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INVESTMENTS (Tables) | 6 Months Ended
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Jun. 30, 2024
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 June 30, 2024
(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 | $ | 1,070 |  |  | $ | — |  |  | $ | 3 |  |  | $ | (49) |  |  | 1,024 |
Obligations of U.S. states and political subdivisions | 114 |  |  | — |  |  | 1 |  |  | (9) |  |  | 105 |
Corporate Securities | 8,297 |  |  | (42) |  |  | 70 |  |  | (347) |  |  | 7,979 |
Asset-backed Securities | 5,317 |  |  | — |  |  | 27 |  |  | (27) |  |  | 5,317 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 1,016 |  |  | — |  |  | 1 |  |  | (83) |  |  | 934 |
Agency Residential | 5,025 |  |  | — |  |  | 22 |  |  | (302) |  |  | 4,745 |
Non-agency Residential | 940 |  |  | — |  |  | 8 |  |  | (5) |  |  | 943 |
Foreign government securities | 2,370 |  |  | — |  |  | 11 |  |  | (140) |  |  | 2,240 |
Foreign corporate securities | 5,985 |  |  | — |  |  | 46 |  |  | (287) |  |  | 5,744 |
Total fixed maturity securities - available for sale | $ | 30,134 |  |  | $ | (42) |  |  | $ | 188 |  |  | $ | (1,249) |  |  | $ | 29,031 |
(Some amounts may not reconcile due to rounding.)
| 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.) 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 June 30, 2024
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair Value
Fixed maturity securities - held to maturity |  |  |  |  |  |  |  |  |
Corporate Securities | $ | 173 |  |  | $ | (2) |  |  | $ | 5 |  |  | $ | (5) |  |  | $ | 171 |
Asset-backed Securities | 517 |  |  | (5) |  |  | 5 |  |  | (8) |  |  | 509 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 21 |  |  | — |  |  | — |  |  | — |  |  | 21 |
Foreign corporate securities | 84 |  |  | (1) |  |  | 4 |  |  | — |  |  | 87 |
Total fixed maturity securities - held to maturity | $ | 796 |  |  | (8) |  |  | $ | 14 |  |  | $ | (13) |  |  | $ | 788 |
(Some amounts may not reconcile due to rounding.)
| 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.)
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 June 30, 2024 |  | At December 31, 2023
(Dollars in millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Fixed maturity securities – available for sale |  |  |  |  |  |  |
Due in one year or less | $ | 1,472 |  |  | $ | 1,439 |  |  | $ | 1,289 |  |  | $ | 1,261 |
Due after one year through five years | 7,560 |  |  | 7,264 |  |  | 7,094 |  |  | 6,858 |
Due after five years through ten years | 6,350 |  |  | 6,050 |  |  | 5,613 |  |  | 5,405 |
Due after ten years | 2,454 |  |  | 2,339 |  |  | 2,537 |  |  | 2,460 |
Asset-backed securities | 5,317 |  |  | 5,317 |  |  | 5,644 |  |  | 5,618 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 1,016 |  |  | 934 |  |  | 1,091 |  |  | 1,000 |
Agency residential | 5,025 |  |  | 4,745 |  |  | 4,869 |  |  | 4,695 |
Non-agency residential | 940 |  |  | 943 |  |  | 431 |  |  | 443 |
Total fixed maturity securities - available for sale | $ | 30,134 |  |  | $ | 29,031 |  |  | $ | 28,568 |  |  | $ | 27,740 |
(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, 2024 |  | At December 31, 2023
(Dollars in millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Fixed maturity securities – held to maturity |  |  |  |  |  |  |
Due in one year or less | $ | 12 |  |  | $ | 12 |  |  | $ | 5 |  |  | $ | 5 |
Due after one year through five years | 53 |  |  | 52 |  |  | 59 |  |  | 58 |
Due after five years through ten years | 42 |  |  | 41 |  |  | 43 |  |  | 42 |
Due after ten years | 151 |  |  | 154 |  |  | 127 |  |  | 131 |
Asset-backed securities | 517 |  |  | 509 |  |  | 609 |  |  | 597 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 21 |  |  | 21 |  |  | 21 |  |  | 21 |
Total fixed maturity securities - held to maturity | $ | 796 |  |  | $ | 788 |  |  | $ | 864 |  |  | $ | 854 |
(Some amounts may not reconcile due to rounding.)
Schedule 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 June 30, |  | Six Months Ended June 30,
(Dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
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 | $ | (90) |  |  | $ | (195) |  |  | $ | (276) |  |  | $ | 84 |
Change in URA(D), pre-tax | (90) |  |  | (195) |  |  | (276) |  |  | 84 |
Deferred tax benefit (expense) | 30 |  |  | 28 |  |  | 63 |  |  | (2) |
Change in URA(D), net of deferred taxes, included in shareholders’ equity | $ | (60) |  |  | $ | (167) |  |  | $ | (213) |  |  | $ | 82 |
(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 the individual securities had been in a continuous unrealized loss position for the periods indicated:
| Duration of Unrealized Loss at June 30, 2024 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 | $ | 187 |  |  | $ | (4) |  |  | $ | 734 |  |  | $ | (44) |  |  | $ | 922 |  |  | $ | (49) |
Obligations of U.S. states and political subdivisions | 5 |  |  | — |  |  | 64 |  |  | (9) |  |  | 69 |  |  | (9) |
Corporate securities | 2,331 |  |  | (60) |  |  | 2,868 |  |  | (286) |  |  | 5,199 |  |  | (346) |
Asset-backed securities | 341 |  |  | (3) |  |  | 607 |  |  | (24) |  |  | 948 |  |  | (27) |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |
Commercial | 194 |  |  | (18) |  |  | 694 |  |  | (65) |  |  | 888 |  |  | (83) |
Agency residential | 1,853 |  |  | (100) |  |  | 1,567 |  |  | (203) |  |  | 3,420 |  |  | (302) |
Non-agency residential | 384 |  |  | (3) |  |  | 60 |  |  | (2) |  |  | 444 |  |  | (5) |
Foreign government securities | 713 |  |  | (24) |  |  | 927 |  |  | (116) |  |  | 1,639 |  |  | (140) |
Foreign corporate securities | 1,406 |  |  | (21) |  |  | 2,457 |  |  | (266) |  |  | 3,864 |  |  | (287) |
Total | $ | 7,414 |  |  | $ | (233) |  |  | $ | 9,978 |  |  | $ | (1,016) |  |  | $ | 17,392 |  |  | $ | (1,248) |
Securities where an allowance for credit loss was recorded | 15 |  |  | (1) |  |  | 2 |  |  | — |  |  | 16 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 7,428 |  |  | $ | (234) |  |  | $ | 9,980 |  |  | $ | (1,016) |  |  | $ | 17,408 |  |  | $ | (1,249) |
(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, 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.)
Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Contractual Maturity |
| Duration of Unrealized Loss at June 30, 2024 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 | $ | 256 |  |  | $ | (7) |  |  | $ | 763 |  |  | $ | (31) |  |  | $ | 1,019 |  |  | $ | (39) |
Due in one year through five years | 1,602 |  |  | (28) |  |  | 3,727 |  |  | (299) |  |  | 5,328 |  |  | (326) |
Due in five years through ten years | 1,955 |  |  | (49) |  |  | 1,971 |  |  | (303) |  |  | 3,927 |  |  | (352) |
Due after ten years | 829 |  |  | (26) |  |  | 589 |  |  | (88) |  |  | 1,418 |  |  | (114) |
Asset-backed securities | 341 |  |  | (3) |  |  | 607 |  |  | (24) |  |  | 948 |  |  | (27) |
Mortgage-backed securities | 2,431 |  |  | (120) |  |  | 2,321 |  |  | (270) |  |  | 4,752 |  |  | (390) |
Total | $ | 7,414 |  |  | $ | (233) |  |  | $ | 9,978 |  |  | $ | (1,016) |  |  | $ | 17,392 |  |  | $ | (1,248) |
Securities where an allowance for credit loss was recorded | 15 |  |  | (1) |  |  | 2 |  |  | — |  |  | 16 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 7,428 |  |  | $ | (234) |  |  | $ | 9,980 |  |  | $ | (1,016) |  |  | $ | 17,408 |  |  | $ | (1,249) |
(Some amounts may not reconcile due to rounding.)
| 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.)
Schedule 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) | 2024 |  | 2023 |  | 2024 |  | 2023
Fixed maturities | $ | 369 |  |  | $ | 276 |  |  | $ | 721 |  |  | $ | 523 |
Equity securities | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Short-term investments and cash | 43 |  |  | 34 |  |  | 81 |  |  | 51 |
Other invested assets |  |  |  |  |  |  |
Limited partnerships | 94 |  |  | 53 |  |  | 148 |  |  | 38 |
Other | 30 |  |  | 6 |  |  | 50 |  |  | 27 |
Gross investment income before adjustments | 537 |  |  | 369 |  |  | 1,001 |  |  | 641 |
Funds held interest income (expense) | 9 |  |  | 2 |  |  | 15 |  |  | 2 |
Future policy benefit reserve income (expense) | — |  |  | — |  |  | — |  |  | — |
Gross investment income | 545 |  |  | 371 |  |  | 1,016 |  |  | 643 |
Investment expenses | 18 |  |  | 14 |  |  | 31 |  |  | 26 |
Net investment income | $ | 528 |  |  | $ | 357 |  |  | $ | 985 |  |  | $ | 617 |
(Some amounts may not reconcile due to rounding.)
Schedule 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) | 2024 |  | 2023 |  | 2024 |  | 2023
Fixed maturity securities |  |  |  |  |  |  |
Allowance for credit losses | $ | 4 |  |  | $ | — |  |  | $ | 6 |  |  | $ | (8) |
Net realized gains (losses) from dispositions | (15) |  |  | (3) |  |  | (22) |  |  | (1) |
Equity securities, fair value |  |  |  |  |  |  |
Net realized gains (losses) from dispositions | — |  |  | — |  |  | 1 |  |  | 7 |
Gains (losses) from fair value adjustments | (5) |  |  | 8 |  |  | (8) |  |  | 12 |
Other invested assets | (1) |  |  | — |  |  | (1) |  |  | — |
Total net gains (losses) on investments | $ | (17) |  |  | $ | 5 |  |  | $ | (24) |  |  | $ | 10 |
(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
| Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024
(Dollars in millions) | Corporate Securities |  |  |  |  |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  |  |  |  |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (45) |  |  |  |  |  |  | $ | — |  |  | $ | (46) |  |  | $ | (47) |  |  |  |  |  |  | $ | (1) |  |  | $ | (48) |
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 | 3 |  |  |  |  |  |  | — |  |  | 4 |  |  | 5 |  |  |  |  |  |  | 1 |  |  | 6 |
Balance, end of period | $ | (42) |  |  |  |  |  |  | $ | — |  |  | $ | (42) |  |  | $ | (42) |  |  |  |  |  |  | $ | — |  |  | $ | (42) |
(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, 2023 |  | Six Months Ended June 30, 2023
(Dollars in millions) | Corporate Securities |  |  |  | Foreign Corporate Securities |  | Total |  | Corporate 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.)
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
| Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (2) |  |  | $ | (5) |  |  | $ | (1) |  |  | $ | (9) |  |  | $ | (2) |  |  | $ | (5) |  |  | $ | (1) |  |  | $ | (8) |
Credit losses on securities where credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were not previously recorded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
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) |  |  | $ | (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 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.)
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 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) | 2024 |  | 2023 |  | 2024 |  | 2023
Proceeds from sales of fixed maturity securities - available for sale | $ | 678 |  |  | $ | 96 |  |  | $ | 1,085 |  |  | $ | 168 |
Gross gains from dispositions | 16 |  |  | 7 |  |  | 26 |  |  | 17 |
Gross losses from dispositions | (30) |  |  | (10) |  |  | (48) |  |  | (19) |
Proceeds from sales of equity securities | $ | 15 |  |  | $ | — |  |  | $ | 15 |  |  | $ | 46 |
Gross gains from dispositions | 1 |  |  | — |  |  | 2 |  |  | 7 |
Gross losses from dispositions | — |  |  | — |  |  | — |  |  | — |
(Some amounts may not reconcile due to rounding.)

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