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INVESTMENTS (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 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 | $ | 688 |  |  | $ | — |  |  | $ | 3 |  |  | $ | (29) |  |  | 662 |
Obligations of U.S. states and political subdivisions | 57 |  |  | — |  |  | — |  |  | (7) |  |  | 50 |
Corporate securities | 9,628 |  |  | (39) |  |  | 169 |  |  | (254) |  |  | 9,504 |
Asset-backed securities | 5,390 |  |  | — |  |  | 21 |  |  | (30) |  |  | 5,380 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency commercial | 208 |  |  | — |  |  | 3 |  |  | (2) |  |  | 210 |
Non-agency commercial | 950 |  |  | — |  |  | 3 |  |  | (45) |  |  | 908 |
Agency residential | 5,695 |  |  | — |  |  | 40 |  |  | (216) |  |  | 5,519 |
Non-agency residential | 1,459 |  |  | — |  |  | 25 |  |  | (3) |  |  | 1,480 |
Foreign government securities | 2,382 |  |  | — |  |  | 44 |  |  | (102) |  |  | 2,325 |
Foreign corporate securities | 7,334 |  |  | — |  |  | 275 |  |  | (182) |  |  | 7,426 |
Total fixed maturity securities - available for sale | $ | 33,791 |  |  | $ | (40) |  |  | $ | 583 |  |  | $ | (870) |  |  | $ | 33,464 |
(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 June 30, 2025
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair Value
Fixed maturity securities - held to maturity |  |  |  |  |  |  |  |  |
Corporate securities | $ | 168 |  |  | $ | (2) |  |  | $ | 5 |  |  | $ | (2) |  |  | $ | 169 |
Asset-backed securities | 404 |  |  | (4) |  |  | 5 |  |  | (7) |  |  | 398 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 7 |  |  | — |  |  | — |  |  | — |  |  | 7 |
Foreign corporate securities | 79 |  |  | (1) |  |  | 5 |  |  | — |  |  | 83 |
Total fixed maturity securities - held to maturity | $ | 658 |  |  | (7) |  |  | $ | 15 |  |  | $ | (10) |  |  | $ | 657 |
(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 June 30, 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 | $ | 1,244 |  |  | $ | 1,212 |  |  | $ | 1,116 |  |  | $ | 1,080 |
Due after one year through five years | 11,075 |  |  | 11,100 |  |  | 8,774 |  |  | 8,480 |
Due after five years through ten years | 6,055 |  |  | 6,034 |  |  | 4,764 |  |  | 4,523 |
Due after ten years | 1,715 |  |  | 1,621 |  |  | 1,826 |  |  | 1,723 |
Asset-backed securities | 5,390 |  |  | 5,380 |  |  | 5,994 |  |  | 5,982 |
Mortgage-backed securities |  |  |  |  |  |  |
Agency commercial | 208 |  |  | 210 |  |  | — |  |  | — |
Non-agency commercial | 950 |  |  | 908 |  |  | 965 |  |  | 900 |
Agency residential | 5,695 |  |  | 5,519 |  |  | 5,205 |  |  | 4,931 |
Non-agency residential | 1,459 |  |  | 1,480 |  |  | 1,291 |  |  | 1,289 |
Total fixed maturity securities - available for sale | $ | 33,791 |  |  | $ | 33,464 |  |  | $ | 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 June 30, 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 | $ | 5 |  |  | $ | 5 |  |  | $ | 7 |  |  | $ | 7 |
Due after one year through five years | 89 |  |  | 89 |  |  | 67 |  |  | 67 |
Due after five years through ten years | 4 |  |  | 4 |  |  | 37 |  |  | 35 |
Due after ten years | 149 |  |  | 154 |  |  | 150 |  |  | 152 |
Asset-backed securities | 404 |  |  | 398 |  |  | 484 |  |  | 477 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 7 |  |  | 7 |  |  | 21 |  |  | 21 |
Total fixed maturity securities - held to maturity | $ | 658 |  |  | $ | 657 |  |  | $ | 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 June 30, |  | Six Months Ended June 30,
(Dollars in millions) | 2025 |  | 2024 |  | 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 | $ | 360 |  |  | $ | (90) |  |  | $ | 707 |  |  | $ | (276) |
Equity method investments | — |  |  | — |  |  | — |  |  | — |
Change in URA(D), pre-tax | 360 |  |  | (90) |  |  | 707 |  |  | (276) |
Deferred tax benefit (expense) | (52) |  |  | 30 |  |  | (111) |  |  | 63 |
Change in URA(D), net of deferred taxes, included in shareholders’ equity | $ | 308 |  |  | $ | (60) |  |  | $ | 597 |  |  | $ | (213) |
(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, 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 | $ | 156 |  |  | $ | (8) |  |  | $ | 328 |  |  | $ | (21) |  |  | $ | 485 |  |  | $ | (29) |
Obligations of U.S. states and political subdivisions | 10 |  |  | (1) |  |  | 37 |  |  | (6) |  |  | 47 |  |  | (7) |
Corporate securities | 1,795 |  |  | (67) |  |  | 2,016 |  |  | (183) |  |  | 3,811 |  |  | (249) |
Asset-backed securities | 843 |  |  | (22) |  |  | 235 |  |  | (8) |  |  | 1,078 |  |  | (30) |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |
Agency commercial | 18 |  |  | — |  |  | 18 |  |  | (2) |  |  | 35 |  |  | (2) |
Non-agency commercial | 40 |  |  | (2) |  |  | 761 |  |  | (43) |  |  | 801 |  |  | (45) |
Agency residential | 1,419 |  |  | (55) |  |  | 1,326 |  |  | (161) |  |  | 2,744 |  |  | (216) |
Non-agency residential | 223 |  |  | (3) |  |  | 6 |  |  | — |  |  | 229 |  |  | (3) |
Foreign government securities | 478 |  |  | (15) |  |  | 767 |  |  | (87) |  |  | 1,244 |  |  | (102) |
Foreign corporate securities | 877 |  |  | (29) |  |  | 1,706 |  |  | (153) |  |  | 2,584 |  |  | (182) |
Total | $ | 5,858 |  |  | $ | (201) |  |  | $ | 7,200 |  |  | $ | (664) |  |  | $ | 13,059 |  |  | $ | (865) |
Securities where an allowance for credit loss was recorded | 36 |  |  | (5) |  |  | 16 |  |  | — |  |  | 52 |  |  | (5) |
Total fixed maturity securities - available for sale | $ | 5,895 |  |  | $ | (205) |  |  | $ | 7,216 |  |  | $ | (664) |  |  | $ | 13,110 |  |  | $ | (870) |
(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 June 30, 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 | $ | 216 |  |  | $ | (11) |  |  | $ | 557 |  |  | $ | (25) |  |  | $ | 772 |  |  | $ | (36) |
Due in one year through five years | 1,843 |  |  | (61) |  |  | 2,695 |  |  | (199) |  |  | 4,538 |  |  | (260) |
Due in five years through ten years | 771 |  |  | (16) |  |  | 1,105 |  |  | (152) |  |  | 1,876 |  |  | (169) |
Due after ten years | 487 |  |  | (30) |  |  | 498 |  |  | (74) |  |  | 985 |  |  | (104) |
Asset-backed securities | 843 |  |  | (22) |  |  | 235 |  |  | (8) |  |  | 1,078 |  |  | (30) |
Mortgage-backed securities | 1,699 |  |  | (60) |  |  | 2,111 |  |  | (206) |  |  | 3,809 |  |  | (266) |
Total | $ | 5,858 |  |  | $ | (201) |  |  | $ | 7,200 |  |  | $ | (664) |  |  | $ | 13,059 |  |  | $ | (865) |
Securities where an allowance for credit loss was recorded | 36 |  |  | (5) |  |  | 16 |  |  | — |  |  | 52 |  |  | (5) |
Total fixed maturity securities - available for sale | $ | 5,895 |  |  | $ | (205) |  |  | $ | 7,216 |  |  | $ | (664) |  |  | $ | 13,110 |  |  | $ | (870) |
(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 June 30, |  | Six Months Ended June 30,
(Dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Fixed maturities | $ | 396 |  |  | $ | 369 |  |  | $ | 782 |  |  | $ | 721 |
Equity securities | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Short-term investments and cash | 33 |  |  | 43 |  |  | 82 |  |  | 81 |
Other invested assets |  |  |  |  |  |  |
Limited partnerships | 88 |  |  | 94 |  |  | 113 |  |  | 148 |
Other | 22 |  |  | 30 |  |  | 52 |  |  | 50 |
Gross investment income before adjustments | 541 |  |  | 537 |  |  | 1,031 |  |  | 1,001 |
Funds held interest income (expense) | 2 |  |  | 9 |  |  | 14 |  |  | 15 |
Future policy benefit reserve income (expense) | — |  |  | — |  |  | — |  |  | — |
Gross investment income | 543 |  |  | 545 |  |  | 1,045 |  |  | 1,016 |
Investment expenses | 11 |  |  | 18 |  |  | 22 |  |  | 31 |
Net investment income | $ | 532 |  |  | $ | 528 |  |  | $ | 1,023 |  |  | $ | 985 |
(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) | 2025 |  | 2024 |  | 2025 |  | 2024
Fixed maturity securities |  |  |  |  |  |  |
Allowance for credit losses | $ | (2) |  |  | $ | 4 |  |  | $ | (2) |  |  | $ | 6 |
Net realized gains (losses) from dispositions | (8) |  |  | (15) |  |  | (12) |  |  | (22) |
Equity securities, fair value |  |  |  |  |  |  |
Net realized gains (losses) from dispositions | — |  |  | — |  |  | (1) |  |  | 1 |
Gains (losses) from fair value adjustments | 5 |  |  | (5) |  |  | 3 |  |  | (8) |
Other invested assets | — |  |  | (1) |  |  | — |  |  | (1) |
Total net gains (losses) on investments | $ | (5) |  |  | $ | (17) |  |  | $ | (12) |  |  | $ | (24) |
(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, 2025 |  | Six Months Ended June 30, 2025
(Dollars in millions) | Corporate Securities |  |  |  |  |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  |  |  |  |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (36) |  |  |  |  |  |  | $ | — |  |  | $ | (37) |  |  | $ | (35) |  |  |  |  |  |  | $ | — |  |  | $ | (36) |
Credit losses on securities where credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were not previously recorded | (3) |  |  |  |  |  |  | — |  |  | (3) |  |  | (4) |  |  |  |  |  |  | — |  |  | (4) |
Increases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
Decreases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
Reduction in allowance due to disposals | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
Balance, end of period | $ | (39) |  |  |  |  |  |  | $ | — |  |  | $ | (40) |  |  | $ | (39) |  |  |  |  |  |  | $ | — |  |  | $ | (40) |
(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, 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.)
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, 2025 |  | Six Months Ended June 30, 2025
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (2) |  |  | $ | (4) |  |  | $ | (1) |  |  | $ | (8) |  |  | $ | (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 | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | 1 |
Balance, end of period | $ | (2) |  |  | $ | (4) |  |  | $ | (1) |  |  | $ | (7) |  |  | $ | (2) |  |  | $ | (4) |  |  | $ | (1) |  |  | $ | (7) |
(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, 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.)
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 June 30, |  | Six Months Ended June 30,
(Dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Proceeds from sales of fixed maturity securities - available for sale | $ | 153 |  |  | $ | 678 |  |  | $ | 280 |  |  | $ | 1,085 |
Gross gains from sales | 5 |  |  | 16 |  |  | 10 |  |  | 26 |
Gross losses from sales | (13) |  |  | (30) |  |  | (22) |  |  | (48) |
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 | $ | 5 |  |  | $ | 15 |  |  | $ | 54 |  |  | $ | 15 |
Gross gains from sales | — |  |  | 1 |  |  | — |  |  | 2 |
Gross losses from sales | — |  |  | — |  |  | (1) |  |  | — |
(Some amounts may not reconcile due to rounding.)

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