XML 35 R26.htm IDEA: XBRL DOCUMENT v3.23.2

FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement Levels for all Assets and Liabilities

The following tables present the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value as of the periods indicated:

									Fair Value Measurement Using
			June 30, 2023						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
(Dollars in millions)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations			$	1,145					$	—					$	1,145					$	—
Obligations of U.S. States and political subdivisions			395						—						395						—
Corporate securities			7,057						—						6,347						711
Asset-backed securities			4,862						—						3,746						1,115
Mortgage-backed securities
Commercial			972						—						972						—
Agency residential			3,387						—						3,387						—
Non-agency residential			61						—						61						—
Foreign government securities			1,597						—						1,597						—
Foreign corporate securities			5,013						—						4,997						16
Total fixed maturities - available for sale			24,489						—						22,647						1,842
Equity securities, fair value			259						145						114						—

(Some amounts may not reconcile due to rounding.)

									Fair Value Measurement Using
(Dollars in millions)			December 31, 2022						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations			$	1,257					$	—					$	1,257					$	—
Obligations of U.S. States and political subdivisions			413						—						413						—
Corporate securities			6,469						—						5,754						715
Asset-backed securities			4,063						—						3,069						994
Mortgage-backed securities
Commercial			919						—						919						—
Agency residential			3,099						—						3,099						—
Non-agency residential			4						—						4						—
Foreign government securities			1,415						—						1,415						—
Foreign corporate securities			4,596						—						4,579						16
Total fixed maturities - available for sale			22,236						—						20,511						1,725
Equity securities, fair value			281						132						150						—

(Some amounts may not reconcile due to rounding.)

Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs by Asset Type

The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturities - available for sale, for the periods indicated:

			Total 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						Total						Corporate Securities						Asset-Backed Securities												Foreign Corporate						Total
Beginning balance of fixed maturities			$	709					$	1,020											$	16					$	1,745					$	715					$	994											$	16					$	1,725
Total gains or (losses) (realized/unrealized)
Included in earnings			1						—												—						1						2						—												—						2
Included in other comprehensive income (loss)			(2)						(8)												—						(9)						(6)						10												—						4
Purchases, issuances and settlements			3						103												—						105						—						111												—						111
Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories			—						—												—						—						—						—												—						—
Ending balance of fixed maturities			$	711					$	1,115											$	16					$	1,842					$	711					$	1,115											$	16					$	1,842
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			$	—					$	—											$	—					$	—					$	—					$	—											$	—					$	—

(Some amounts may not reconcile due to rounding.)

			Total 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						CMBS						Foreign Corporate						Total						Corporate Securities						Asset-Backed Securities						CMBS						Foreign Corporate						Total
Beginning balance of fixed maturities			$	715					$	1,389					$	6					$	16					$	2,125					$	801					$	1,251					$	—					$	16					$	2,068
Total gains or (losses) (realized/unrealized)
Included in earnings			(5)						—						—						—						(4)						11						—						—						—						12
Included in other comprehensive income (loss)			(3)						(47)						—						(4)						(54)						(7)						(76)						—						(4)						(87)
Purchases, issuances and settlements			28						62						—						8						97						(70)						228						6						8						171
Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories			128						(148)						—						20						—						128						(148)						—						20						—
Ending balance of fixed maturities			$	862					$	1,255					$	6					$	40					$	2,163					$	862					$	1,255					$	6					$	40					$	2,163
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			$	(5)					$	8					$	—					$	—					$	2					$	(5)					$	8					$	—					$	—					$	3

(Some amounts may not reconcile due to rounding.)

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration