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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)