XML 35 R25.htm IDEA: XBRL DOCUMENT
v3.23.3

INVESTMENTS (Tables) | 9 Months Ended
--- | ---
Sep. 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) (“URA(D)”) and fair value of fixed maturity securities - available for sale for the periods indicated:
| At September 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 | $ | 1,198 |  |  | $ | — |  |  | $ | 4 |  |  | $ | (81) |  |  | 1,121 |
Obligations of U.S. states and political subdivisions | 406 |  |  | (1) |  |  | — |  |  | (42) |  |  | 363 |
Corporate Securities | 7,875 |  |  | (57) |  |  | 20 |  |  | (654) |  |  | 7,184 |
Asset-backed Securities | 5,326 |  |  | — |  |  | 15 |  |  | (69) |  |  | 5,272 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 1,143 |  |  | — |  |  | — |  |  | (124) |  |  | 1,019 |
Agency Residential | 3,739 |  |  | — |  |  | 1 |  |  | (435) |  |  | 3,305 |
Non-agency Residential | 218 |  |  | — |  |  | — |  |  | (9) |  |  | 209 |
Foreign government securities | 1,844 |  |  | — |  |  | 5 |  |  | (197) |  |  | 1,651 |
Foreign corporate securities | 5,557 |  |  | (3) |  |  | 12 |  |  | (531) |  |  | 5,034 |
Total fixed maturity securities - available for sale | $ | 27,305 |  |  | $ | (60) |  |  | $ | 57 |  |  | $ | (2,143) |  |  | $ | 25,159 |
(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 URA(D) and fair value of fixed maturity securities - held to maturity for the periods indicated:
| At September 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 | $ | 156 |  |  | $ | (2) |  |  | $ | 1 |  |  | $ | (9) |  |  | $ | 146 |
Asset-backed Securities | 602 |  |  | (5) |  |  | 3 |  |  | (18) |  |  | 581 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Foreign corporate securities | 24 |  |  | (1) |  |  | 1 |  |  | — |  |  | 24 |
Total fixed maturity securities - held to maturity | $ | 797 |  |  | (8) |  |  | $ | 4 |  |  | $ | (27) |  |  | $ | 766 |
(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 September 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 | $ | 1,692 |  |  | $ | 1,636 |  |  | $ | 1,331 |  |  | $ | 1,314 |
Due after one year through five years | 8,587 |  |  | 7,984 |  |  | 8,131 |  |  | 7,546 |
Due after five years through ten years | 4,734 |  |  | 4,134 |  |  | 4,636 |  |  | 4,057 |
Due after ten years | 1,866 |  |  | 1,601 |  |  | 1,454 |  |  | 1,233 |
Asset-backed securities | 5,326 |  |  | 5,272 |  |  | 4,229 |  |  | 4,063 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 1,143 |  |  | 1,019 |  |  | 1,023 |  |  | 919 |
Agency residential | 3,739 |  |  | 3,305 |  |  | 3,382 |  |  | 3,099 |
Non-agency residential | 218 |  |  | 209 |  |  | 5 |  |  | 4 |
Total fixed maturity securities - available for sale | $ | 27,305 |  |  | $ | 25,159 |  |  | $ | 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 September 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 |  |  | 62 |  |  | 63 |  |  | 61 |
Due after five years through ten years | 44 |  |  | 41 |  |  | 43 |  |  | 41 |
Due after ten years | 68 |  |  | 62 |  |  | 68 |  |  | 65 |
Asset-backed securities | 602 |  |  | 581 |  |  | 661 |  |  | 642 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 15 |  |  | 15 |  |  | 7 |  |  | 7 |
Total fixed maturity securities - held to maturity | $ | 797 |  |  | $ | 766 |  |  | $ | 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 URA(D) for the Company’s investments are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 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 | $ | (264) |  |  | $ | (724) |  |  | $ | (180) |  |  | $ | (2,484) |
Change in URA(D), pre-tax | (264) |  |  | (724) |  |  | (180) |  |  | $ | (2,484) |
Deferred tax benefit (expense) | 22 |  |  | 53 |  |  | 20 |  |  | $ | 285 |
Change in URA(D), net of deferred taxes, included in shareholders’ equity | $ | (242) |  |  | $ | (671) |  |  | $ | (159) |  |  | $ | (2,199) |
(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 September 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 | $ | 197 |  |  | $ | (11) |  |  | $ | 841 |  |  | $ | (70) |  |  | $ | 1,038 |  |  | $ | (81) |
Obligations of U.S. states and political subdivisions | 108 |  |  | (3) |  |  | 206 |  |  | (39) |  |  | 314 |  |  | (42) |
Corporate securities | 2,030 |  |  | (142) |  |  | 4,292 |  |  | (512) |  |  | 6,322 |  |  | (653) |
Asset-backed securities | 846 |  |  | (20) |  |  | 2,245 |  |  | (48) |  |  | 3,091 |  |  | (69) |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |
Commercial | 152 |  |  | (4) |  |  | 865 |  |  | (120) |  |  | 1,017 |  |  | (124) |
Agency residential | 1,204 |  |  | (68) |  |  | 2,090 |  |  | (368) |  |  | 3,294 |  |  | (435) |
Non-agency residential | 164 |  |  | (9) |  |  | 4 |  |  | — |  |  | 167 |  |  | (9) |
Foreign government securities | 447 |  |  | (21) |  |  | 1,109 |  |  | (176) |  |  | 1,556 |  |  | (197) |
Foreign corporate securities | 1,199 |  |  | (42) |  |  | 3,447 |  |  | (488) |  |  | 4,646 |  |  | (531) |
Total | $ | 6,346 |  |  | $ | (320) |  |  | $ | 15,098 |  |  | $ | (1,822) |  |  | $ | 21,445 |  |  | $ | (2,141) |
Securities where an allowance for credit loss was recorded | — |  |  | (1) |  |  | — |  |  | (1) |  |  | 1 |  |  | (2) |
Total fixed maturity securities - available for sale | $ | 6,347 |  |  | $ | (320) |  |  | $ | 15,099 |  |  | $ | (1,823) |  |  | $ | 21,445 |  |  | $ | (2,143) |
(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 |  |  | — |  |  | 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 September 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 | $ | 169 |  |  | $ | (3) |  |  | $ | 1,259 |  |  | $ | (45) |  |  | $ | 1,428 |  |  | $ | (48) |
Due in one year through five years | 1,634 |  |  | (51) |  |  | 5,425 |  |  | (567) |  |  | 7,059 |  |  | (618) |
Due in five years through ten years | 1,263 |  |  | (67) |  |  | 2,662 |  |  | (533) |  |  | 3,925 |  |  | (601) |
Due after ten years | 914 |  |  | (98) |  |  | 549 |  |  | (139) |  |  | 1,464 |  |  | (237) |
Asset-backed securities | 846 |  |  | (20) |  |  | 2,245 |  |  | (48) |  |  | 3,091 |  |  | (69) |
Mortgage-backed securities | 1,519 |  |  | (81) |  |  | 2,959 |  |  | (488) |  |  | 4,478 |  |  | (569) |
Total | $ | 6,346 |  |  | $ | (320) |  |  | $ | 15,098 |  |  | $ | (1,822) |  |  | $ | 21,445 |  |  | $ | (2,141) |
Securities where an allowance for credit loss was recorded | — |  |  | (1) |  |  | — |  |  | (1) |  |  | 1 |  |  | (2) |
Total fixed maturity securities - available for sale | $ | 6,347 |  |  | $ | (320) |  |  | $ | 15,099 |  |  | $ | (1,823) |  |  | $ | 21,445 |  |  | $ | (2,143) |
(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 September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Fixed maturities | $ | 299 |  |  | $ | 186 |  |  | $ | 822 |  |  | $ | 503 |
Equity securities | 1 |  |  | 6 |  |  | 3 |  |  | 15 |
Short-term investments and cash | 41 |  |  | 5 |  |  | 92 |  |  | 12 |
Other invested assets |  |  |  |  |  |  |
Limited partnerships | 60 |  |  | (42) |  |  | 98 |  |  | 94 |
Other | 15 |  |  | 11 |  |  | 42 |  |  | 37 |
Gross investment income before adjustments | 416 |  |  | 167 |  |  | 1,056 |  |  | 661 |
Funds held interest income (expense) | 5 |  |  | — |  |  | 7 |  |  | 4 |
Future policy benefit reserve income (expense) | — |  |  | — |  |  | (1) |  |  | — |
Gross investment income | 420 |  |  | 167 |  |  | 1,063 |  |  | 665 |
Investment expenses | 14 |  |  | 15 |  |  | 41 |  |  | 45 |
Net investment income | $ | 406 |  |  | $ | 151 |  |  | $ | 1,023 |  |  | $ | 620 |
(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 September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Fixed maturity securities |  |  |  |  |  |  |
Allowance for credit losses | $ | 2 |  |  | $ | (5) |  |  | $ | (6) |  |  | $ | (18) |
Net realized gains (losses) from dispositions | (19) |  |  | (53) |  |  | (21) |  |  | (66) |
Equity securities, fair value |  |  |  |  |  |  |
Net realized gains (losses) from dispositions | 1 |  |  | 58 |  |  | 8 |  |  | 15 |
Gains (losses) from fair value adjustments | (16) |  |  | (136) |  |  | (3) |  |  | (462) |
Other invested assets | — |  |  | 6 |  |  | — |  |  | 11 |
Short-term investments gain (loss) | — |  |  | 1 |  |  | — |  |  | 1 |
Total net gains (losses) on investments | $ | (31) |  |  | $ | (129) |  |  | $ | (21) |  |  | $ | (519) |
(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 September 30, 2023 |  | Nine Months Ended September 30, 2023
(Dollars in millions) | Corporate Securities |  |  |  | Municipals |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  |  |  | Municipals |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (56) |  |  |  |  | $ | — |  |  | $ | (7) |  |  | $ | (63) |  |  | $ | (45) |  |  |  |  | $ | — |  |  | $ | (10) |  |  | $ | (54) |
Credit losses on securities where credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were not previously recorded | (3) |  |  |  |  | — |  |  | — |  |  | (3) |  |  | (17) |  |  |  |  | — |  |  | — |  |  | (17) |
Increases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Decreases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Reduction in allowance due to disposals | $ | 2 |  |  |  |  | $ | — |  |  | $ | 4 |  |  | $ | 6 |  |  | $ | 6 |  |  |  |  | $ | — |  |  | $ | 6 |  |  | $ | 12 |
Balance, end of period | $ | (57) |  |  |  |  | $ | (1) |  |  | $ | (3) |  |  | $ | (60) |  |  | $ | (57) |  |  |  |  | $ | (1) |  |  | $ | (3) |  |  | $ | (60) |
(Some amounts may not reconcile due to rounding.)
| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
| Three Months Ended September 30, 2022 |  | Nine Months Ended September 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 | $ | (26) |  |  | $ | — |  |  | $ | (17) |  |  | $ | (43) |  |  | $ | (19) |  |  | $ | (8) |  |  | $ | (3) |  |  | $ | (30) |
Credit losses on securities where credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were not previously recorded | — |  |  | — |  |  | — |  |  | — |  |  | (7) |  |  | — |  |  | (16) |  |  | (23) |
Increases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | (3) |  |  | — |  |  | — |  |  | (3) |  |  | (4) |  |  | — |  |  | (1) |  |  | (4) |
Decreases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Reduction in allowance due to disposals | — |  |  | — |  |  | 8 |  |  | 8 |  |  | 1 |  |  | 8 |  |  | 10 |  |  | 19 |
Balance, end of period | $ | (29) |  |  | — |  |  | $ | (9) |  |  | $ | (38) |  |  | $ | (29) |  |  | $ | — |  |  | $ | (9) |  |  | $ | (38) |
(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 September 30, 2023 |  | Nine Months Ended September 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) |  |  | $ | (8) |  |  | $ | (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.)
| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
| Three Months Ended September 30, 2022 |  | Nine Months Ended September 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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Credit losses on securities where credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were not previously recorded | (2) |  |  | (6) |  |  | (1) |  |  | (9) |  |  | (2) |  |  | (6) |  |  | (1) |  |  | (9) |
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) |  |  | (6) |  |  | $ | (1) |  |  | $ | (9) |  |  | $ | (2) |  |  | $ | (6) |  |  | $ | (1) |  |  | $ | (9) |
(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 September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Proceeds from sales of fixed maturity securities - available for sale | $ | 300 |  |  | $ | 405 |  |  | $ | 468 |  |  | $ | 1,177 |
Gross gains from dispositions | 4 |  |  | 5 |  |  | 21 |  |  | 33 |
Gross losses from dispositions | (23) |  |  | (58) |  |  | (42) |  |  | (98) |
Proceeds from sales of equity securities | $ | 80 |  |  | $ | 592 |  |  | $ | 126 |  |  | $ | 1,030 |
Gross gains from dispositions | 2 |  |  | 60 |  |  | 8 |  |  | 67 |
Gross losses from dispositions | — |  |  | (2) |  |  | — |  |  | (53) |
(Some amounts may not reconcile due to rounding.)

X
- Definition Unrealized Appreciation Depreciation Of Investments [Table Text Block] + References No definition available. + Details
Name: | eg_UnrealizedAppreciationDepreciationOfInvestmentsTableTextBlock
Namespace Prefix: | eg_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-9 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 + Details
Name: | us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
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 -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org//321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org//325/tableOfContent + 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9 + 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