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Investments (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments [Abstract] |
Net Realized Capital Gains (Losses) |
Net Realized Gains (Losses)
|  |  | Three Months Ended March 31,
(Before tax) |  |  |  | 2025 | 2024
Gross gains on sales of fixed maturities |  |  |  | $ | 13 |  | $ | 5 |
Gross losses on sales of fixed maturities |  |  |  | (25) |  | (11) |
Equity securities [1] |  |  |  |  |
Net realized gains (losses) on sales of equity securities |  |  |  | — |  | (12) |
Change in net unrealized gains (losses) of equity securities |  |  |  | (11) |  | 47 |
Net realized and unrealized gains (losses) on equity securities |  |  |  | (11) |  | 35 |
Net credit losses on fixed maturities, AFS |  |  |  | 2 |  | (1) |
Change in ACL on mortgage loans |  |  |  | — |  | 3 |
Other, net [2] |  |  |  | (28) |  | (3) |
Net realized gains (losses) |  |  |  | $ | (49) |  | $ | 28 |
[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 $(11) and $36 for the three months ended March 31, 2025, and 2024, respectively. [2] The three months ended March 31, 2025, and 2024 includes gains (losses) from transactional foreign currency revaluation of $(10) and $2, respectively, and gains (losses) on non-qualifying derivatives of $0 and $(2), 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,
|  |  |  |  | 2025 |  | 2024 |  |
(Before tax) |  |  |  |  |  |  |  | Corporate |  | CMBS | Total |  | Corporate |  | CMBS | Total |  |  |
Balance as of beginning of period |  |  |  |  |  |  |  | $ | 3 |  |  | $ | 13 |  | $ | 16 |  |  | $ | 9 |  |  | $ | 12 |  | $ | 21 |  |  |  |
Net increases (decreases) on fixed maturities where an allowance was previously recorded |  |  |  |  |  |  |  | (3) |  |  | 1 |  | (2) |  |  | 1 |  |  | — |  | 1 |  |  |  |
Write-offs charged against the allowance |  |  |  |  |  |  |  | — |  |  | — |  | — |  |  | (4) |  |  | — |  | (4) |  |  |  |
Balance as of end of period |  |  |  |  |  |  |  | $ | — |  |  | $ | 14 |  | $ | 14 |  |  | $ | 6 |  |  | $ | 12 |  | $ | 18 |  |  |  |
Schedule of Available-for-sale Securities |
Fixed Maturities, AFS, by Type
| March 31, 2025 |  | December 31, 2024
| Amortized Cost | ACL | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  |  | Amortized Cost | ACL | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |
ABS | $ | 4,317 |  | $ | — |  | $ | 40 |  | $ | (24) |  | $ | 4,333 |  |  |  | $ | 3,948 |  | $ | — |  | $ | 28 |  | $ | (39) |  | $ | 3,937 |  |
CLOs | 3,392 |  | — |  | 6 |  | (2) |  | 3,396 |  |  |  | 3,237 |  | — |  | 13 |  | — |  | 3,250 |  |
CMBS | 2,946 |  | (14) |  | 26 |  | (204) |  | 2,754 |  |  |  | 2,976 |  | (13) |  | 21 |  | (248) |  | 2,736 |  |
Corporate | 22,329 |  | — |  | 179 |  | (862) |  | 21,646 |  |  |  | 21,555 |  | (3) |  | 117 |  | (1,033) |  | 20,636 |  |
Foreign govt./govt. agencies | 492 |  | — |  | 6 |  | (17) |  | 481 |  |  |  | 500 |  | — |  | 3 |  | (23) |  | 480 |  |
Municipal | 5,340 |  | — |  | 61 |  | (371) |  | 5,030 |  |  |  | 5,574 |  | — |  | 77 |  | (347) |  | 5,304 |  |
RMBS | 5,855 |  | — |  | 28 |  | (325) |  | 5,558 |  |  |  | 5,610 |  | — |  | 13 |  | (393) |  | 5,230 |  |
U.S. Treasuries | 1,119 |  | — |  | 5 |  | (118) |  | 1,006 |  |  |  | 1,138 |  | — |  | — |  | (144) |  | 994 |  |
Total fixed maturities, AFS | $ | 45,790 |  | $ | (14) |  | $ | 351 |  | $ | (1,923) |  | $ | 44,204 |  |  |  | $ | 44,538 |  | $ | (16) |  | $ | 272 |  | $ | (2,227) |  | $ | 42,567 |  |
Investments by Contractual Maturity Year |
Fixed Maturities, AFS, by Contractual Maturity Year
| March 31, 2025 |  | December 31, 2024
| Amortized Cost | Fair Value |  | Amortized Cost | Fair Value
One year or less | $ | 1,547 |  | $ | 1,543 |  |  | $ | 1,308 |  | $ | 1,298 |
Over one year through five years | 9,550 |  | 9,476 |  |  | 9,564 |  | 9,414 |
Over five years through ten years | 8,392 |  | 8,137 |  |  | 7,687 |  | 7,334 |
Over ten years | 9,791 |  | 9,007 |  |  | 10,208 |  | 9,368 |
Subtotal | 29,280 |  | 28,163 |  |  | 28,767 |  | 27,414 |
Mortgage-backed and asset-backed securities | 16,510 |  | 16,041 |  |  | 15,771 |  | 15,153 |
Total fixed maturities, AFS | $ | 45,790 |  | $ | 44,204 |  |  | $ | 44,538 |  | $ | 42,567 |
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, 2025
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total
|  | Fair Value | Unrealized Losses |  |  | Fair Value | Unrealized Losses |  |  | Fair Value | Unrealized Losses
ABS |  | $ | 567 |  | $ | (6) |  |  |  | $ | 306 |  | $ | (18) |  |  |  | $ | 873 |  | $ | (24) |
CLOs |  | 900 |  | (2) |  |  |  | — |  | — |  |  |  | 900 |  | (2) |
CMBS |  | 146 |  | (4) |  |  |  | 2,261 |  | (200) |  |  |  | 2,407 |  | (204) |
Corporate |  | 5,022 |  | (85) |  |  |  | 8,023 |  | (777) |  |  |  | 13,045 |  | (862) |
Foreign govt./govt. agencies |  | 109 |  | (2) |  |  |  | 164 |  | (15) |  |  |  | 273 |  | (17) |
Municipal |  | 1,291 |  | (33) |  |  |  | 2,580 |  | (338) |  |  |  | 3,871 |  | (371) |
RMBS |  | 951 |  | (13) |  |  |  | 2,635 |  | (312) |  |  |  | 3,586 |  | (325) |
U.S. Treasuries |  | 35 |  | (2) |  |  |  | 599 |  | (116) |  |  |  | 634 |  | (118) |
Total fixed maturities, AFS in an unrealized loss position |  | $ | 9,021 |  | $ | (147) |  |  |  | $ | 16,568 |  | $ | (1,776) |  |  |  | $ | 25,589 |  | $ | (1,923) |
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) |
Financing Receivable, Allowance for Credit Loss [Table Text Block] |
ACL on Mortgage Loans
|  |  | Three Months Ended March 31,
|  |  |  | 2025 | 2024 |
ACL as of beginning of period |  |  |  | $ | 44 |  | $ | 51 |  |
Current period provision (release) |  |  |  | — |  | (3) |  |
Current period gross write-offs |  |  |  | (1) |  | — |  |
ACL as of March 31, |  |  |  | $ | 43 |  | $ | 48 |  |
Loans Credit Quality |
Mortgage Loans LTV & DSCR by Origination Year as of March 31, 2025
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 & 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 | $ | 26 |  | 0.58x | $ | — |  | —x | $ | 16 |  | 1.07x | $ | 37 |  | 1.00x | $ | 109 |  | 1.67x | $ | 188 |  | 1.33x
65% - 80% | — |  | —x | 88 |  | 1.31x | 7 |  | 1.11x | 157 |  | 2.05x | 421 |  | 2.54x | 538 |  | 2.37x | 1,211 |  | 2.30x
Less than 65% | 75 |  | 2.75x | 390 |  | 1.61x | 503 |  | 1.42x | 687 |  | 2.86x | 1,110 |  | 2.93x | 2,235 |  | 2.69x | 5,000 |  | 2.56x
Total mortgage loans | $ | 75 |  | 2.75x | $ | 504 |  | 1.50x | $ | 510 |  | 1.41x | $ | 860 |  | 2.68x | $ | 1,568 |  | 2.78x | $ | 2,882 |  | 2.59x | $ | 6,399 |  | 2.47x
[1]Amortized cost of mortgage loans excludes ACL of $43.
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 by Region
| March 31, 2025 |  | December 31, 2024
| Amortized Cost | Percent of Total |  | Amortized Cost | Percent of Total
East North Central | $ | 364 |  | 5.7 | % |  | $ | 362 |  | 5.6 | %
Middle Atlantic | 259 |  | 4.1 | % |  | 259 |  | 4.0 | %
Mountain | 770 |  | 12.0 | % |  | 764 |  | 11.9 | %
New England | 381 |  | 6.0 | % |  | 356 |  | 5.5 | %
Pacific | 1,403 |  | 21.9 | % |  | 1,400 |  | 21.8 | %
South Atlantic | 1,775 |  | 27.7 | % |  | 1,821 |  | 28.3 | %
West North Central | 97 |  | 1.5 | % |  | 97 |  | 1.5 | %
West South Central | 662 |  | 10.3 | % |  | 588 |  | 9.1 | %
Other [1] | 688 |  | 10.8 | % |  | 793 |  | 12.3 | %
Total mortgage loans | 6,399 |  | 100.0 | % |  | 6,440 |  | 100.0 | %
ACL | (43) |  |  |  | (44) |  |
Total mortgage loans, net of ACL | $ | 6,356 |  |  |  | $ | 6,396 |  |
[1]Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
| March 31, 2025 |  | December 31, 2024
| Amortized Cost | Percent of Total |  | Amortized Cost | Percent of Total
Commercial |  |  |  |  |
Industrial | $ | 2,724 |  | 42.6 | % |  | $ | 2,737 |  | 42.5 | %
Multifamily | 2,141 |  | 33.4 | % |  | 2,161 |  | 33.5 | %
Office | 503 |  | 7.9 | % |  | 507 |  | 7.9 | %
Retail [1] | 953 |  | 14.9 | % |  | 957 |  | 14.9 | %
Single Family | 78 |  | 1.2 | % |  | 78 |  | 1.2 | %
Total mortgage loans | 6,399 |  | 100.0 | % |  | 6,440 |  | 100.0 | %
ACL | (43) |  |  |  | (44) |  |
Total mortgage loans, net of ACL | $ | 6,356 |  |  |  | $ | 6,396 |  |
[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, 2025 | December 31, 2024
| Fair Value | Fair Value
Securities on deposit with government agencies | $ | 2,500 |  | $ | 2,362 |
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders | 1,062 |  | 1,056 |
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders | 37 |  | 25 |
Other investments | 70 |  | 61 |
Total Other Restricted Investments | $ | 3,669 |  | $ | 3,504 |

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