737		42.5		%				$	2,363		38.5		%
Multifamily			2,161			33.5		%				2,200			35.9		%
Office			507			7.9		%				578			9.4		%
Retail [1]			957			14.9		%				917			14.9		%
Single Family			78			1.2		%				80			1.3		%
Total mortgage loans			6,440			100.0		%				6,138			100.0		%
ACL			(44)									(51)
Total mortgage loans, net of ACL			$	6,396								$	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

			December 31, 2024			December 31, 2023
			Fair Value			Fair Value
Securities on deposit with government agencies			$	2,362		$	2,339
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders			1,056			890
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders			25			30
Fixed maturities in Lloyd's trust account			—			154
Other investments			61			75
Total Other Restricted Investments			$	3,504		$	3,488

Equity Method Investments

Aggregated summarized financial information of the Company’s equity method investees:
			As of December 31,
			2024			2023
Balance sheet:
Total assets			$	356,430		$	308,259
Total liabilities			$	57,017		$	44,950
The Company's carrying value			$	4,552		$	4,328

			For the years ended December 31,
			2024			2023			2022
Operating results:
Net investment income (loss)			$	(1,002)		$	(1,240)		$	1,604
Net income excluding net investment income			$	14,778		$	13,000		$	11,885
The Company's share of equity method income			$	103		$	181		$	533

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