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INVESTMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025
(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 | $ | 624 |  |  | $ | — |  |  | $ | 3 |  |  | $ | (22) |  |  | 604 |
Obligations of U.S. states and political subdivisions | 74 |  |  | — |  |  | — |  |  | (6) |  |  | 68 |
Corporate Securities | 8,884 |  |  | (36) |  |  | 85 |  |  | (247) |  |  | 8,686 |
Asset-backed Securities | 5,588 |  |  | — |  |  | 25 |  |  | (22) |  |  | 5,591 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 957 |  |  | — |  |  | 3 |  |  | (54) |  |  | 906 |
Agency Residential | 5,561 |  |  | — |  |  | 36 |  |  | (221) |  |  | 5,377 |
Non-agency Residential | 1,452 |  |  | — |  |  | 23 |  |  | (4) |  |  | 1,471 |
Foreign government securities | 2,381 |  |  | — |  |  | 17 |  |  | (129) |  |  | 2,269 |
Foreign corporate securities | 6,984 |  |  | — |  |  | 85 |  |  | (216) |  |  | 6,853 |
Total fixed maturity securities - available for sale | $ | 32,505 |  |  | $ | (37) |  |  | $ | 277 |  |  | $ | (921) |  |  | $ | 31,824 |
(Some amounts may not reconcile due to rounding.)
| 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.) 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 March 31, 2025
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair Value
Fixed maturity securities - held to maturity |  |  |  |  |  |  |  |  |
Corporate Securities | $ | 169 |  |  | $ | (2) |  |  | $ | 5 |  |  | $ | (3) |  |  | $ | 169 |
Asset-backed Securities | 435 |  |  | (4) |  |  | 5 |  |  | (6) |  |  | 430 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Foreign corporate securities | 84 |  |  | (1) |  |  | 6 |  |  | — |  |  | 88 |
Total fixed maturity securities - held to maturity | $ | 703 |  |  | (8) |  |  | $ | 16 |  |  | $ | (9) |  |  | $ | 702 |
(Some amounts may not reconcile due to rounding.)
| 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.)
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 March 31, 2025 |  | At December 31, 2024
(Dollars in millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Fixed maturity securities – available for sale |  |  |  |  |  |  |
Due in one year or less | $ | 1,181 |  |  | $ | 1,141 |  |  | $ | 1,116 |  |  | $ | 1,080 |
Due after one year through five years | 10,784 |  |  | 10,604 |  |  | 8,774 |  |  | 8,480 |
Due after five years through ten years | 5,299 |  |  | 5,151 |  |  | 4,764 |  |  | 4,523 |
Due after ten years | 1,683 |  |  | 1,584 |  |  | 1,826 |  |  | 1,723 |
Asset-backed securities | 5,588 |  |  | 5,591 |  |  | 5,994 |  |  | 5,982 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 957 |  |  | 906 |  |  | 965 |  |  | 900 |
Agency residential | 5,561 |  |  | 5,377 |  |  | 5,205 |  |  | 4,931 |
Non-agency residential | 1,452 |  |  | 1,471 |  |  | 1,291 |  |  | 1,289 |
Total fixed maturity securities - available for sale | $ | 32,505 |  |  | $ | 31,824 |  |  | $ | 29,934 |  |  | $ | 28,908 |
(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 March 31, 2025 |  | At December 31, 2024
(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 |
Due after one year through five years | 99 |  |  | 99 |  |  | 67 |  |  | 67 |
Due after five years through ten years | 4 |  |  | 4 |  |  | 37 |  |  | 35 |
Due after ten years | 150 |  |  | 154 |  |  | 150 |  |  | 152 |
Asset-backed securities | 435 |  |  | 430 |  |  | 484 |  |  | 477 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 15 |  |  | 15 |  |  | 21 |  |  | 21 |
Total fixed maturity securities - held to maturity | $ | 703 |  |  | $ | 702 |  |  | $ | 765 |  |  | $ | 759 |
(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 March 31, |  |
(Dollars in millions) | 2025 |  | 2024 |  |  |  |
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, held to maturity and short-term investments | $ | 347 |  |  | $ | (186) |  |  |  |  |
Equity method investments | — |  |  | — |  |  |  |  |
Change in URA(D), pre-tax | 347 |  |  | (186) |  |  |  |  |
Deferred tax benefit (expense) | (59) |  |  | 33 |  |  |  |  |
Change in URA(D), net of deferred taxes, included in shareholders’ equity | $ | 289 |  |  | $ | (153) |  |  |  |  |
(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 March 31, 2025 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 | $ | 118 |  |  | $ | (4) |  |  | $ | 345 |  |  | $ | (18) |  |  | $ | 464 |  |  | $ | (22) |
Obligations of U.S. states and political subdivisions | 9 |  |  | — |  |  | 37 |  |  | (5) |  |  | 47 |  |  | (6) |
Corporate securities | 2,131 |  |  | (47) |  |  | 2,113 |  |  | (199) |  |  | 4,244 |  |  | (245) |
Asset-backed securities | 907 |  |  | (12) |  |  | 246 |  |  | (10) |  |  | 1,153 |  |  | (22) |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |
Commercial | 41 |  |  | (2) |  |  | 763 |  |  | (52) |  |  | 803 |  |  | (54) |
Agency residential | 1,964 |  |  | (83) |  |  | 1,164 |  |  | (137) |  |  | 3,128 |  |  | (221) |
Non-agency residential | 299 |  |  | (4) |  |  | 25 |  |  | — |  |  | 324 |  |  | (4) |
Foreign government securities | 667 |  |  | (24) |  |  | 837 |  |  | (106) |  |  | 1,505 |  |  | (129) |
Foreign corporate securities | 1,148 |  |  | (24) |  |  | 1,824 |  |  | (192) |  |  | 2,972 |  |  | (216) |
Total | $ | 7,284 |  |  | $ | (200) |  |  | $ | 7,355 |  |  | $ | (720) |  |  | $ | 14,639 |  |  | $ | (920) |
Securities where an allowance for credit loss was recorded | 17 |  |  | (1) |  |  | — |  |  | — |  |  | 17 |  |  | (2) |
Total fixed maturity securities - available for sale | $ | 7,302 |  |  | $ | (201) |  |  | $ | 7,355 |  |  | $ | (720) |  |  | $ | 14,656 |  |  | $ | (921) |
(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, 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.)
Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Contractual Maturity |
| Duration of Unrealized Loss at March 31, 2025 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 | $ | 185 |  |  | $ | (6) |  |  | $ | 578 |  |  | $ | (33) |  |  | $ | 763 |  |  | $ | (39) |
Due in one year through five years | 1,985 |  |  | (40) |  |  | 2,839 |  |  | (231) |  |  | 4,825 |  |  | (271) |
Due in five years through ten years | 1,373 |  |  | (28) |  |  | 1,217 |  |  | (178) |  |  | 2,590 |  |  | (206) |
Due after ten years | 531 |  |  | (26) |  |  | 523 |  |  | (78) |  |  | 1,054 |  |  | (104) |
Asset-backed securities | 907 |  |  | (12) |  |  | 246 |  |  | (10) |  |  | 1,153 |  |  | (22) |
Mortgage-backed securities | 2,304 |  |  | (89) |  |  | 1,951 |  |  | (190) |  |  | 4,255 |  |  | (279) |
Total | $ | 7,284 |  |  | $ | (200) |  |  | $ | 7,355 |  |  | $ | (720) |  |  | $ | 14,639 |  |  | $ | (920) |
Securities where an allowance for credit loss was recorded | 17 |  |  | (1) |  |  | — |  |  | — |  |  | 17 |  |  | (2) |
Total fixed maturity securities - available for sale | $ | 7,302 |  |  | $ | (201) |  |  | $ | 7,355 |  |  | $ | (720) |  |  | $ | 14,656 |  |  | $ | (921) |
(Some amounts may not reconcile due to rounding.)
| 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.)
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 March 31, |  |
(Dollars in millions) | 2025 |  | 2024 |  |  |  |
Fixed maturities | $ | 386 |  |  | $ | 352 |  |  |  |  |
Equity securities | 1 |  |  | 1 |  |  |  |  |
Short-term investments and cash | 48 |  |  | 38 |  |  |  |  |
Other invested assets |  |  |  |  |  |  |
Limited partnerships | 25 |  |  | 54 |  |  |  |  |
Other | 30 |  |  | 20 |  |  |  |  |
Gross investment income before adjustments | 490 |  |  | 465 |  |  |  |  |
Funds held interest income (expense) | 12 |  |  | 6 |  |  |  |  |
Future policy benefit reserve income (expense) | — |  |  | — |  |  |  |  |
Gross investment income | 502 |  |  | 470 |  |  |  |  |
Investment expenses | 11 |  |  | 13 |  |  |  |  |
Net investment income | $ | 491 |  |  | $ | 457 |  |  |  |  |
(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 March 31, |  |
(Dollars in millions) | 2025 |  | 2024 |  |  |  |
Fixed maturity securities |  |  |  |  |  |  |
Allowance for credit losses | $ | (1) |  |  | $ | 2 |  |  |  |  |
Net realized gains (losses) from dispositions | (4) |  |  | (7) |  |  |  |  |
Equity securities, fair value |  |  |  |  |  |  |
Net realized gains (losses) from dispositions | — |  |  | 1 |  |  |  |  |
Gains (losses) from fair value adjustments | (2) |  |  | (2) |  |  |  |  |
Total net gains (losses) on investments | $ | (7) |  |  | $ | (7) |  |  |  |  |
(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 March 31, 2025 |  |
(Dollars in millions) | Corporate Securities |  |  |  |  |  | Foreign Corporate Securities |  | Total |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | (35) |  |  |  |  |  |  | $ | — |  |  | $ | (36) |  |  |  |  |  |  |  |  |  |  |
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 | — |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |
Balance, end of period | $ | (36) |  |  |  |  |  |  | $ | — |  |  | $ | (37) |  |  |  |  |  |  |  |  |  |  |
(Some amounts may not reconcile due to rounding.)
| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
| Three Months Ended March 31, 2024 |  |
(Dollars in millions) | Corporate Securities |  |  |  | Foreign Corporate Securities |  | Total |  |  |  |  |  |  |  |
Beginning balance | $ | (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 | 2 |  |  |  |  | 1 |  |  | 3 |  |  |  |  |  |  |  |  |
Balance, end of period | $ | (45) |  |  |  |  | $ | — |  |  | $ | (46) |  |  |  |  |  |  |  |  |
(Some amounts may not reconcile due to rounding.)
| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
| Three Months Ended March 31, 2025 |  |
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total |  |  |  |  |  |  |  |
Beginning balance | $ | (2) |  |  | $ | (4) |  |  | $ | (1) |  |  | $ | (8) |  |  |  |  |  |  |  |  |
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) |  |  | $ | (4) |  |  | $ | (1) |  |  | $ | (8) |  |  |  |  |  |  |  |  |
(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 March 31, 2024 |  |
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total |  |  |  |  |  |  |  |
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 | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Balance, end of period | (2) |  |  | (5) |  |  | $ | (1) |  |  | $ | (9) |  |  |  |  |  |  |  |  |
(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 sales of fixed maturity securities - available for sale, fixed maturity securities - held to maturity and equity securities are presented in the table below for the periods indicated:
| Three Months Ended March 31, |  |
(Dollars in millions) | 2025 |  | 2024 |  |  |  |
Proceeds from sales of fixed maturity securities - available for sale | $ | 127 |  |  | $ | 407 |  |  |  |  |
Gross gains from sales | 5 |  |  | 11 |  |  |  |  |
Gross losses from sales | (9) |  |  | (18) |  |  |  |  |
Proceeds from sales of fixed maturity securities - held to maturity | $ | 10 |  |  | $ | — |  |  |  |  |
Gross gains from sales | — |  |  | — |  |  |  |  |
Gross losses from sales | (1) |  |  | — |  |  |  |  |
Proceeds from sales of equity securities | $ | 50 |  |  | $ | — |  |  |  |  |
Gross gains from sales | — |  |  | 1 |  |  |  |  |
Gross losses from sales | — |  |  | — |  |  |  |  |
(Some amounts may not reconcile due to rounding.)

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