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Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Net Investment Income
Net investment income is as follows:

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Fixed maturity securities$517 $491 $1,530 $1,443 
Limited partnership investments67 29 195 111 
Short-term investments21 24 70 54 
Equity securities (a)21 9 56 42 
Income from trading portfolio (a)141 32 210 91 
Other33 30 95 78 
Total investment income800 615 2,156 1,819 
Investment expenses(24)(23)(72)(67)
Net investment income$776 $592 $2,084 $1,752 
(a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2024 and 2023
$108 $(14)$123 $3 
Schedule of Investment Gains (Losses)
Investment gains (losses) are as follows:

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Fixed maturity securities:
Gross gains$11 $12 $38 $55 
Gross losses(33)(49)(104)(141)
Investment losses on fixed maturity securities(22)(37)(66)(86)
Equity securities (a)13 2 25 (9)
Short-term investments and other(1)(3)(1)(10)
Gain on acquisition of a joint venture46 
Investment losses$(10)$(38)$(42)$(59)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of September 30, 2024 and 2023
$13 $2 $24 $2 
Schedule of Impairment Losses (Gains) on Earnings
The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Fixed maturity securities available-for-sale:  
Corporate and other bonds$8 $8 $23 $25 
Asset-backed4 4 9 12 
Impairment losses recognized in earnings$12 $12 $32 $37 
Schedule of Amortized Cost and Fair Values of Fixed Maturity Securities
The following tables present a summary of fixed maturity securities:

September 30, 2024Cost or Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Allowance
for Credit Losses 		Estimated
Fair Value
(In millions)     
      
Fixed maturity securities:     
Corporate and other bonds$25,872 $826 $900 $6 $25,792 
States, municipalities and political
 subdivisions		7,406 359 617 7,148 
Asset-backed:
Residential mortgage-backed3,684 32 362 3,354 
Commercial mortgage-backed1,816 14 141 1,689 
Other asset-backed3,743 40 186 12 3,585 
Total asset-backed9,243 86 689 12 8,628 
U.S. Treasury and obligations of
 government sponsored enterprises		224 2 4 222 
Foreign government755 8 26 737 
Fixed maturities available-for-sale$43,500 $1,281 $2,236 $18 $42,527 
Fixed maturities trading528 528 
Total fixed maturity securities$44,028 $1,281 $2,236 $18 $43,055 

December 31, 2023
    
Fixed maturity securities:    
Corporate and other bonds$25,020 $597 $1,345 $4 $24,268 
States, municipalities and political
 subdivisions		7,713 382 703 7,392 
Asset-backed:
Residential mortgage-backed3,411 16 425 3,002 
Commercial mortgage-backed1,862 7 230 8 1,631 
Other asset-backed3,515 13 256 4 3,268 
Total asset-backed8,788 36 911 12 7,901 
U.S. Treasury and obligations of
 government sponsored enterprises		152 1 2 151 
Foreign government741 6 34 713 
Fixed maturities available-for-sale$42,414 $1,022 $2,995 $16 $40,425 
Fixed maturities trading201 201 
Total fixed maturity securities$42,615 $1,022 $2,995 $16 $40,626 
Schedule of Available-for-sale Fixed Maturity Securities in Gross Unrealized Loss Position
The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:

 Less than 12 Months12 Months or LongerTotal
September 30, 2024Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
 
Fixed maturity securities:
Corporate and other bonds$1,664 $31 $11,240 $869 $12,904 $900 
States, municipalities and political
 subdivisions		422 7 3,155 610 3,577 617 
Asset-backed:
Residential mortgage-backed130 2 2,162 360 2,292 362 
Commercial mortgage-backed112 1,134 141 1,246 141 
Other asset-backed151 4 1,638 182 1,789 186 
Total asset-backed393 6 4,934 683 5,327 689 
U.S. Treasury and obligations of
 government-sponsored enterprises		45 2 45 2 90 4 
Foreign government99 1 403 25 502 26 
Total fixed maturity securities$2,623 $47 $19,777 $2,189 $22,400 $2,236 
December 31, 2023
Fixed maturity securities:
Corporate and other bonds$1,943 $37 $13,406 $1,308 $15,349 $1,345 
States, municipalities and political
 subdivisions		598 18 3,104 685 3,702 703 
Asset-backed:
Residential mortgage-backed233 4 2,212 421 2,445 425 
Commercial mortgage-backed200 5 1,184 225 1,384 230 
Other asset-backed392 8 1,869 248 2,261 256 
Total asset-backed825 17 5,265 894 6,090 911 
U.S. Treasury and obligations of
 government-sponsored enterprises		65 1 23 1 88 2 
Foreign government52 1 450 33 502 34 
Total fixed maturity securities$3,483 $74 $22,248 $2,921 $25,731 $2,995 
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.

September 30, 2024December 31, 2023
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises$2,127 $265 $2,273 $309 
AAA1,277 221 1,524 261 
AA3,641 547 3,817 658 
A5,229 405 5,652 517 
BBB9,243 689 11,523 1,095 
Non-investment grade883 109 942 155 
Total$22,400 $2,236 $25,731 $2,995 
Schedule of Allowance for Credit Losses
The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $451 million, $435 million and $430 million as of September 30, 2024, December 31, 2023 and September 30, 2023 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.

Three months ended September 30, 2024
Corporate and Other Bonds
Asset-backed
Total
(In millions)
Allowance for credit losses:
Balance as of July 1, 2024
$— $17 $17 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded4 4 
Available-for-sale securities accounted for as PCD assets2 2 
Reductions to the allowance for credit losses:
Write-offs charged against the allowance9 9 
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
4 4 
Total allowance for credit losses$6 $12 $18 
Three months ended September 30, 2023Corporate and Other BondsAsset-backedTotal
(In millions)
Allowance for credit losses:
Balance as of July 1, 2023
$13 $9 $22 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded5 5 
Available-for-sale securities accounted for as PCD assets2 2 
Reductions to the allowance for credit losses:
Write-offs charged against the allowance15 15 
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
4 4 
Total allowance for credit losses$5 $13 $18 

Nine months ended September 30, 2024Corporate and Other BondsAsset-backedTotal
(In millions)   
Allowance for credit losses:   
Balance as of January 1, 2024
$4 $12 $16 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded4 4 
Available-for-sale securities accounted for as PCD assets2 2 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)3 1 4 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis1 1 
Write-offs charged against the allowance9 9 
Additional increases to the allowance for credit
losses on securities that had an allowance recorded in a previous period
10 10 
Total allowance for credit losses$6 $12 $18 
Nine months ended September 30, 2023Corporate and Other BondsAsset-backedTotal
(In millions)   
Allowance for credit losses:   
Balance as of January 1, 2023
$— $1 $1 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded6 7 13 
Available-for-sale securities accounted for as PCD assets22 22 
 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)6 6 
Intent to sell or more likely than not will be required to sell the
security before recovery of its amortized cost basis		3 3 
Write-offs charged against the allowance15 15 
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
1 5 6 
Total allowance for credit losses$5 $13 $18 
Schedule of Available-for-sale Fixed Maturity Securities by Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.

September 30, 2024December 31, 2023
Cost or Amortized CostEstimated Fair
Value		Cost or Amortized CostEstimated
Fair
Value
(In millions)
Due in one year or less$1,585 $1,565 $1,121 $1,091 
Due after one year through five years11,948 11,800 11,563 11,180 
Due after five years through ten years13,282 12,907 13,359 12,573 
Due after ten years16,685 16,255 16,371 15,581 
Total$43,500 $42,527 $42,414 $40,425 
Schedule of Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios.
Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of September 30, 2024
2024
2023
2022
2021
2020
PriorTotal
(In millions)       
        
DSCR ≥1.6x       
LTV less than 55%$33 $9 $2 $97 $242 $383 
LTV 55% to 65%5 5 
LTV greater than 65%30 12 42 
DSCR 1.2x - 1.6x
LTV less than 55%28 5 13 50 96 
LTV 55% to 65%$43 20 36 36 4 31 170 
LTV greater than 65%13 64 20 97 
DSCR ≤1.2x
LTV less than 55%— 
LTV 55% to 65%32 75 41 148 
LTV greater than 65%28 21 48 97 
Total$43 $126 $247 $76 $134 $412 $1,038 

(a)The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.
Schedule of Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments
A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.

September 30, 2024December 31, 2023
Contractual/Notional AmountEstimated Fair Value Contractual/Notional AmountEstimated Fair Value
Asset
(Liability)
Asset(Liability)
(In millions)
Without hedge designation:
Equity markets:
Options – purchased$338 $1 $202 $1 
Futures – short158 $(1)116 
Warrants1 1 84 3 
Interest rate swaps300 6 300 13 
Currency forwards13 $(1)