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Investments (Tables) | 9 Months Ended
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Sep. 30, 2022
Investments [Abstract] |
Summary Of Amortized Cost, Allowance For Credit Losses, Gross Unrealized Appreciation/(Depreciation) And Fair Value Of Fixed Maturity Securities | At September 30, 2022 Amortized Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,367 $ - $ 19 $ (79) $ 1,308 Obligations of U.S. states and political subdivisions 519 - 1 (38) 481 Corporate securities 7,010 (29) 69 (653) 6,397 Asset-backed securities 3,935 - 1 (164) 3,772 Mortgage-backed securities Commercial 1,016 - - (108) 908 Agency residential 3,058 - 2 (337) 2,723 Non-agency residential 5 - - - 5 Foreign government securities 1,528 - 13 (205) 1,335 Foreign corporate securities 4,768 (9) 47 (726) 4,080 Total fixed maturity securities - available for sale $ 23,204 $ (38) $ 153 $ (2,310) $ 21,009 (Some amounts may not reconcile due to rounding.) At December 31, 2021 Amortized Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,407 $ - $ 24 $ (10) $ 1,421 Obligations of U.S. states and political subdivisions 559 - 29 (1) 587 Corporate securities 7,444 (19) 195 (63) 7,557 Asset-backed securities 3,579 (8) 22 (12) 3,582 Mortgage-backed securities Commercial 1,033 - 38 (6) 1,064 Agency residential 2,361 - 33 (19) 2,375 Non-agency residential 7 - - - 7 Foreign government securities 1,424 - 42 (28) 1,438 Foreign corporate securities 4,251 (3) 95 (65) 4,279 Total fixed maturity securities - available for sale $ 22,064 $ (30) $ 478 $ (203) $ 22,308 (Some amounts may not reconcile due to rounding.) At September 30, 2022 Amortized Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - held to maturity Corporate securities $ 160 $ (2) $ - $ (11) $ 147 Asset-backed securities 653 (6) 1 (10) 639 Mortgage-backed securities Commercial 6 - - - 6 Foreign corporate securities 28 (1) - (1) 26 Total fixed maturity securities - held to maturity $ 846 (9) $ 1 $ (21) $ 817 (Some amounts may not reconcile due to rounding.)
Summary Of Amortized Cost And Fair Value Of Fixed Maturity Securities, By Contractual Maturity | At September 30, 2022 At December 31, 2021 Amortized Fair Amortized Fair (Dollars in millions) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,257 $ 1,258 $ 1,399 $ 1,398 Due after one year through five years 7,875 7,216 7,075 7,154 Due after five years through ten years 4,603 3,938 5,004 5,101 Due after ten years 1,456 1,189 1,606 1,627 Asset-backed securities 3,935 3,772 3,579 3,582 Mortgage-backed securities: Commercial 1,016 908 1,033 1,064 Agency residential 3,058 2,723 2,361 2,375 Non-agency residential 5 5 7 7 Total fixed maturity securities - available for sale $ 23,204 $ 21,009 $ 22,064 $ 22,308 (Some amounts may not reconcile due to rounding.) At September 30, 2022 Amortized Fair (Dollars in millions) Cost Value Fixed maturity securities – held to maturity: Due after one year through five years $ 61 $ 58 Due after five years through ten years 46 41 Due after ten years 80 74 Asset-backed securities 653 639 Mortgage-backed securities: Commercial 6 6 Total fixed maturity securities - held to maturity $ 846 $ 817 (Some amounts may not reconcile due to rounding.)
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Increase (decrease) during the period between the fair value and cost of investments carried at fair value, and deferred taxes thereon: Fixed maturity securities and short-term investments $ (724) $ (109) $ (2,484) $ (344) Change in unrealized appreciation (depreciation), pre-tax (724) (109) (2,484) (344) Deferred tax benefit (expense) 53 7 285 36 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ (671) $ (101) $ (2,199) $ (308) (Some amounts may not reconcile due to rounding.)
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at September 30, 2022 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 807 $ (47) $ 273 $ (32) $ 1,080 $ (79) Obligations of U.S. states and political subdivisions 326 (30) 25 (8) 351 (38) Corporate securities 4,247 (447) 996 (189) 5,243 (636) Asset-backed securities 2,827 (158) 55 (5) 2,882 (164) Mortgage-backed securities Commercial 877 (104) 27 (4) 904 (108) Agency residential 2,086 (222) 588 (115) 2,674 (337) Non-agency residential 3 - 2 - 5 - Foreign government securities 971 (137) 250 (68) 1,221 (205) Foreign corporate securities 2,792 (496) 808 (229) 3,600 (726) Total $ 14,937 $ (1,640) $ 3,023 $ (651) $ 17,960 $ (2,291) Securities where an allowance for credit loss was recorded 23 (19) - - 23 (19) Total fixed maturity securities $ 14,960 $ (1,659) $ 3,023 $ (651) $ 17,983 $ (2,310) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at December 31, 2021 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 504 $ (6) $ 92 $ (4) $ 596 $ (10) Obligations of U.S. states and political subdivisions 51 (1) 3 - 54 (1) Corporate securities 2,133 (38) 473 (24) 2,605 (63) Asset-backed securities 1,954 (11) 42 (1) 1,996 (12) Mortgage-backed securities Commercial 222 (3) 40 (3) 262 (6) Agency residential 1,101 (12) 280 (7) 1,381 (19) Non-agency residential 2 - - - 2 - Foreign government securities 392 (10) 101 (18) 493 (28) Foreign corporate securities 1,735 (46) 211 (18) 1,945 (65) Total fixed maturity securities $ 8,094 $ (128) $ 1,241 $ (75) $ 9,335 $ (203) (Some amounts may not reconcile due to rounding.)
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at September 30, 2022 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for sale Due in one year or less $ 895 $ (21) $ 59 $ (6) $ 954 $ (27) Due in one year through five years 4,908 (502) 1,264 (204) 6,173 (706) Due in five years through ten years 2,517 (459) 812 (239) 3,329 (697) Due after ten years 823 (174) 217 (77) 1,040 (252) Asset-backed securities 2,827 (158) 55 (5) 2,882 (164) Mortgage-backed securities 2,967 (325) 616 (120) 3,583 (445) Total $ 14,937 $ (1,640) $ 3,023 $ (651) $ 17,960 $ (2,291) Securities where an allowance for credit loss was recorded 23 (19) - - 23 (19) Total fixed maturity securities $ 14,960 $ (1,659) $ 3,023 $ (651) $ 17,983 $ (2,310) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at December 31, 2021 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for sale Due in one year or less $ 130 $ (2) $ 137 $ (12) $ 267 $ (14) Due in one year through five years 2,165 (35) 446 (29) 2,612 (64) Due in five years through ten years 1,728 (47) 244 (22) 1,972 (69) Due after ten years 792 (16) 51 (3) 843 (19) Asset-backed securities 1,954 (11) 42 (1) 1,996 (12) Mortgage-backed securities 1,325 (15) 320 (10) 1,646 (25) Total fixed maturity securities $ 8,094 $ (128) $ 1,241 $ (75) $ 9,335 $ (203) (Some amounts may not reconcile due to rounding.)
Summary Of Components Of Net Investment Income | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Fixed maturities $ 186 $ 134 $ 503 $ 423 Equity securities 6 4 15 12 Short-term investments and cash 5 - 12 1 Other invested assets: Limited partnerships (42) 139 94 493 Other 11 31 37 63 Gross investment income before adjustments 167 308 661 992 Funds held interest income (expense) - 1 4 12 Future policy benefit reserve income (expense) - - - (1) Gross investment income 167 309 665 1,004 Investment expenses (15) (16) (45) (44) Net investment income $ 151 $ 293 $ 620 $ 960 (Some amounts may not reconcile due to rounding.)
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Fixed maturity securities: Allowance for credit losses $ (5) $ (7) $ (18) $ (30) Net realized gains (losses) from dispositions (53) 6 (66) 25 Equity securities, fair value: Net realized gains (losses) from dispositions 58 - 15 10 Gains (losses) from fair value adjustments (136) (5) (462) 128 Other invested assets 6 2 11 6 Short-term investments gain (loss) 1 - 1 - Total net gains (losses) on investments $ (129) $ (4) $ (519) $ 139 (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses – Fixed maturities Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Foreign Foreign Corporate Asset-Backed Corporate Corporate Asset-Backed Corporate Securities Securities Securities Total Securities Securities Securities Total (Dollars in millions) Beginning Balance $ (26) $ - $ (17) $ (43) $ (19) $ (8) $ (3) $ (30) Credit losses on securities where credit losses were not previously recorded (2) (6) (1) (9) (9) (6) (17) (32) Increases in allowance on previously impaired securities (3) - - (3) (4) - (1) (4) Decreases in allowance on previously impaired securities - - - - - - - - Reduction in allowance due to disposals - - 8 8 1 8 10 19 Balance as of September 30, 2022 $ (31) $ (6) $ (10) $ (47) $ (31) $ (6) $ (10) $ (47) (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses – Fixed maturities Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Foreign Foreign Corporate Asset-Backed Corporate Corporate Asset-Backed Corporate Securities Securities Securities Total Securities Securities Securities Total (Dollars in millions) Beginning Balance $ (18) $ (5) $ (1) $ (25) $ (1) $ - $ (1) $ (2) Credit losses on securities where credit losses were not previously recorded (5) - - (5) (21) (5) (1) (27) Increases in allowance on previously impaired securities - (3) - (3) (2) (3) - (5) Decreases in allowance on previously impaired securities - - - - - - - - Reduction in allowance due to disposals 1 - - 1 2 - - 2 Balance as of September 30, 2021 $ (23) (8) $ (1) $ (32) $ (23) $ (8) $ (1) $ (32) (Some amounts may not reconcile due to rounding.)
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Proceeds from sales of fixed maturity securities $ 405 $ 283 $ 1,177 $ 883 Gross gains from dispositions 5 17 33 52 Gross losses from dispositions (58) (11) (98) (26) Proceeds from sales of equity securities $ 592 $ 104 $ 1,030 $ 579 Gross gains from dispositions 59 3 67 21 Gross losses from dispositions (3) (3) (53) (11)

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