XML 77 R30.htm IDEA: XBRL DOCUMENT v3.25.2

Investments (Tables)

6 Months Ended

Jun. 30, 2025

Investments [Abstract]

Net Realized Capital Gains (Losses)

Net Realized Gains (Losses)
			Three Months Ended June 30,									Six Months Ended June 30,
(Before tax)			2025			2024						2025			2024
Gross gains on sales of fixed maturities			$	19		$	6					$	32		$	11
Gross losses on sales of fixed maturities			(45)			(75)						(70)			(86)
Equity securities [1]
Net realized gains (losses) on sales of equity securities			5			(3)						5			(15)
Change in net unrealized gains (losses) of equity securities			31			17						20			64
Net realized and unrealized gains (losses) on equity securities			36			14						25			49
Net credit losses on fixed maturities, AFS			—			(1)						2			(2)
Change in ACL on mortgage loans			—			—						—			3
Other, net [2]			(20)			(3)						(48)			(6)
Net realized losses			$	(10)		$	(59)					$	(59)		$	(31)

[1]The change in net unrealized gains on equity securities still held as of June 30, 2025, and included in net realized gains were $34 and $21 for the three and six months ended June 30, 2025, respectively. The change in net unrealized gains on equity securities still held as of June 30, 2024, and included in net realized gains were $15 and $44 for the three and six months ended June 30, 2024, respectively.

[2]For the three and six months ended June 30, 2025, includes losses from transactional foreign currency revaluation of $8 and $18, respectively, and losses on non-qualifying derivatives of $11 and $11, respectively. For the three and six months ended June 30, 2024, includes gains from transactional foreign currency revaluation of $4 and $6, respectively, and losses on non-qualifying derivatives of $6 and $8, 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,
																					2025									2024
(Before tax)																																				CMBS			Total						Corporate						CMBS			Total
Balance as of beginning of period																																				$	14		$	14					$	6					$	12		$	18
Credit losses on fixed maturities where an allowance was not previously recorded																																				—			—						—						1			1
Balance as of end of period																																				$	14		$	14					$	6					$	13		$	19

ACL on Fixed Maturities, AFS by Type
									Six Months Ended June 30,
															2025												2024
(Before tax)																								Corporate						CMBS			Total						Corporate						CMBS			Total
Balance as of beginning of period																								$	3					$	13		$	16					$	9					$	12		$	21
Credit losses on fixed maturities where an allowance was not previously recorded																								—						—			—						—						1			1
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					$	13		$	19

Schedule of Available-for-sale Securities

Fixed Maturities, AFS, by Type
			June 30, 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			$	4,355		$	—		$	44		$	(23)		$	4,376								$	3,948		$	—		$	28		$	(39)		$	3,937
CLOs			3,386			—			8			(1)			3,393									3,237			—			13			—			3,250
CMBS			2,758			(14)			24			(183)			2,585									2,976			(13)			21			(248)			2,736
Corporate			22,962			—			289			(726)			22,525									21,555			(3)			117			(1,033)			20,636
Foreign govt./govt. agencies			448			—			12			(5)			455									500			—			3			(23)			480
Municipal			4,985			—			55			(390)			4,650									5,574			—			77			(347)			5,304
RMBS			5,793			—			29			(309)			5,513									5,610			—			13			(393)			5,230
U.S. Treasuries			1,193			—			5			(137)			1,061									1,138			—			—			(144)			994
Total fixed maturities, AFS			$	45,880		$	(14)		$	466		$	(1,774)		$	44,558								$	44,538		$	(16)		$	272		$	(2,227)		$	42,567

Investments by Contractual Maturity Year

Fixed Maturities, AFS, by Contractual Maturity Year
			June 30, 2025									December 31, 2024
			Amortized Cost			Fair Value						Amortized Cost			Fair Value
One year or less			$	1,475		$	1,473					$	1,308		$	1,298
Over one year through five years			9,893			9,896						9,564			9,414
Over five years through ten years			8,167			8,065						7,687			7,334
Over ten years			10,053			9,257						10,208			9,368
Subtotal			29,588			28,691						28,767			27,414
Mortgage-backed and asset-backed securities			16,292			15,867						15,771			15,153
Total fixed maturities, AFS			$	45,880		$	44,558					$	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 June 30, 2025
						Less Than 12 Months												12 Months or More												Total
						Fair Value			Unrealized Losses									Fair Value			Unrealized Losses									Fair Value			Unrealized Losses
ABS						$	548		$	(6)								$	248		$	(17)								$	796		$	(23)
CLOs						555			(1)									—			—									555			(1)
CMBS						107			(5)									2,065			(178)									2,172			(183)
Corporate						3,289			(66)									7,372			(660)									10,661			(726)
Foreign govt./govt. agencies						50			—									85			(5)									135			(5)
Municipal						1,034			(35)									2,427			(355)									3,461			(390)
RMBS						982			(14)									2,548			(295)									3,530			(309)
U.S. Treasuries						229			(8)									577			(129)									806			(137)
Total fixed maturities, AFS in an unrealized loss position						$	6,794		$	(135)								$	15,322		$	(1,639)								$	22,116		$	(1,774)

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 June 30,									Six Months Ended June 30,
			2025			2024						2025			2024
ACL as of beginning of period			$	43		$	48					$	44		$	51
Current period provision (release)			—			—						—			(3)
Current period gross write-offs			—			—						(1)			—
ACL as of June 30,			$	43		$	48					$	43		$	48

Loans Credit Quality

Mortgage Loans LTV & DSCR by Origination Year as of June 30, 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%			$	30		1.83x			$	26		0.78x			$	—		—x			$	15		0.80x			$	37		1.00x			$	144		1.58x			$	252		1.39x
65% - 80%			56			1.52x			49			0.90x			7			1.09x			156			1.96x			388			2.43x			365			2.21x			1,021			2.15x
Less than 65%			342			2.00x			479			1.55x			513			1.39x			682			2.91x			1,141			2.98x			2,076			2.66x			5,233			2.49x
Total mortgage loans			$	428		1.92x			$	554		1.45x			$	520		1.39x			$	853		2.70x			$	1,566		2.80x			$	2,585		2.54x			$	6,506		2.39x

[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
			June 30, 2025									December 31, 2024
			Amortized Cost			Percent of Total						Amortized Cost			Percent of Total
East North Central			$	337		5.2		%				$	362		5.6		%
Middle Atlantic			275			4.2		%				259			4.0		%
Mountain			840			12.9		%				764			11.9		%
New England			353			5.4		%				356			5.5		%
Pacific			1,374			21.1		%				1,400			21.8		%
South Atlantic			1,830			28.1		%				1,821			28.3		%
West North Central			144			2.2		%				97			1.5		%
West South Central			685			10.6		%				588			9.1		%
Other [1]			668			10.3		%				793			12.3		%
Total mortgage loans			6,506			100.0		%				6,440			100.0		%
ACL			(43)									(44)
Total mortgage loans, net of ACL			$	6,463								$	6,396

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

Mortgage Loans by Property Type
			June 30, 2025									December 31, 2024
			Amortized Cost			Percent of Total						Amortized Cost			Percent of Total
Commercial
Industrial			$	2,904		44.6		%				$	2,737		42.5		%
Multifamily			2,152			33.1		%				2,161			33.5		%
Office			404			6.2		%				507			7.9		%
Retail [1]			968			14.9		%				957			14.9		%
Single Family			78			1.2		%				78			1.2		%
Total mortgage loans			6,506			100.0		%				6,440			100.0		%
ACL			(43)									(44)
Total mortgage loans, net of ACL			$	6,463								$	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

			June 30, 2025			December 31, 2024
			Fair Value			Fair Value
Securities on deposit with government agencies			$	2,504		$	2,362
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders			1,090			1,056
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders			36			25
Other investments			71			61
Total Other Restricted Investments			$	3,701		$	3,504

X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: 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://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