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v3.23.1

INVESTMENTS - Summary of Fixed Maturity and Equity Securities by Security Type (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022
--- | --- | ---
Fair Value |  |
Less than 12 months | $ 7,961 | $ 15,215
Greater than 12 months | 11,591 | 4,432
Total | 19,551 | 19,647
Gross Unrealized Depreciation |  |
Less than 12 months | (296) | (1,217)
Greater than 12 months | (1,420) | (764)
Total | (1,716) | (1,982)
No Recorded Allowance for Credit Losses |  |
Fair Value |  |
Less than 12 months | 7,958 | 15,213
Greater than 12 months | 11,590 | 4,432
Total | 19,548 | 19,645
Gross Unrealized Depreciation |  |
Less than 12 months | (295) | (1,217)
Greater than 12 months | (1,419) | (764)
Total | (1,714) | (1,982)
U.S. Treasury securities and obligations of U.S. government agencies and corporations |  |
Fair Value |  |
Less than 12 months | 359 | 668
Greater than 12 months | 764 | 487
Total | 1,124 | 1,155
Gross Unrealized Depreciation |  |
Less than 12 months | (10) | (31)
Greater than 12 months | (59) | (52)
Total | (69) | (82)
Obligations of U.S. states and political subdivisions |  |
Fair Value |  |
Less than 12 months | 113 | 235
Greater than 12 months | 119 | 27
Total | 232 | 261
Gross Unrealized Depreciation |  |
Less than 12 months | (6) | (23)
Greater than 12 months | (22) | (9)
Total | (28) | (32)
Corporate securities |  |
Fair Value |  |
Less than 12 months | 2,358 | 4,143
Greater than 12 months | 3,177 | 1,316
Total | 5,536 | 5,459
Gross Unrealized Depreciation |  |
Less than 12 months | (89) | (326)
Greater than 12 months | (407) | (234)
Total | (496) | (561)
Asset-backed securities |  |
Fair Value |  |
Less than 12 months | 1,644 | 3,204
Greater than 12 months | 1,881 | 456
Total | 3,525 | 3,661
Gross Unrealized Depreciation |  |
Less than 12 months | (37) | (142)
Greater than 12 months | (92) | (29)
Total | (129) | (171)
Commercial |  |
Fair Value |  |
Less than 12 months | 317 | 806
Greater than 12 months | 634 | 101
Total | 951 | 907
Gross Unrealized Depreciation |  |
Less than 12 months | (20) | (90)
Greater than 12 months | (82) | (15)
Total | (102) | (105)
Agency residential |  |
Fair Value |  |
Less than 12 months | 1,270 | 1,905
Greater than 12 months | 1,373 | 870
Total | 2,643 | 2,776
Gross Unrealized Depreciation |  |
Less than 12 months | (49) | (132)
Greater than 12 months | (195) | (158)
Total | (244) | (289)
Non-agency residential |  |
Fair Value |  |
Less than 12 months | 1 | 4
Greater than 12 months | 4 | 1
Total | 4 | 4
Gross Unrealized Depreciation |  |
Less than 12 months | 0 | 0
Greater than 12 months | (1) | (1)
Total | (1) | 0
Foreign government securities |  |
Fair Value |  |
Less than 12 months | 392 | 985
Greater than 12 months | 895 | 321
Total | 1,287 | 1,306
Gross Unrealized Depreciation |  |
Less than 12 months | (17) | (100)
Greater than 12 months | (136) | (79)
Total | (153) | (179)
Foreign corporate securities |  |
Fair Value |  |
Less than 12 months | 1,504 | 3,264
Greater than 12 months | 2,743 | 853
Total | 4,247 | 4,117
Gross Unrealized Depreciation |  |
Less than 12 months | (67) | (372)
Greater than 12 months | (425) | (189)
Total | (492) | (561)
Recorded an Allowance for Credit Losses |  |
Fair Value |  |
Less than 12 months | 3 | 2
Greater than 12 months | 0 | 0
Total | 3 | 2
Gross Unrealized Depreciation |  |
Less than 12 months | (1) | 0
Greater than 12 months | (1) | 0
Total | $ (2) | $ 0

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