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INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule 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 December 31, 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 | $ | 1,045 |  |  | $ | — |  |  | $ | 3 |  |  | $ | (52) |  |  | $ | 996 |
Obligations of U.S. states and political subdivisions | 138 |  |  | — |  |  | 1 |  |  | (11) |  |  | 128 |
Corporate securities | 7,587 |  |  | (47) |  |  | 135 |  |  | (322) |  |  | 7,353 |
Asset-backed securities | 5,644 |  |  | — |  |  | 25 |  |  | (51) |  |  | 5,618 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 1,091 |  |  | — |  |  | 1 |  |  | (92) |  |  | 1,000 |
Agency residential | 4,869 |  |  | — |  |  | 55 |  |  | (229) |  |  | 4,695 |
Non-agency residential | 431 |  |  | — |  |  | 14 |  |  | (2) |  |  | 443 |
Foreign government securities | 2,042 |  |  | — |  |  | 33 |  |  | (108) |  |  | 1,967 |
Foreign corporate securities | 5,720 |  |  | (1) |  |  | 92 |  |  | (271) |  |  | 5,540 |
Total fixed maturity securities - available for sale | $ | 28,568 |  |  | $ | (48) |  |  | $ | 358 |  |  | $ | (1,137) |  |  | $ | 27,740 |
(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 table shows amortized cost, allowance for credit losses, gross URA(D) and fair value of fixed maturity securities - held to maturity for the periods indicated:
| At December 31, 2023
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair Value
Fixed maturity securities - held to maturity |  |  |  |  |  |  |  |  |
Corporate securities | $ | 150 |  |  | $ | (2) |  |  | $ | 1 |  |  | $ | (3) |  |  | $ | 146 |
Asset-backed securities | 609 |  |  | (5) |  |  | 4 |  |  | (10) |  |  | 597 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 21 |  |  | — |  |  | — |  |  | — |  |  | 21 |
Foreign corporate securities | 84 |  |  | (1) |  |  | 7 |  |  | — |  |  | 90 |
Total fixed maturity securities - held to maturity | $ | 864 |  |  | $ | (8) |  |  | $ | 12 |  |  | $ | (13) |  |  | $ | 854 |
(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.)
Schedule 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 December 31, 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 | $ | 1,289 |  |  | $ | 1,261 |  |  | $ | 1,331 |  |  | $ | 1,314 |
Due after one year through five years | 7,094 |  |  | 6,858 |  |  | 8,131 |  |  | 7,546 |
Due after five years through ten years | 5,613 |  |  | 5,405 |  |  | 4,636 |  |  | 4,057 |
Due after ten years | 2,537 |  |  | 2,460 |  |  | 1,454 |  |  | 1,233 |
Asset-backed securities | 5,644 |  |  | 5,618 |  |  | 4,229 |  |  | 4,063 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 1,091 |  |  | 1,000 |  |  | 1,023 |  |  | 919 |
Agency residential | 4,869 |  |  | 4,695 |  |  | 3,382 |  |  | 3,099 |
Non-agency residential | 431 |  |  | 443 |  |  | 5 |  |  | 4 |
Total fixed maturity securities -available for sale | $ | 28,568 |  |  | $ | 27,740 |  |  | $ | 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 December 31, 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 | 59 |  |  | 58 |  |  | 63 |  |  | 61 |
Due after five years through ten years | 43 |  |  | 42 |  |  | 43 |  |  | 41 |
Due after ten years | 127 |  |  | 131 |  |  | 68 |  |  | 65 |
Asset-backed securities | 609 |  |  | 597 |  |  | 661 |  |  | 642 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 21 |  |  | 21 |  |  | 7 |  |  | 7 |
Total fixed maturity securities - held to maturity | $ | 864 |  |  | $ | 854 |  |  | $ | 848 |  |  | $ | 821 |
(Some amounts may not reconcile due to rounding.)
Schedule of Changes in Net Unrealized Appreciation (Depreciation) for Company's Investments | The changes in net URA(D) for the Company’s investments are as follows:
| Years Ended December 31,
(Dollars in millions) | 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 | $ | 1,129 |  |  | $ | (2,225) |
Change in unrealized appreciation (depreciation), pre-tax | 1,129 |  |  | (2,225) |
Deferred tax benefit (expense) | (142) |  |  | 277 |
Change in URA(D), net of deferred taxes, included in shareholders’ equity | $ | 986 |  |  | $ | (1,948) |
(Some amounts may not reconcile due to rounding.)
Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity 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 December 31, 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 | $ | 122 |  |  | $ | (3) |  |  | $ | 772 |  |  | $ | (49) |  |  | $ | 893 |  |  | $ | (52) |
Obligations of U.S. states and political subdivisions | 3 |  |  | — |  |  | 74 |  |  | (11) |  |  | 77 |  |  | (11) |
Corporate securities | 1,019 |  |  | (58) |  |  | 2,780 |  |  | (263) |  |  | 3,799 |  |  | (321) |
Asset-backed securities | 196 |  |  | (2) |  |  | 2,014 |  |  | (49) |  |  | 2,210 |  |  | (51) |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |
Commercial | 181 |  |  | (19) |  |  | 742 |  |  | (73) |  |  | 923 |  |  | (92) |
Agency residential | 423 |  |  | (4) |  |  | 2,126 |  |  | (225) |  |  | 2,549 |  |  | (229) |
Non-agency residential | 126 |  |  | (1) |  |  | 4 |  |  | — |  |  | 130 |  |  | — |
Foreign government securities | 172 |  |  | (7) |  |  | 985 |  |  | (101) |  |  | 1,156 |  |  | (108) |
Foreign corporate securities | 324 |  |  | (6) |  |  | 2,726 |  |  | (265) |  |  | 3,050 |  |  | (271) |
Total | $ | 2,564 |  |  | $ | (101) |  |  | $ | 12,222 |  |  | $ | (1,035) |  |  | $ | 14,787 |  |  | $ | (1,136) |
Securities where an allowance for credit loss was recorded | 2 |  |  | (1) |  |  | — |  |  | — |  |  | 2 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 2,566 |  |  | $ | (102) |  |  | $ | 12,222 |  |  | $ | (1,035) |  |  | $ | 14,789 |  |  | $ | (1,137) |
(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.)
Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Contractual Maturity |
| Duration of Unrealized Loss at December 31, 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 | $ | 184 |  |  | $ | (3) |  |  | $ | 773 |  |  | $ | (30) |  |  | $ | 958 |  |  | $ | (33) |
Due in one year through five years | 699 |  |  | (18) |  |  | 3,841 |  |  | (271) |  |  | 4,540 |  |  | (289) |
Due in five years through ten years | 328 |  |  | (15) |  |  | 2,306 |  |  | (310) |  |  | 2,633 |  |  | (325) |
Due after ten years | 429 |  |  | (39) |  |  | 417 |  |  | (77) |  |  | 845 |  |  | (116) |
Asset-backed securities | 196 |  |  | (2) |  |  | 2,014 |  |  | (49) |  |  | 2,210 |  |  | (51) |
Mortgage-backed securities | 729 |  |  | (24) |  |  | 2,872 |  |  | (298) |  |  | 3,601 |  |  | (323) |
Total | $ | 2,564 |  |  | $ | (101) |  |  | $ | 12,222 |  |  | $ | (1,035) |  |  | $ | 14,787 |  |  | $ | (1,136) |
Securities where an allowance for credit loss was recorded | 2 |  |  | (1) |  |  | — |  |  | — |  |  | 2 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 2,566 |  |  | $ | (102) |  |  | $ | 12,222 |  |  | $ | (1,035) |  |  | $ | 14,789 |  |  | $ | (1,137) |
(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.)
Schedule of Components of Net Investment Income | The components of net investment income are presented in the table below for the periods indicated:
| Years Ended December 31,
(Dollars in millions) | 2023 |  | 2022 |  | 2021
Fixed maturities | $ | 1,153 |  |  | $ | 742 |  |  | $ | 561 |
Equity securities | 3 |  |  | 16 |  |  | 17 |
Short-term investments and cash | 140 |  |  | 28 |  |  | 1 |
Other invested assets |  |  |  |  |
Limited partnerships | 122 |  |  | 75 |  |  | 565 |
Other | 59 |  |  | 29 |  |  | 63 |
Gross investment income before adjustments | 1,477 |  |  | 890 |  |  | 1,208 |
Funds held interest income (expense) | 10 |  |  | 2 |  |  | 12 |
Future policy benefit reserve income (expense) | (1) |  |  | — |  |  | (1) |
Gross investment income | 1,486 |  |  | 892 |  |  | 1,219 |
Investment expenses | 53 |  |  | 62 |  |  | 54 |
Net investment income | $ | 1,434 |  |  | $ | 830 |  |  | $ | 1,165 |
(Some amounts may not reconcile due to rounding.)
Schedule of Components of Net Gains (Losses) on Investments | The components of net gains (losses) on investments are presented in the table below for the periods indicated:
| Years Ended December 31,
(Dollars in millions) | 2023 |  | 2022 |  | 2021
Fixed maturity securities |  |  |  |  |
Allowance for credit losses | $ | 7 |  |  | $ | (33) |  |  | $ | (28) |
Net realized gains (losses) from dispositions | (292) |  |  | (87) |  |  | 17 |
Gains (losses) from fair value adjustments | — |  |  | — |  |  | — |
Equity securities: |  |  |  |  |
Net realized gains (losses) from dispositions | 8 |  |  | 112 |  |  | 28 |
Gains (losses) from fair value adjustments | — |  |  | (460) |  |  | 236 |
Other invested assets | — |  |  | 13 |  |  | 6 |
Short-term investments gain (loss) | — |  |  | — |  |  | — |
Total net gains (losses) on investments | $ | (276) |  |  | $ | (455) |  |  | $ | 258 |
(Some amounts may not reconcile due to rounding.)
Schedule of Roll Forward of Allowance for Credit Losses of Fixed Maturities, Available for Sale | 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
| Twelve Months Ended December 31, 2023
| Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total
(Dollars in millions) |  |  |  |  |  |  |
Beginning Balance | $ | (45) |  |  | $ | — |  |  | $ | (10) |  |  | $ | (54) |
Credit losses on securities where credit losses were not previously recorded | (23) |  |  | — |  |  | — |  |  | (24) |
Increases in allowance on previously impaired securities | (1) |  |  | — |  |  | — |  |  | (1) |
Decreases in allowance on previously impaired securities | — |  |  | — |  |  | — |  |  | — |
Reduction in allowance due to disposals | 22 |  |  | — |  |  | 8 |  |  | 30 |
Balance, end of period | $ | (47) |  |  | $ | — |  |  | $ | (1) |  |  | $ | (48) |
(Some amounts may not reconcile due to rounding.)
| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
| Twelve Months Ended December 31, 2022
| Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total
(Dollars in millions) |  |  |  |  |  |  |
Beginning Balance | $ | (19) |  |  | $ | (8) |  |  | $ | (3) |  |  | $ | (30) |
Credit losses on securities where credit losses were not previously recorded | (11) |  |  | — |  |  | (16) |  |  | (26) |
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, end of period | $ | (45) |  |  | $ | — |  |  | $ | (10) |  |  | $ | (54) |
(Some amounts may not reconcile due to rounding.)
Schedule of Roll Forward of Allowance for Credit Losses of Fixed Maturities, Held to Maturity |
| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
| Twelve Months Ended December 31, 2023
| Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total
(Dollars in millions) |  |  |  |  |  |  |
Beginning Balance | $ | (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 | — |  |  | 1 |  |  | — |  |  | 1 |
Balance, end of period | $ | (2) |  |  | $ | (5) |  |  | $ | (1) |  |  | $ | (8) |
(Some amounts may not reconcile due to rounding.)
| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
| Twelve Months Ended December 31, 2022
| Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total
(Dollars in millions) |  |  |  |  |  |  |
Beginning Balance | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Credit losses on securities where credit losses were not previously recorded | (2) |  |  | (6) |  |  | (1) |  |  | (9) |
Increases in allowance on previously impaired securities | — |  |  | — |  |  | — |  |  | — |
Decreases in allowance on previously |  |  |  |  |  |  |
Reduction in allowance due to disposals | — |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | (2) |  |  | $ | (6) |  |  | $ | (1) |  |  | $ | (9) |
(Some amounts may not reconcile due to rounding.)
Schedule of Proceeds and Split Between Gross Gains and Losses, from Sales of Fixed Maturity Securities | The proceeds and split between gross gains and losses, from sales of fixed maturity securities - available for sale and equity securities, are presented in the table below for the periods indicated:
| Years Ended December 31,
(Dollars in millions) | 2023 |  | 2022 |  | 2021
Proceeds from sales of fixed maturity securities - available for sale | $ | 3,849 |  |  | $ | 1,403 |  |  | $ | 1,916 |
Gross gains from sales | 35 |  |  | 40 |  |  | 72 |
Gross losses from sales | (327) |  |  | (127) |  |  | (55) |
Proceeds from sales of equity securities | $ | 126 |  |  | $ | 2,217 |  |  | $ | 990 |
Gross gains from sales | 8 |  |  | 165 |  |  | 42 |
Gross losses from sales | — |  |  | (53) |  |  | (15) |

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