XML 53 R32.htm IDEA: XBRL DOCUMENT
v3.22.4

Investments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Investments [Abstract] |
Summary Of Amortized Cost, Allowance For Credit Losses, Gross Unrealized Appreciation/(Depreciation) And Fair Value Of Fixed Maturity Securities | At December 31, 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 $ 1,334 $ - $ 6 $ (82) $ 1,257 Obligations of U.S. states and political subdivisions 444 - 2 (32) 413 Corporate securities 7,044 (45) 31 (561) 6,469 Asset-backed securities 4,229 - 5 (171) 4,063 Mortgage-backed securities Commercial 1,023 - - (105) 919 Agency residential 3,382 - 7 (290) 3,099 Non-agency residential 5 - - (1) 4 Foreign government securities 1,586 - 8 (179) 1,415 Foreign corporate securities 5,143 (10) 23 (562) 4,596 Total fixed maturity securities - available for sale $ 24,191 $ (54) $ 81 $ (1,982) $ 22,236 (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 1,032 - 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 December 31, 2022 Amortized Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - held to maturity: Corporate securities $ 152 $ (2) $ - $ (6) $ 144 Asset-backed securities 661 (6) 2 (15) 642 Mortgage-backed securities - Commercial 7 - - - 7 Foreign corporate securities 28 (1) 2 - 28 Total fixed maturity securities - held to maturity $ 848 $ (9) $ 3 $ (22) $ 821 (Some amounts may not reconcile due to rounding.)
Summary Of Amortized Cost And Fair Value Of Fixed Maturity Securities, By Contractual Maturity | At December 31, 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 $ 1,331 $ 1,314 $ 1,399 $ 1,398 Due after one year through five years 8,131 7,546 7,075 7,154 Due after five years through ten years 4,636 4,057 5,004 5,101 Due after ten years 1,454 1,233 1,606 1,627 Asset-backed securities 4,229 4,063 3,579 3,582 Mortgage-backed securities: Commercial 1,023 919 1,032 1,064 Agency residential 3,382 3,099 2,361 2,375 Non-agency residential 5 4 7 7 Total fixed maturity securities -available for sale $ 24,191 $ 22,236 $ 22,064 $ 22,308 (Some amounts may not reconcile due to rounding.) At December 31, 2022 Amortized Fair (Dollars in millions) Cost Value Fixed maturity securities – held to maturity: Due in one year or less $ 5 $ 5 Due after one year through five years 63 61 Due after five years through ten years 43 41 Due after ten years 68 65 Asset-backed securities 661 642 Mortgage-backed securities: Commercial 7 7 Total fixed maturity securities - held to maturity $ 848 $ 821 (Some amounts may not reconcile due to rounding.)
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Years Ended December 31, (Dollars in millions) 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 $ (2,225) $ (542) Change in unrealized appreciation (depreciation), pre-tax (2,225) (542) Deferred tax benefit (expense) 277 58 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ (1,948) $ (485) (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 December 31, 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 $ 668 $ (31) $ 487 $ (52) $ 1,155 $ (82) Obligations of U.S. states and political subdivisions 235 (23) 27 (9) 261 (32) Corporate securities 4,143 (326) 1,316 (234) 5,459 (561) Asset-backed securities 3,204 (142) 456 (29) 3,661 (171) Mortgage-backed securities Commercial 806 (90) 101 (15) 907 (105) Agency residential 1,905 (132) 870 (158) 2,776 (289) Non-agency residential 4 - 1 (1) 4 - Foreign government securities 985 (100) 321 (79) 1,306 (179) Foreign corporate securities 3,264 (372) 853 (189) 4,117 (561) Total $ 15,213 $ (1,217) $ 4,432 $ (764) $ 19,645 $ (1,982) Securities where an allowance for credit loss was recorded 2 - - - 2 - Total fixed maturity securities - available for sale $ 15,215 $ (1,217) $ 4,432 $ (764) $ 19,647 $ (1,982) (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 - available for sale $ 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 December 31, 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 $ 989 $ (19) $ 40 $ (7) $ 1,029 $ (26) Due in one year through five years 4,935 (383) 1,645 (209) 6,580 (592) Due in five years through ten years 2,698 (360) 911 (230) 3,609 (590) Due after ten years 672 (91) 408 (116) 1,080 (207) Asset-backed securities 3,204 (142) 456 (29) 3,661 (171) Mortgage-backed securities 2,715 (222) 972 (173) 3,687 (395) Total $ 15,213 $ (1,217) $ 4,432 $ (764) $ 19,645 $ (1,982) Securities where an allowance for credi t loss was recorded 2 - - - 2 - Total fixed maturity securities - available for sale $ 15,215 $ (1,217) $ 4,432 $ (764) $ 19,647 $ (1,982) (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 - available for sale $ 8,094 $ (128) $ 1,241 $ (75) $ 9,335 $ (203) (Some amounts may not reconcile due to rounding.)
Summary Of Components Of Net Investment Income | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Fixed maturities $ 742 $ 561 $ 542 Equity securities 16 17 19 Short-term investments and cash 28 1 5 Other invested assets Limited partnerships 75 565 113 Other 29 63 2 Gross investment income before adjustments 890 1,208 681 Funds held interest income (expense) 2 12 13 Future policy benefit reserve income (expense) - (1) (1) Gross investment income 892 1,219 692 Investment expenses (62) (54) (50) Net investment income $ 830 $ 1,165 $ 642 (Some amounts may not reconcile due to rounding.)
Summary Of Components Of Net Realized Capital Gains (Losses) | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Fixed maturity securities: Allowance for credit losses $ (33) $ (28) $ (2) Net realized gains (losses) from dispositions (87) 17 (5) Gains (losses) from fair value adjustments - - 2 Equity securities: Net realized gains (losses) from dispositions 112 28 (9) Gains (losses) from fair value adjustments (460) 236 278 Other invested assets 13 6 2 Short-term investments gain (loss) - - 1 Total net realized gains (losses) on investments $ (455) $ 258 $ 268 (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses Twelve Months Ended December 31, 2022 Foreign Corporate Asset-Backed Corporate Securities Securities Securities Total (Dollars in millions) Beginning Balance $ (19) $ (8) $ (3) $ (30) Credit losses on securities where credit losses were not previously recorded (1) (13) (6) (17) (35) Increases in allowance on previously impaired securities (20) - (1) (21) Decreases in allowance on previously impaired securities - - - - Reduction in allowance due to disposals 6 8 10 23 Balance as of December 31 $ (46) $ (6) $ (11) $ (63) (Some amounts may not reconcile due to rounding.) (1) Credit losses recorded as of December 31, 2022 for HTM were $ 2 million, $ 6 million and $ 1 million for Corporate, asset-backed securities and foreign corporate securities, respectively. Roll Forward of Allowance for Credit Losses Twelve Months Ended December 31, 2021 Foreign Corporate Asset-Backed Corporate Securities Securities Securities Total (Dollars in millions) Beginning Balance $ (1) $ - $ (1) $ (2) Credit losses on securities where credit losses were not previously recorded (21) (5) (2) (29) Increases in allowance on previously impaired securities (3) (3) - (5) Decreases in allowance on previously Reduction in allowance due to disposals 6 - - 6 Balance as of December 31 $ (19) $ (8) $ (3) $ (30) (Some amounts may not reconcile due to rounding.)
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Proceeds from sales of fixed maturity securities - available for sale $ 1,403 $ 1,916 $ 1,951 Gross gains from sales 40 72 80 Gross losses from sales (127) (55) (85) Proceeds from sales of equity securities $ 2,217 $ 990 $ 376 Gross gains from sales 165 42 37 Gross losses from sales (53) (15) (46)

X
- Definition Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities By Contractual Maturity [Table Text Block] + References No definition available. + Details
Name: | re_SummaryOfAggregateMarketValueAndGrossUnrealizedDepreciationOfFixedMaturityAndEquitySecuritiesByContractualMaturityTableTextBlock
Namespace Prefix: | re_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of aggregate market value and gross unrealized depreciation of fixed maturity and equity securities by security type [Text Block] + References No definition available. + Details
Name: | re_SummaryOfAggregateMarketValueAndGrossUnrealizedDepreciationOfFixedMaturityAndEquitySecuritiesBySecurityTypeTextBlock
Namespace Prefix: | re_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Unrealized Appreciation Depreciation Of Investments [Table Text Block] + References No definition available. + Details
Name: | re_UnrealizedAppreciationDepreciationOfInvestmentsTableTextBlock
Namespace Prefix: | re_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI https://asc.fasb.org/topic&trid=2197064 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -URI https://asc.fasb.org/topic&trid=75115024 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_InvestmentTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
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
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
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 proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27357-111563 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
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