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INVESTMENTS (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Appreciation/(Depreciation) and Fair Value of Fixed Maturity Securities | The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) and fair value of fixed maturity securities - available for sale for the periods indicated:
| At June 30, 2023
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair Value
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government agencies and corporations | $ | 1,225 |  |  | $ | — |  |  | $ | 2 |  |  | $ | (82) |  |  | $ | 1,145 |
Obligations of U.S. states and political subdivisions | 424 |  |  | — |  |  | 1 |  |  | (30) |  |  | 395 |
Corporate Securities | 7,639 |  |  | (56) |  |  | 27 |  |  | (553) |  |  | 7,057 |
Asset-backed Securities | 4,973 |  |  | — |  |  | 6 |  |  | (117) |  |  | 4,862 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 1,085 |  |  | — |  |  | — |  |  | (113) |  |  | 972 |
Agency Residential | 3,673 |  |  | — |  |  | 6 |  |  | (292) |  |  | 3,387 |
Non-agency Residential | 62 |  |  | — |  |  | — |  |  | (1) |  |  | 61 |
Foreign government securities | 1,755 |  |  | — |  |  | 7 |  |  | (165) |  |  | 1,597 |
Foreign corporate securities | 5,536 |  |  | (7) |  |  | 14 |  |  | (530) |  |  | 5,013 |
Total fixed maturity securities - available for sale | $ | 26,372 |  |  | $ | (63) |  |  | $ | 63 |  |  | $ | (1,883) |  |  | $ | 24,489 |
(Some amounts may not reconcile due to rounding.)
| At December 31, 2022
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair 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.) The following tables show amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) and fair value of fixed maturity securities - held to maturity for the periods indicated:
| At June 30, 2023
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair Value
Fixed maturity securities - held to maturity |  |  |  |  |  |  |  |  |
Corporate Securities | $ | 152 |  |  | $ | (2) |  |  | $ | — |  |  | $ | (6) |  |  | $ | 144 |
Asset-backed Securities | 612 |  |  | (5) |  |  | 2 |  |  | (15) |  |  | 595 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 14 |  |  | — |  |  | — |  |  | — |  |  | 14 |
Foreign corporate securities | 28 |  |  | (1) |  |  | 2 |  |  | — |  |  | 29 |
Total fixed maturity securities - held to maturity | $ | 806 |  |  | (8) |  |  | $ | 4 |  |  | $ | (21) |  |  | $ | 781 |
(Some amounts may not reconcile due to rounding.)
| At December 31, 2022
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair 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 | The amortized cost and fair value of fixed maturity securities - available for sale are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.
| At June 30, 2023 |  | At December 31, 2022
(Dollars in millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Fixed maturity securities – available for sale |  |  |  |  |  |  |
Due in one year or less | $ | 1,695 |  |  | $ | 1,642 |  |  | $ | 1,331 |  |  | $ | 1,314 |
Due after one year through five years | 8,423 |  |  | 7,842 |  |  | 8,131 |  |  | 7,546 |
Due after five years through ten years | 4,572 |  |  | 4,045 |  |  | 4,636 |  |  | 4,057 |
Due after ten years | 1,889 |  |  | 1,678 |  |  | 1,454 |  |  | 1,233 |
Asset-backed securities | 4,973 |  |  | 4,862 |  |  | 4,229 |  |  | 4,063 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 1,085 |  |  | 972 |  |  | 1,023 |  |  | 919 |
Agency residential | 3,673 |  |  | 3,387 |  |  | 3,382 |  |  | 3,099 |
Non-agency residential | 62 |  |  | 61 |  |  | 5 |  |  | 4 |
Total fixed maturity securities - available for sale | $ | 26,372 |  |  | $ | 24,489 |  |  | $ | 24,191 |  |  | $ | 22,236 |
(Some amounts may not reconcile due to rounding.) The amortized cost and fair value of fixed maturity securities - held to maturity are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.
| At June 30, 2023 |  | At December 31, 2022
(Dollars in millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Fixed maturity securities – held to maturity |  |  |  |  |  |  |
Due in one year or less | $ | 5 |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | 5 |
Due after one year through five years | 64 |  |  | 61 |  |  | 63 |  |  | 61 |
Due after five years through ten years | 44 |  |  | 41 |  |  | 43 |  |  | 41 |
Due after ten years | 68 |  |  | 65 |  |  | 68 |  |  | 65 |
Asset-backed securities | 613 |  |  | 595 |  |  | 661 |  |  | 642 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 14 |  |  | 14 |  |  | 7 |  |  | 7 |
Total fixed maturity securities - held to maturity | $ | 806 |  |  | $ | 781 |  |  | $ | 848 |  |  | $ | 821 |
(Some amounts may not reconcile due to rounding.)
Summary of Changes in Net Unrealized Appreciation (Depreciation) for the Company's Investments | The changes in net unrealized appreciation (depreciation) for the Company’s investments are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Increase (decrease) during the period between the fair value and cost of investments carried at fair value, and deferred taxes thereon: |  |  |  |  |  |  |
Fixed maturity securities - available for sale and short-term investments | $ | (195) |  |  | $ | (832) |  |  | $ | 84 |  |  | $ | (1,760) |
Change in unrealized appreciation (depreciation), pre-tax | (195) |  |  | (832) |  |  | 84 |  |  | (1,760) |
Deferred tax benefit (expense) | 28 |  |  | 116 |  |  | (2) |  |  | 232 |
Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity | $ | (167) |  |  | $ | (717) |  |  | $ | 82 |  |  | $ | (1,528) |
(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 | The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:
| Duration of Unrealized Loss at June 30, 2023 By Security Type
| Less than 12 months |  | Greater than 12 months |  | Total
(Dollars in millions) | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government agencies and corporations | $ | 198 |  |  | $ | (12) |  |  | $ | 877 |  |  | $ | (70) |  |  | $ | 1,075 |  |  | $ | (82) |
Obligations of U.S. states and political subdivisions | 77 |  |  | (1) |  |  | 199 |  |  | (29) |  |  | 276 |  |  | (30) |
Corporate securities | 1,877 |  |  | (114) |  |  | 3,982 |  |  | (438) |  |  | 5,859 |  |  | (553) |
Asset-backed securities | 1,120 |  |  | (24) |  |  | 2,490 |  |  | (93) |  |  | 3,610 |  |  | (117) |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |
Commercial | 87 |  |  | (2) |  |  | 873 |  |  | (110) |  |  | 961 |  |  | (113) |
Agency residential | 1,067 |  |  | (33) |  |  | 1,948 |  |  | (259) |  |  | 3,015 |  |  | (292) |
Non-agency residential | 57 |  |  | (1) |  |  | 4 |  |  | — |  |  | 61 |  |  | (1) |
Foreign government securities | 353 |  |  | (13) |  |  | 1,043 |  |  | (152) |  |  | 1,396 |  |  | (165) |
Foreign corporate securities | 1,169 |  |  | (50) |  |  | 3,317 |  |  | (479) |  |  | 4,486 |  |  | (530) |
Total | $ | 6,004 |  |  | $ | (250) |  |  | $ | 14,734 |  |  | $ | (1,630) |  |  | $ | 20,738 |  |  | $ | (1,881) |
Securities where an allowance for credit loss was recorded | 2 |  |  | (2) |  |  | — |  |  | (1) |  |  | 3 |  |  | (2) |
Total fixed maturity securities - available for sale | $ | 6,007 |  |  | $ | (252) |  |  | $ | 14,734 |  |  | $ | (1,631) |  |  | $ | 20,741 |  |  | $ | (1,883) |
(Some amounts may not reconcile due to rounding.) The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:
| Duration of Unrealized Loss at December 31, 2022 By Security Type
| Less than 12 months |  | Greater than 12 months |  | Total
(Dollars in millions) | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized 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.)
Summary of Aggregate Market Value and Gross Unrealized Depreciation of Fixed Maturity and Equity Securities, by Contractual Maturity |
| Duration of Unrealized Loss at June 30, 2023 By Maturity
| Less than 12 months |  | Greater than 12 months |  | Total
(Dollars in millions) | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |  |  |
Due in one year or less | $ | 404 |  |  | $ | (9) |  |  | $ | 1,007 |  |  | $ | (36) |  |  | $ | 1,411 |  |  | $ | (44) |
Due in one year through five years | 1,718 |  |  | (66) |  |  | 5,193 |  |  | (521) |  |  | 6,912 |  |  | (587) |
Due in five years through ten years | 982 |  |  | (50) |  |  | 2,639 |  |  | (482) |  |  | 3,622 |  |  | (532) |
Due after ten years | 569 |  |  | (65) |  |  | 578 |  |  | (128) |  |  | 1,147 |  |  | (193) |
Asset-backed securities | 1,120 |  |  | (24) |  |  | 2,490 |  |  | (93) |  |  | 3,610 |  |  | (117) |
Mortgage-backed securities | 1,211 |  |  | (36) |  |  | 2,825 |  |  | (370) |  |  | 4,036 |  |  | (406) |
Total | $ | 6,004 |  |  | $ | (250) |  |  | $ | 14,734 |  |  | $ | (1,630) |  |  | $ | 20,738 |  |  | $ | (1,881) |
Securities where an allowance for credit loss was recorded | 2 |  |  | (2) |  |  | — |  |  | (1) |  |  | 3 |  |  | (2) |
Total fixed maturity securities - available for sale | $ | 6,007 |  |  | $ | (252) |  |  | $ | 14,734 |  |  | $ | (1,631) |  |  | $ | 20,741 |  |  | $ | (1,883) |
(Some amounts may not reconcile due to rounding.)
| Duration of Unrealized Loss at December 31, 2022 By Maturity
| Less than 12 months |  | Greater than 12 months |  | Total
(Dollars in millions) | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized 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 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.)
Summary of Components of Net Investment Income | The components of net investment income are presented in the table below for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Fixed maturities | $ | 276 |  |  | $ | 169 |  |  | $ | 523 |  |  | $ | 317 |
Equity securities | 1 |  |  | 5 |  |  | 2 |  |  | 9 |
Short-term investments and cash | 34 |  |  | 7 |  |  | 51 |  |  | 7 |
Other invested assets |  |  |  |  |  |  |
Limited partnerships | 53 |  |  | 48 |  |  | 38 |  |  | 136 |
Other | 6 |  |  | 14 |  |  | 27 |  |  | 26 |
Gross investment income before adjustments | 369 |  |  | 242 |  |  | 641 |  |  | 494 |
Funds held interest income (expense) | 2 |  |  | 1 |  |  | 2 |  |  | 4 |
Future policy benefit reserve income (expense) | — |  |  | — |  |  | — |  |  | — |
Gross investment income | 371 |  |  | 242 |  |  | 643 |  |  | 498 |
Investment expenses | 14 |  |  | 16 |  |  | 26 |  |  | 30 |
Net investment income | $ | 357 |  |  | $ | 226 |  |  | $ | 617 |  |  | $ | 469 |
(Some amounts may not reconcile due to rounding.)
Summary of Components of Net Realized Capital Gains (Losses) | The components of net gains (losses) on investments are presented in the table below for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Fixed maturity securities |  |  |  |  |  |  |
Allowance for credit losses | $ | — |  |  | $ | (1) |  |  | $ | (8) |  |  | $ | (13) |
Net realized gains (losses) from dispositions | (3) |  |  | (16) |  |  | (1) |  |  | (13) |
Equity securities, fair value |  |  |  |  |  |  |
Net realized gains (losses) from dispositions | — |  |  | (31) |  |  | 7 |  |  | (43) |
Gains (losses) from fair value adjustments | 8 |  |  | (189) |  |  | 12 |  |  | (326) |
Other invested assets | — |  |  | 1 |  |  | — |  |  | 5 |
Total net gains (losses) on investments | $ | 5 |  |  | $ | (236) |  |  | $ | 10 |  |  | $ | (390) |
(Some amounts may not reconcile due to rounding.)
Debt Securities, Available-for-Sale, Allowance for Credit Loss | The following tables provide a roll forward of the Company’s beginning and ending balance of allowance for credit losses for the periods indicated:
| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
| Three Months Ended June 30, 2023 |  | Six Months Ended June 30, 2023
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (55) |  |  | $ | — |  |  | $ | (7) |  |  | $ | (62) |  |  | $ | (45) |  |  | $ | — |  |  | $ | (10) |  |  | $ | (54) |
Credit losses on securities where credit losses were not previously recorded | (2) |  |  | — |  |  | — |  |  | (2) |  |  | (14) |  |  | — |  |  | — |  |  | (14) |
Increases in allowance on previously impaired securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Decreases in allowance on previously impaired securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Reduction in allowance due to disposals | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 4 |  |  | — |  |  | 3 |  |  | 6 |
Balance, end of period | $ | (56) |  |  | $ | — |  |  | $ | (7) |  |  | $ | (63) |  |  | $ | (56) |  |  | $ | — |  |  | $ | (7) |  |  | $ | (63) |
(Some amounts may not reconcile due to rounding.)
| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
| Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2022
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (20) |  |  | $ | (8) |  |  | $ | (14) |  |  | $ | (42) |  |  | $ | (19) |  |  | $ | (8) |  |  | $ | (3) |  |  | $ | (30) |
Credit losses on securities where credit losses were not previously recorded | (5) |  |  | — |  |  | (5) |  |  | (10) |  |  | (7) |  |  | — |  |  | (16) |  |  | (23) |
Increases in allowance on previously impaired securities | (1) |  |  | — |  |  | (1) |  |  | (1) |  |  | (1) |  |  | — |  |  | (1) |  |  | (1) |
Decreases in allowance on previously impaired securities |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Reduction in allowance due to disposals | — |  |  | 8 |  |  | 2 |  |  | 10 |  |  | 1 |  |  | 8 |  |  | 2 |  |  | 11 |
Balance, end of period | $ | (26) |  |  | — |  |  | $ | (17) |  |  | $ | (43) |  |  | $ | (26) |  |  | $ | — |  |  | $ | (17) |  |  | $ | (43) |
(Some amounts may not reconcile due to rounding.)
Debt Securities, Held-to-Maturity, Allowance for Credit Loss |
| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
| Three Months Ended June 30, 2023 |  | Six Months Ended June 30, 2023
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (2) |  |  | $ | (6) |  |  | $ | (1) |  |  | $ | (9) |  |  | $ | (2) |  |  | $ | (6) |  |  | $ | (1) |  |  | $ | (9) |
Credit losses on securities where credit losses were not previously recorded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Increases in allowance on previously impaired securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Decreases in allowance on previously impaired securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Reduction in allowance due to disposals | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | (2) |  |  | $ | (5) |  |  | $ | (1) |  |  | $ | (8) |  |  | $ | (2) |  |  | $ | (5) |  |  | $ | (1) |  |  | $ | (8) |
(Some amounts may not reconcile due to rounding.)
Summary of Gross Gains (Losses) from Sales of Fixed Maturity and Equity Securities | The proceeds and split between gross gains and losses from dispositions of fixed maturity and equity securities are presented in the table below for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Proceeds from sales of fixed maturity securities - available for sale | $ | 96 |  |  | $ | 353 |  |  | $ | 168 |  |  | $ | 772 |
Gross gains from dispositions | 7 |  |  | 7 |  |  | 17 |  |  | 28 |
Gross losses from dispositions | (10) |  |  | (23) |  |  | (19) |  |  | (40) |
Proceeds from sales of equity securities | $ | — |  |  | $ | 348 |  |  | $ | 46 |  |  | $ | 438 |
Gross gains from dispositions | — |  |  | 4 |  |  | 7 |  |  | 8 |
Gross losses from dispositions | — |  |  | (35) |  |  | — |  |  | (50) |

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