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INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 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 | $ | 688 |  |  | $ | — |  |  | $ | 5 |  |  | $ | (24) |  |  | $ | 669 |
Obligations of U.S. states and political subdivisions | 75 |  |  | — |  |  | — |  |  | (5) |  |  | 70 |
Corporate securities | 7,288 |  |  | (35) |  |  | 57 |  |  | (299) |  |  | 7,010 |
Asset-backed securities | 5,994 |  |  | — |  |  | 28 |  |  | (39) |  |  | 5,982 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 965 |  |  | — |  |  | 1 |  |  | (66) |  |  | 900 |
Agency residential | 5,205 |  |  | — |  |  | 13 |  |  | (287) |  |  | 4,931 |
Non-agency residential | 1,291 |  |  | — |  |  | 9 |  |  | (11) |  |  | 1,289 |
Foreign government securities | 2,330 |  |  | — |  |  | 13 |  |  | (147) |  |  | 2,196 |
Foreign corporate securities | 6,099 |  |  | — |  |  | 42 |  |  | (279) |  |  | 5,861 |
Total fixed maturity securities - available for sale | $ | 29,934 |  |  | $ | (36) |  |  | $ | 167 |  |  | $ | (1,157) |  |  | $ | 28,908 |
(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 December 31, 2024
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair Value
Fixed maturity securities - held to maturity |  |  |  |  |  |  |  |  |
Corporate securities | $ | 177 |  |  | $ | (2) |  |  | $ | 5 |  |  | $ | (4) |  |  | $ | 175 |
Asset-backed securities | 484 |  |  | (4) |  |  | 5 |  |  | (8) |  |  | 477 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 21 |  |  | — |  |  | — |  |  | — |  |  | 21 |
Foreign corporate securities | 84 |  |  | (1) |  |  | 4 |  |  | — |  |  | 86 |
Total fixed maturity securities - held to maturity | $ | 765 |  |  | $ | (8) |  |  | $ | 14 |  |  | $ | (12) |  |  | $ | 759 |
(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 December 31, 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 | $ | 1,116 |  |  | $ | 1,080 |  |  | $ | 1,289 |  |  | $ | 1,261 |
Due after one year through five years | 8,774 |  |  | 8,480 |  |  | 7,094 |  |  | 6,858 |
Due after five years through ten years | 4,764 |  |  | 4,523 |  |  | 5,613 |  |  | 5,405 |
Due after ten years | 1,826 |  |  | 1,723 |  |  | 2,537 |  |  | 2,460 |
Asset-backed securities | 5,994 |  |  | 5,982 |  |  | 5,644 |  |  | 5,618 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 965 |  |  | 900 |  |  | 1,091 |  |  | 1,000 |
Agency residential | 5,205 |  |  | 4,931 |  |  | 4,869 |  |  | 4,695 |
Non-agency residential | 1,291 |  |  | 1,289 |  |  | 431 |  |  | 443 |
Total fixed maturity securities -available for sale | $ | 29,934 |  |  | $ | 28,908 |  |  | $ | 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 December 31, 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 | $ | 7 |  |  | $ | 7 |  |  | $ | 5 |  |  | $ | 5 |
Due after one year through five years | 67 |  |  | 67 |  |  | 59 |  |  | 58 |
Due after five years through ten years | 37 |  |  | 35 |  |  | 43 |  |  | 42 |
Due after ten years | 150 |  |  | 152 |  |  | 127 |  |  | 131 |
Asset-backed securities | 484 |  |  | 477 |  |  | 609 |  |  | 597 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 21 |  |  | 21 |  |  | 21 |  |  | 21 |
Total fixed maturity securities - held to maturity | $ | 765 |  |  | $ | 759 |  |  | $ | 864 |  |  | $ | 854 |
(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) | 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 | $ | (203) |  |  | $ | 1,129 |
Equity method investments | 18 |  |  | — |
Change in URA(D), pre-tax | (185) |  |  | 1,129 |
Deferred tax benefit (expense) | 76 |  |  | (142) |
Change in URA(D), net of deferred taxes, included in shareholders’ equity | $ | (109) |  |  | $ | 986 |
(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 December 31, 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 | $ | 80 |  |  | $ | (1) |  |  | $ | 398 |  |  | $ | (23) |  |  | $ | 478 |  |  | $ | (24) |
Obligations of U.S. states and political subdivisions | 9 |  |  | — |  |  | 40 |  |  | (5) |  |  | 48 |  |  | (5) |
Corporate securities | 2,744 |  |  | (76) |  |  | 2,132 |  |  | (221) |  |  | 4,876 |  |  | (297) |
Asset-backed securities | 958 |  |  | (20) |  |  | 537 |  |  | (19) |  |  | 1,495 |  |  | (39) |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |
Commercial | 53 |  |  | (3) |  |  | 757 |  |  | (63) |  |  | 810 |  |  | (66) |
Agency residential | 2,754 |  |  | (115) |  |  | 1,226 |  |  | (172) |  |  | 3,980 |  |  | (287) |
Non-agency residential | 654 |  |  | (11) |  |  | 25 |  |  | — |  |  | 678 |  |  | (11) |
Foreign government securities | 851 |  |  | (35) |  |  | 828 |  |  | (112) |  |  | 1,679 |  |  | (147) |
Foreign corporate securities | 2,484 |  |  | (61) |  |  | 1,785 |  |  | (218) |  |  | 4,269 |  |  | (279) |
Total | $ | 10,587 |  |  | $ | (323) |  |  | $ | 7,728 |  |  | $ | (833) |  |  | $ | 18,315 |  |  | $ | (1,156) |
Securities where an allowance for credit loss was recorded | 17 |  |  | (1) |  |  | — |  |  | — |  |  | 17 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 10,604 |  |  | $ | (324) |  |  | $ | 7,728 |  |  | $ | (833) |  |  | $ | 18,332 |  |  | $ | (1,157) |
(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 the 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 December 31, 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 | $ | 138 |  |  | $ | (5) |  |  | $ | 544 |  |  | $ | (34) |  |  | $ | 682 |  |  | $ | (39) |
Due in one year through five years | 3,503 |  |  | (87) |  |  | 2,770 |  |  | (249) |  |  | 6,273 |  |  | (335) |
Due in five years through ten years | 1,850 |  |  | (50) |  |  | 1,382 |  |  | (220) |  |  | 3,232 |  |  | (271) |
Due after ten years | 677 |  |  | (32) |  |  | 487 |  |  | (76) |  |  | 1,164 |  |  | (107) |
Asset-backed securities | 958 |  |  | (20) |  |  | 537 |  |  | (19) |  |  | 1,495 |  |  | (39) |
Mortgage-backed securities | 3,461 |  |  | (129) |  |  | 2,008 |  |  | (235) |  |  | 5,469 |  |  | (364) |
Total | $ | 10,587 |  |  | $ | (323) |  |  | $ | 7,728 |  |  | $ | (833) |  |  | $ | 18,315 |  |  | $ | (1,156) |
Securities where an allowance for credit loss was recorded | 17 |  |  | (1) |  |  | — |  |  | — |  |  | 17 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 10,604 |  |  | $ | (324) |  |  | $ | 7,728 |  |  | $ | (833) |  |  | $ | 18,332 |  |  | $ | (1,157) |
(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:
| Years Ended December 31,
(Dollars in millions) | 2024 |  | 2023 |  | 2022
Fixed maturities | $ | 1,481 |  |  | $ | 1,153 |  |  | $ | 742 |
Equity securities | 3 |  |  | 3 |  |  | 16 |
Short-term investments and cash | 195 |  |  | 140 |  |  | 28 |
Other invested assets |  |  |  |  |
Limited partnerships | 206 |  |  | 122 |  |  | 75 |
Other | 104 |  |  | 59 |  |  | 29 |
Gross investment income before adjustments | 1,989 |  |  | 1,477 |  |  | 890 |
Funds held interest income (expense) | 26 |  |  | 10 |  |  | 2 |
Future policy benefit reserve income (expense) | (1) |  |  | (1) |  |  | — |
Gross investment income | 2,013 |  |  | 1,486 |  |  | 892 |
Investment expenses | 59 |  |  | 53 |  |  | 62 |
Net investment income | $ | 1,954 |  |  | $ | 1,434 |  |  | $ | 830 |
(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) | 2024 |  | 2023 |  | 2022
Fixed maturity securities |  |  |  |  |
Allowance for credit losses | $ | 13 |  |  | $ | 7 |  |  | $ | (33) |
Net realized gains (losses) from dispositions | 6 |  |  | (292) |  |  | (87) |
Equity securities, fair value |  |  |  |  |
Net realized gains (losses) from dispositions | 1 |  |  | 8 |  |  | 112 |
Gains (losses) from fair value adjustments | (1) |  |  | — |  |  | (460) |
Other invested assets | (1) |  |  | — |  |  | 13 |
Short-term investments gain (loss) | 1 |  |  | — |  |  | — |
Total net gains (losses) on investments | $ | 19 |  |  | $ | (276) |  |  | $ | (455) |
(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, 2024
| Corporate Securities |  |  |  | Foreign Corporate Securities |  | Total
(Dollars in millions) |  |  |  |  |  |  |
Beginning balance | $ | (47) |  |  |  |  | $ | (1) |  |  | $ | (48) |
Credit losses on securities where credit losses were not previously recorded | (9) |  |  |  |  | — |  |  | (9) |
Increases in allowance on previously impaired securities | — |  |  |  |  | — |  |  | — |
Decreases in allowance on previously impaired securities | — |  |  |  |  | — |  |  | — |
Reduction in allowance due to disposals | 20 |  |  |  |  | 1 |  |  | 21 |
Balance, end of period | $ | (35) |  |  |  |  | $ | — |  |  | $ | (36) |
(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, 2023
| Corporate 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.)
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, 2024
| Corporate Securities |  | Asset-Backed Securities |  |  |  | Foreign Corporate Securities |  | Total
(Dollars in millions) |  |  |  |  |  |  |  |  |
Beginning balance | $ | (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) |  |  | $ | (4) |  |  |  |  | $ | (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, 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.)
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) | 2024 |  | 2023 |  | 2022
Proceeds from sales of fixed maturity securities - available for sale | $ | 6,257 |  |  | $ | 3,849 |  |  | $ | 1,403 |
Gross gains from sales | 166 |  |  | 35 |  |  | 40 |
Gross losses from sales | (160) |  |  | (327) |  |  | (127) |
Proceeds from sales of equity securities | $ | 37 |  |  | $ | 126 |  |  | $ | 2,217 |
Gross gains from sales | 2 |  |  | 8 |  |  | 165 |
Gross losses from sales | (1) |  |  | — |  |  | (53) |

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