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INVESTMENTS (Tables) | 9 Months Ended
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Sep. 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 September 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 | $ | 742 |  |  | $ | — |  |  | $ | 2 |  |  | $ | (35) |  |  | 709 |
Obligations of U.S. states and political subdivisions | 87 |  |  | — |  |  | 1 |  |  | (4) |  |  | 84 |
Corporate Securities | 8,257 |  |  | (50) |  |  | 203 |  |  | (215) |  |  | 8,195 |
Asset-backed Securities | 5,900 |  |  | — |  |  | 35 |  |  | (20) |  |  | 5,915 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 990 |  |  | — |  |  | 4 |  |  | (56) |  |  | 937 |
Agency Residential | 4,662 |  |  | — |  |  | 67 |  |  | (173) |  |  | 4,556 |
Non-agency Residential | 1,325 |  |  | — |  |  | 34 |  |  | — |  |  | 1,359 |
Foreign government securities | 2,388 |  |  | — |  |  | 46 |  |  | (96) |  |  | 2,338 |
Foreign corporate securities | 6,401 |  |  | — |  |  | 178 |  |  | (193) |  |  | 6,386 |
Total fixed maturity securities - available for sale | $ | 30,753 |  |  | $ | (51) |  |  | $ | 570 |  |  | $ | (793) |  |  | $ | 30,479 |
(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 September 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 | $ | 182 |  |  | $ | (2) |  |  | $ | 8 |  |  | $ | (1) |  |  | $ | 187 |
Asset-backed Securities | 501 |  |  | (5) |  |  | 8 |  |  | (4) |  |  | 501 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 21 |  |  | — |  |  | — |  |  | — |  |  | 21 |
Foreign corporate securities | 84 |  |  | (1) |  |  | 9 |  |  | — |  |  | 91 |
Total fixed maturity securities - held to maturity | $ | 788 |  |  | (8) |  |  | $ | 24 |  |  | $ | (5) |  |  | $ | 799 |
(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 September 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 | $ | 1,047 |  |  | $ | 1,014 |  |  | $ | 1,289 |  |  | $ | 1,261 |
Due after one year through five years | 8,742 |  |  | 8,686 |  |  | 7,094 |  |  | 6,858 |
Due after five years through ten years | 5,907 |  |  | 5,865 |  |  | 5,613 |  |  | 5,405 |
Due after ten years | 2,180 |  |  | 2,146 |  |  | 2,537 |  |  | 2,460 |
Asset-backed securities | 5,900 |  |  | 5,915 |  |  | 5,644 |  |  | 5,618 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 990 |  |  | 937 |  |  | 1,091 |  |  | 1,000 |
Agency residential | 4,662 |  |  | 4,556 |  |  | 4,869 |  |  | 4,695 |
Non-agency residential | 1,325 |  |  | 1,359 |  |  | 431 |  |  | 443 |
Total fixed maturity securities - available for sale | $ | 30,753 |  |  | $ | 30,479 |  |  | $ | 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 September 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 | 67 |  |  | 68 |  |  | 59 |  |  | 58 |
Due after five years through ten years | 37 |  |  | 37 |  |  | 43 |  |  | 42 |
Due after ten years | 150 |  |  | 161 |  |  | 127 |  |  | 131 |
Asset-backed securities | 501 |  |  | 501 |  |  | 609 |  |  | 597 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 21 |  |  | 21 |  |  | 21 |  |  | 21 |
Total fixed maturity securities - held to maturity | $ | 788 |  |  | $ | 799 |  |  | $ | 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 September 30, |  | Nine Months Ended September 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 | $ | 840 |  |  | $ | (264) |  |  | $ | 563 |  |  | $ | (180) |
Equity method securities | 18 |  |  | — |  |  | 18 |  |  | — |
Change in URA(D), pre-tax | 857 |  |  | (264) |  |  | 581 |  |  | (180) |
Deferred tax benefit (expense) | (123) |  |  | 22 |  |  | (60) |  |  | 20 |
Change in URA(D), net of deferred taxes, included in shareholders’ equity | $ | 734 |  |  | $ | (242) |  |  | $ | 521 |  |  | $ | (159) |
(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 September 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 | $ | 161 |  |  | $ | (8) |  |  | $ | 464 |  |  | $ | (27) |  |  | $ | 625 |  |  | $ | (35) |
Obligations of U.S. states and political subdivisions | 1 |  |  | — |  |  | 41 |  |  | (4) |  |  | 42 |  |  | (4) |
Corporate securities | 761 |  |  | (21) |  |  | 2,322 |  |  | (193) |  |  | 3,083 |  |  | (214) |
Asset-backed securities | 268 |  |  | (2) |  |  | 565 |  |  | (18) |  |  | 833 |  |  | (20) |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |
Commercial | 155 |  |  | (11) |  |  | 679 |  |  | (45) |  |  | 834 |  |  | (56) |
Agency residential | 645 |  |  | (49) |  |  | 1,377 |  |  | (124) |  |  | 2,022 |  |  | (173) |
Non-agency residential | 37 |  |  | — |  |  | 25 |  |  | — |  |  | 63 |  |  | — |
Foreign government securities | 219 |  |  | (10) |  |  | 858 |  |  | (86) |  |  | 1,076 |  |  | (96) |
Foreign corporate securities | 406 |  |  | (10) |  |  | 1,994 |  |  | (183) |  |  | 2,400 |  |  | (193) |
Total | $ | 2,654 |  |  | $ | (111) |  |  | $ | 8,324 |  |  | $ | (681) |  |  | $ | 10,978 |  |  | $ | (792) |
Securities where an allowance for credit loss was recorded | 1 |  |  | — |  |  | — |  |  | (1) |  |  | 1 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 2,655 |  |  | $ | (111) |  |  | $ | 8,324 |  |  | $ | (682) |  |  | $ | 10,979 |  |  | $ | (793) |
(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 September 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 | $ | 205 |  |  | $ | (7) |  |  | $ | 520 |  |  | $ | (28) |  |  | $ | 725 |  |  | $ | (35) |
Due in one year through five years | 985 |  |  | (27) |  |  | 2,946 |  |  | (190) |  |  | 3,931 |  |  | (217) |
Due in five years through ten years | 235 |  |  | (12) |  |  | 1,651 |  |  | (206) |  |  | 1,885 |  |  | (218) |
Due after ten years | 124 |  |  | (2) |  |  | 562 |  |  | (69) |  |  | 686 |  |  | (72) |
Asset-backed securities | 268 |  |  | (2) |  |  | 565 |  |  | (18) |  |  | 833 |  |  | (20) |
Mortgage-backed securities | 838 |  |  | (61) |  |  | 2,081 |  |  | (169) |  |  | 2,919 |  |  | (230) |
Total | $ | 2,654 |  |  | $ | (111) |  |  | $ | 8,324 |  |  | $ | (681) |  |  | $ | 10,978 |  |  | $ | (792) |
Securities where an allowance for credit loss was recorded | 1 |  |  | — |  |  | — |  |  | (1) |  |  | 1 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 2,655 |  |  | $ | (111) |  |  | $ | 8,324 |  |  | $ | (682) |  |  | $ | 10,979 |  |  | $ | (793) |
(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 September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Fixed maturities | $ | 378 |  |  | $ | 299 |  |  | $ | 1,099 |  |  | $ | 822 |
Equity securities | 1 |  |  | 1 |  |  | 3 |  |  | 3 |
Short-term investments and cash | 54 |  |  | 41 |  |  | 135 |  |  | 92 |
Other invested assets |  |  |  |  |  |  |
Limited partnerships | 36 |  |  | 60 |  |  | 183 |  |  | 98 |
Other | 36 |  |  | 15 |  |  | 85 |  |  | 42 |
Gross investment income before adjustments | 504 |  |  | 416 |  |  | 1,506 |  |  | 1,056 |
Funds held interest income (expense) | 5 |  |  | 5 |  |  | 20 |  |  | 7 |
Future policy benefit reserve income (expense) | 1 |  |  | — |  |  | — |  |  | (1) |
Gross investment income | 510 |  |  | 420 |  |  | 1,525 |  |  | 1,063 |
Investment expenses | 13 |  |  | 14 |  |  | 44 |  |  | 41 |
Net investment income | $ | 496 |  |  | $ | 406 |  |  | $ | 1,481 |  |  | $ | 1,023 |
(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 September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Fixed maturity securities |  |  |  |  |  |  |
Allowance for credit losses | $ | (9) |  |  | $ | 2 |  |  | $ | (3) |  |  | $ | (6) |
Net realized gains (losses) from dispositions | (25) |  |  | (19) |  |  | (47) |  |  | (21) |
Equity securities, fair value |  |  |  |  |  |  |
Net realized gains (losses) from dispositions | — |  |  | 1 |  |  | 1 |  |  | 8 |
Gains (losses) from fair value adjustments | 5 |  |  | (16) |  |  | (3) |  |  | (3) |
Other invested assets | 1 |  |  | — |  |  | — |  |  | — |
Total net gains (losses) on investments | $ | (27) |  |  | $ | (31) |  |  | $ | (50) |  |  | $ | (21) |
(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 September 30, 2024 |  | Nine Months Ended September 30, 2024
(Dollars in millions) | Corporate Securities |  |  |  |  |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  |  |  |  |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (42) |  |  |  |  |  |  | $ | — |  |  | $ | (42) |  |  | $ | (47) |  |  |  |  |  |  | $ | (1) |  |  | $ | (48) |
Credit losses on securities where credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were not previously recorded | (9) |  |  |  |  |  |  | — |  |  | (9) |  |  | (9) |  |  |  |  |  |  | — |  |  | (9) |
Increases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
Decreases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
Reduction in allowance due to disposals | — |  |  |  |  |  |  | — |  |  | — |  |  | 5 |  |  |  |  |  |  | 1 |  |  | 6 |
Balance, end of period | $ | (50) |  |  |  |  |  |  | $ | — |  |  | $ | (51) |  |  | $ | (50) |  |  |  |  |  |  | $ | — |  |  | $ | (51) |
(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, 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.)
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 September 30, 2024 |  | Nine Months Ended September 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) |  |  | $ | (8) |  |  | $ | (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 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.)
Schedule of Proceeds and Split Between Gross Gains and Losses, from Dispositions of Fixed Maturity Securities | The proceeds and split between gross gains and losses from dispositions of fixed maturity securities - available for sale 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) | 2024 |  | 2023 |  | 2024 |  | 2023
Proceeds from sales of fixed maturity securities - available for sale | $ | 3,237 |  |  | $ | 300 |  |  | $ | 4,322 |  |  | $ | 468 |
Gross gains from dispositions | 59 |  |  | 4 |  |  | 86 |  |  | 21 |
Gross losses from dispositions | (84) |  |  | (23) |  |  | (133) |  |  | (42) |
Proceeds from sales of equity securities | $ | — |  |  | $ | 80 |  |  | $ | 15 |  |  | $ | 126 |
Gross gains from dispositions | — |  |  | 2 |  |  | 2 |  |  | 8 |
Gross losses from dispositions | — |  |  | — |  |  | — |  |  | — |
(Some amounts may not reconcile due to rounding.)

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