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Fair Value (Tables)
9 Months Ended
Sep. 30, 2022
Fair Value [Abstract]  
Fair Value Measurement Levels For All Assets And Liabilities
Fair Value Measurement Using:
Quoted Prices
in Active
Significant
Markets for
Other
Significant
Identical
Observable
Unobservable
Assets
Inputs
Inputs
(Dollars in millions)
September 30, 2022
(Level 1)
(Level 2)
(Level 3)
Assets:
Fixed maturities, available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations
$
1,308
$
-
$
1,308
$
-
Obligations of U.S. States and political subdivisions
481
-
481
-
Corporate securities
6,397
-
5,678
719
Asset-backed securities
3,772
-
2,880
893
Mortgage-backed securities
Commercial
908
-
908
-
Agency residential
2,723
-
2,723
-
Non-agency residential
5
-
5
-
Foreign government securities
1,335
-
1,335
-
Foreign corporate securities
4,080
-
4,064
16
Total fixed maturities, available for sale
21,009
-
19,381
1,628
Equity securities, fair value
1,301
1,212
89
-
(Some amounts may not reconcile due to rounding.)
Fair Value Measurement Using:
Quoted Prices
in Active
Significant
Markets for
Other
Significant
Identical
Observable
Unobservable
Assets
Inputs
Inputs
(Dollars in millions)
December 31, 2021
(Level 1)
(Level 2)
(Level 3)
Assets:
Fixed maturities, available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations
$
1,421
$
-
$
1,421
$
-
Obligations of U.S. States and political subdivisions
587
-
587
-
Corporate securities
7,557
-
6,756
801
Asset-backed securities
3,582
-
2,330
1,251
Mortgage-backed securities
Commercial
1,064
-
1,064
-
Agency residential
2,375
-
2,375
-
Non-agency residential
7
-
7
-
Foreign government securities
1,438
-
1,438
-
Foreign corporate securities
4,279
-
4,262
16
Total fixed maturities, available for sale
22,308
-
20,240
2,068
Equity securities, fair value
1,826
1,742
84
-
(Some amounts may not reconcile due to rounding.)
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type
Total Fixed Maturities,
 
Available for Sale
Three Months Ended September 30, 2022
Nine Months Ended September 30, 2022
Corporate
Asset-Backed
Foreign
Corporate
Asset-Backed
Foreign
(Dollars in millions)
Securities
Securities
CMBS
Corporate
Total
Securities
Securities
CMBS
Corporate
Total
Beginning balance fixed maturities
$
863
$
1,255
$
6
$
40
$
2,164
$
801
$
1,251
$
-
$
16
$
2,068
Total gains or (losses) (realized/unrealized)
Included in earnings
(2)
-
-
-
(2)
9
-
-
-
9
Included in other comprehensive income (loss)
(6)
65
-
-
59
(13)
(11)
-
(4)
(28)
Purchases, issuances and settlements
27
159
-
-
186
(43)
387
6
8
358
Transfers in/(out) of Level
 
3 and reclassification of
securities in/(out) of investment categories
(163)
(587)
(6)
(24)
(779)
(35)
(735)
(6)
(4)
(779)
Ending balance
$
719
$
893
$
-
$
16
$
1628
$
719
$
893
$
-
$
16
$
1628
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
 
or losses relating to assets still held
 
at the reporting date
$
(3)
$
-
$
-
$
-
$
(3)
$
(8)
$
8
$
-
$
-
$
-
(Some amounts may not reconcile due to rounding.)
Total Fixed Maturities,
 
Available for Sale
Three Months Ended September 30, 2021
Nine Months Ended September 30, 2021
Corporate
Asset-Backed
Foreign
Corporate
Asset-Backed
Foreign
(Dollars in millions)
Securities
Securities
Corporate
Total
Securities
Securities
Corporate
Total
Beginning balance fixed maturities
$
706
$
815
$
5
$
1,526
$
701
$
623
$
6
$
1,330
Total gains or (losses) (realized/unrealized)
Included in earnings
3
(3)
-
-
(12)
(7)
-
(19)
Included in other comprehensive income (loss)
(1)
-
-
(2)
6
4
-
10
Purchases, issuances and settlements
87
192
-
279
99
384
(1)
482
Transfers in/(out) of Level
 
3 and reclassification of
securities in/(out) of investment categories
-
-
-
-
-
-
-
-
Ending balance
$
794
$
1,004
$
5
$
1,803
$
794
$
1,004
$
5
$
1,803
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
 
or losses relating to assets still held
 
at the reporting date
$
1
$
(3)
$
-
$
(2)
$
(16)
$
(8)
$
-
$
(24)
(Some amounts may not reconcile due to rounding.)