XML 40 R28.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

FAIR VALUE (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of 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, 2024 |  | 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 | $ | 1,024 |  |  | $ | — |  |  | $ | 1,024 |  |  | $ | — |
Obligations of U.S. States and political subdivisions | 105 |  |  | — |  |  | 105 |  |  | — |
Corporate securities | 7,979 |  |  | — |  |  | 7,390 |  |  | 589 |
Asset-backed securities | 5,317 |  |  | — |  |  | 3,875 |  |  | 1,442 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 934 |  |  | — |  |  | 934 |  |  | — |
Agency residential | 4,745 |  |  | — |  |  | 4,745 |  |  | — |
Non-agency residential | 943 |  |  | — |  |  | 943 |  |  | — |
Foreign government securities | 2,240 |  |  | — |  |  | 2,240 |  |  | — |
Foreign corporate securities | 5,744 |  |  | — |  |  | 5,730 |  |  | 14 |
Total fixed maturities - available for sale | 29,031 |  |  | — |  |  | 26,987 |  |  | 2,045 |
Equity securities, fair value | 219 |  |  | 70 |  |  | 144 |  |  | 5 |
(Some amounts may not reconcile due to rounding.)
|  |  | Fair Value Measurement Using
(Dollars in millions) | December 31, 2023 |  | 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 | $ | 996 |  |  | $ | — |  |  | $ | 996 |  |  | $ | — |
Obligations of U.S. States and political subdivisions | 128 |  |  | — |  |  | 128 |  |  | — |
Corporate securities | 7,353 |  |  | — |  |  | 6,681 |  |  | 672 |
Asset-backed securities | 5,618 |  |  | — |  |  | 4,313 |  |  | 1,305 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 1,000 |  |  | — |  |  | 1,000 |  |  | — |
Agency residential | 4,695 |  |  | — |  |  | 4,695 |  |  | — |
Non-agency residential | 443 |  |  | — |  |  | 443 |  |  | — |
Foreign government securities | 1,967 |  |  | — |  |  | 1,967 |  |  | — |
Foreign corporate securities | 5,540 |  |  | — |  |  | 5,524 |  |  | 16 |
Total fixed maturities - available for sale | 27,740 |  |  | — |  |  | 25,747 |  |  | 1,993 |
Equity securities, fair value | 188 |  |  | 70 |  |  | 118 |  |  | — |
(Some amounts may not reconcile due to rounding.)
Schedule of 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, 2024 |  | Six Months Ended June 30, 2024
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  |  |  | Foreign Corporate |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  |  |  | Foreign Corporate |  | Total
Beginning balance of fixed maturities | $ | 620 |  |  | $ | 1,340 |  |  |  |  | $ | 16 |  |  | $ | 1,976 |  |  | $ | 672 |  |  | $ | 1,305 |  |  |  |  | $ | 16 |  |  | $ | 1,993 |
Total gains or (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | 5 |  |  | — |  |  |  |  | — |  |  | 5 |  |  | 6 |  |  | — |  |  |  |  | — |  |  | 6 |
Included in other comprehensive income (loss) | (1) |  |  | 3 |  |  |  |  | — |  |  | 2 |  |  | (1) |  |  | 10 |  |  |  |  | — |  |  | 9 |
Purchases, issuances and settlements | (35) |  |  | 99 |  |  |  |  | (2) |  |  | 62 |  |  | (88) |  |  | 126 |  |  |  |  | (2) |  |  | 37 |
Transfers in/(out) of Level 3 and reclassification of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities in/(out) of investment categories | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Ending balance of fixed maturities | $ | 589 |  |  | $ | 1,442 |  |  |  |  | $ | 14 |  |  | $ | 2,045 |  |  | $ | 589 |  |  | $ | 1,442 |  |  |  |  | $ | 14 |  |  | $ | 2,045 |
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 | $ | 3 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 4 |
(Some amounts may not reconcile due to rounding.)
| 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.)

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://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + 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 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