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Fair Value of Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022 are summarized below (dollars in millions):
December 31, 2023: |  |  |  | Fair Value Measurements Using:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: (1) |  |  |  |  |  |  |  |
Fixed maturity securities – available-for-sale: |  |  |  |  |  |  |  |
Corporate |  | $ | 38,755 |  |  | $ | — |  |  | $ | 33,822 |  |  | $ | 4,933 |
Canadian government |  | 3,917 |  |  | — |  |  | 3,917 |  |  | — |
Japanese government |  | 3,131 |  |  | — |  |  | 3,131 |  |  | — |
ABS |  | 4,429 |  |  | — |  |  | 3,064 |  |  | 1,365 |
CMBS |  | 1,773 |  |  | — |  |  | 1,714 |  |  | 59 |
RMBS |  | 1,079 |  |  | — |  |  | 1,078 |  |  | 1 |
U.S. government |  | 2,520 |  |  | 2,426 |  |  | 87 |  |  | 7 |
State and political subdivisions |  | 1,114 |  |  | — |  |  | 1,095 |  |  | 19 |
Other foreign government |  | 3,749 |  |  | — |  |  | 3,714 |  |  | 35 |
Total fixed maturity securities – available-for-sale |  | 60,467 |  |  | 2,426 |  |  | 51,622 |  |  | 6,419 |
Equity securities |  | 139 |  |  | 69 |  |  | — |  |  | 70 |
Funds withheld at interest – embedded derivatives |  | (377) |  |  | — |  |  | — |  |  | (377) |
Funds withheld at interest |  | 54 |  |  | — |  |  | — |  |  | 54 |
Cash equivalents |  | 1,335 |  |  | 1,322 |  |  | 13 |  |  | — |
Short-term investments |  | 187 |  |  | 90 |  |  | 95 |  |  | 2 |
Other invested assets: |  |  |  |  |  |  |  |
Derivatives |  | 97 |  |  | — |  |  | 97 |  |  | — |
Other |  | 22 |  |  | — |  |  | 22 |  |  | — |
Total other invested assets |  | 119 |  |  | — |  |  | 119 |  |  | — |
Total |  | $ | 61,924 |  |  | $ | 3,907 |  |  | $ | 51,849 |  |  | $ | 6,168 |
Liabilities: |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities – embedded derivatives |  | $ | 415 |  |  | $ | — |  |  | $ | — |  |  | $ | 415 |
Funds withheld at interest – embedded derivatives |  | (206) |  |  | — |  |  | — |  |  | (206) |
Derivatives – other liabilities |  | 197 |  |  | — |  |  | 197 |  |  | — |
Total |  | $ | 406 |  |  | $ | — |  |  | $ | 197 |  |  | $ | 209 |
(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2023, the fair value of such investments was $856 million.
December 31, 2022: |  |  |  | Fair Value Measurements Using:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: (1) |  |  |  |  |  |  |  |
Fixed maturity securities – available-for-sale: |  |  |  |  |  |  |  |
Corporate |  | $ | 33,969 |  |  | $ | — |  |  | $ | 29,670 |  |  | $ | 4,299 |
Canadian government |  | 3,626 |  |  | — |  |  | 3,626 |  |  | — |
Japanese government |  | 2,559 |  |  | — |  |  | 2,559 |  |  | — |
ABS |  | 3,878 |  |  | — |  |  | 2,603 |  |  | 1,275 |
CMBS |  | 1,623 |  |  | — |  |  | 1,555 |  |  | 68 |
RMBS |  | 941 |  |  | — |  |  | 931 |  |  | 10 |
U.S. government |  | 1,482 |  |  | 1,388 |  |  | 85 |  |  | 9 |
State and political subdivisions |  | 1,119 |  |  | — |  |  | 1,093 |  |  | 26 |
Other foreign government |  | 3,704 |  |  | — |  |  | 3,669 |  |  | 35 |
Total fixed maturity securities – available-for-sale |  | 52,901 |  |  | 1,388 |  |  | 45,791 |  |  | 5,722 |
Equity securities |  | 134 |  |  | 68 |  |  | — |  |  | 66 |
Funds withheld at interest – embedded derivatives |  | (371) |  |  | — |  |  | — |  |  | (371) |
Funds withheld at interest |  | 54 |  |  | — |  |  | — |  |  | 54 |
Cash equivalents |  | 1,535 |  |  | 1,535 |  |  | — |  |  | — |
Short-term investments |  | 121 |  |  | 54 |  |  | 54 |  |  | 13 |
Other invested assets: |  |  |  |  |  |  |  |
Derivatives |  | 170 |  |  | — |  |  | 170 |  |  | — |
Other |  | 23 |  |  | — |  |  | 23 |  |  | — |
Total other invested assets |  | 193 |  |  | — |  |  | 193 |  |  | — |
Total |  | $ | 54,567 |  |  | $ | 3,045 |  |  | $ | 46,038 |  |  | $ | 5,484 |
Liabilities: |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities – embedded derivatives |  | $ | 530 |  |  | $ | — |  |  | $ | — |  |  | $ | 530 |
Funds withheld at interest – embedded derivatives |  | (363) |  |  | — |  |  | — |  |  | (363) |
Derivatives – other liabilities |  | 183 |  |  | — |  |  | 183 |  |  | — |
Total |  | $ | 350 |  |  | $ | — |  |  | $ | 183 |  |  | $ | 167 |
(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2022, the fair value of such investments was $683 million.
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of December 31, 2023 and 2022 (dollars in millions):
|  | Estimated Fair Value |  | Valuation |  | Unobservable |  | Range (Weighted Average)
|  | 2023 |  | 2022 |  | Technique |  | Input |  | 2023 |  | 2022
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 91 |  |  | $ | 25 |  |  | Market comparable securities |  | Liquidity premium |  | 0-2% (1%) |  | 1%
|  |  |  |  |  |  |  | EBITDA Multiple |  | 6.0x-8.5x (7.1x) |  | 5.3x
ABS |  | 268 |  |  | 274 |  |  | Market comparable securities |  | Liquidity premium |  | 0-18% (2%) |  | 0-18% (2%)
U.S. government |  | 7 |  |  | 9 |  |  | Market comparable securities |  | Liquidity premium |  | 0-1% (1%) |  | 0-1% (1%)
Equity securities |  | 31 |  |  | 9 |  |  | Market comparable securities |  | Liquidity premium |  | 4% |  | — |
|  |  |  |  |  |  |  | EBITDA Multiple |  | 8.4x-12.3x (10.1x) |  | 8.4x-11.2x (9.6x)
Funds withheld at interest – embedded derivatives |  | (50) |  |  | (34) |  |  | Total return swap |  | Mortality |  | 0-100% (3%) |  | 0-100% (3%)
|  |  |  |  |  |  |  | Lapse |  | 0-35% (18%) |  | 0-35% (17%)
|  |  |  |  |  |  |  | Withdrawal |  | 0-5% (4%) |  | 0-5% (4%)
|  |  |  |  |  |  |  | CVA |  | 0-5% (0%) |  | 0-5% (0%)
|  |  |  |  |  |  |  | Crediting rate |  | 1-4% (2%) |  | 1-4% (2%)
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities – embedded derivatives – indexed annuities |  | 415 |  |  | 530 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (3%) |  | 0-100% (3%)
|  |  |  |  |  |  |  | Lapse |  | 0-35% (17%) |  | 0-35% (16%)
|  |  |  |  |  |  |  | Withdrawal |  | 0-5% (4%) |  | 0-5% (3%)
|  |  |  |  |  |  |  | Option budget projection |  | 1-4% (2%) |  | 1-4% (2%)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
For the year ended December 31, 2023: |  | Fixed maturity securities – available-for-sale |  |  |  |  |  |  |  | Funds withheld at interest –embedded derivatives, net (1) |  | Funds withheld at interest |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Cash equivalents |  | Short-term investments |  |  |
Fair value, beginning of period |  | $ | 4,299 |  |  | $ | 35 |  |  | $ | 1,353 |  |  | $ | 35 |  |  | $ | 66 |  |  | $ | — |  |  | $ | 13 |  |  | $ | (8) |  |  | $ | 54 |  |  | $ | (530) |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | 3 |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |
Investment related gains (losses), net |  | (15) |  |  | — |  |  | (2) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  | (163) |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17 |
Included in other comprehensive income (loss) |  | 34 |  |  | — |  |  | 90 |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |
Purchases (2) |  | 1,021 |  |  | — |  |  | 253 |  |  | — |  |  | 9 |  |  | 1 |  |  | 14 |  |  | — |  |  | 2 |  |  | 17 |
Sales (2) |  | (94) |  |  | — |  |  | (24) |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements (2) |  | (380) |  |  | — |  |  | (260) |  |  | (2) |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (3) |  |  | 81 |
Transfers into Level 3 |  | 71 |  |  | — |  |  | 64 |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | (6) |  |  | — |  |  | (55) |  |  | (5) |  |  | — |  |  | (1) |  |  | (29) |  |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 4,933 |  |  | $ | 35 |  |  | $ | 1,425 |  |  | $ | 26 |  |  | $ | 70 |  |  | $ | — |  |  | $ | 2 |  |  | $ | (171) |  |  | $ | 54 |  |  | $ | (415) |
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 3 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |
Investment related gains (losses), net |  | (23) |  |  | — |  |  | (3) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  | (163) |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (62) |
Included in other comprehensive income (loss) |  | 35 |  |  | — |  |  | 86 |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward. (2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
For the year ended December 31, 2022: |  | Fixed maturity securities – available-for-sale |  |  |  |  |  |  |  | Funds withheld at interest –embedded derivatives, net (1) |  | Funds withheld at interest |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Cash equivalents |  | Short-term investments |  |  |
Fair value, beginning of period |  | $ | 3,888 |  |  | $ | 33 |  |  | $ | 1,179 |  |  | $ | 45 |  |  | $ | 50 |  |  | $ | — |  |  | $ | 28 |  |  | $ | 165 |  |  | $ | 83 |  |  | $ | (693) |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14) |  |  | — |
Investment related gains (losses), net |  | (8) |  |  | — |  |  | (11) |  |  | (1) |  |  | 6 |  |  | — |  |  | 1 |  |  | (173) |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98 |
Included in other comprehensive income (loss) |  | (474) |  |  | (11) |  |  | (194) |  |  | (4) |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (8) |  |  | — |
Purchases (2) |  | 1,669 |  |  | — |  |  | 521 |  |  | — |  |  | 14 |  |  | — |  |  | 33 |  |  | — |  |  | 3 |  |  | 1 |
Sales (2) |  | (182) |  |  | — |  |  | (58) |  |  | (6) |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements (2) |  | (577) |  |  | — |  |  | (140) |  |  | (5) |  |  | — |  |  | — |  |  | (28) |  |  | — |  |  | (10) |  |  | 64 |
Transfers into Level 3 |  | 88 |  |  | 13 |  |  | 130 |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | (111) |  |  | — |  |  | (74) |  |  | (4) |  |  | — |  |  | — |  |  | (20) |  |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 4,299 |  |  | $ | 35 |  |  | $ | 1,353 |  |  | $ | 35 |  |  | $ | 66 |  |  | $ | — |  |  | $ | 13 |  |  | $ | (8) |  |  | $ | 54 |  |  | $ | (530) |
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (14) |  |  | $ | — |
Investment related gains (losses), net |  | (18) |  |  | — |  |  | (10) |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | (173) |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 33 |
Included in other comprehensive income (loss) |  | (467) |  |  | (11) |  |  | (195) |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8) |  |  | — |
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward. (2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
For the year ended December 31, 2021: |  | Fixed maturity securities – available-for-sale |  |  |  |  |  |  |  | Funds withheld at interest –embedded derivatives, net (1) |  | Funds withheld at interest |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Cash equivalents |  | Short-term investments |  |  |
Fair value, beginning of period |  | $ | 3,029 |  |  | $ | 17 |  |  | $ | 254 |  |  | $ | 23 |  |  | $ | 53 |  |  | $ | — |  |  | $ | 15 |  |  | $ | 58 |  |  | $ | 56 |  |  | $ | (752) |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | 5 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | — |
Investment related gains (losses), net |  | (5) |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | — |  |  | 107 |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |
Included in other comprehensive income (loss) |  | (28) |  |  | (4) |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |
Purchases (2) |  | 1,506 |  |  | 25 |  |  | 1,038 |  |  | — |  |  | 9 |  |  | — |  |  | 31 |  |  | — |  |  | 36 |  |  | (34) |
Sales (2) |  | (53) |  |  | — |  |  | (6) |  |  | — |  |  | (25) |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |
Settlements (2) |  | (587) |  |  | (5) |  |  | (186) |  |  | (3) |  |  | — |  |  | — |  |  | (10) |  |  | — |  |  | (4) |  |  | 83 |
Transfers into Level 3 |  | 29 |  |  | — |  |  | 84 |  |  | 25 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | (8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 3,888 |  |  | $ | 33 |  |  | $ | 1,179 |  |  | $ | 45 |  |  | $ | 50 |  |  | $ | — |  |  | $ | 28 |  |  | $ | 165 |  |  | $ | 83 |  |  | $ | (693) |
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 4 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4) |  |  | $ | — |
Investment related gains (losses), net |  | (7) |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | 107 |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (72) |
Included in other comprehensive income (loss) |  | (24) |  |  | (4) |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward. (2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
For the year ended December 31, 2023: |  | Fixed maturity securities – available-for-sale |  |  |  |  |  |  |  | Funds withheld at interest –embedded derivatives, net (1) |  | Funds withheld at interest |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Cash equivalents |  | Short-term investments |  |  |
Fair value, beginning of period |  | $ | 4,299 |  |  | $ | 35 |  |  | $ | 1,353 |  |  | $ | 35 |  |  | $ | 66 |  |  | $ | — |  |  | $ | 13 |  |  | $ | (8) |  |  | $ | 54 |  |  | $ | (530) |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | 3 |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |
Investment related gains (losses), net |  | (15) |  |  | — |  |  | (2) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  | (163) |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17 |
Included in other comprehensive income (loss) |  | 34 |  |  | — |  |  | 90 |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |
Purchases (2) |  | 1,021 |  |  | — |  |  | 253 |  |  | — |  |  | 9 |  |  | 1 |  |  | 14 |  |  | — |  |  | 2 |  |  | 17 |
Sales (2) |  | (94) |  |  | — |  |  | (24) |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements (2) |  | (380) |  |  | — |  |  | (260) |  |  | (2) |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (3) |  |  | 81 |
Transfers into Level 3 |  | 71 |  |  | — |  |  | 64 |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | (6) |  |  | — |  |  | (55) |  |  | (5) |  |  | — |  |  | (1) |  |  | (29) |  |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 4,933 |  |  | $ | 35 |  |  | $ | 1,425 |  |  | $ | 26 |  |  | $ | 70 |  |  | $ | — |  |  | $ | 2 |  |  | $ | (171) |  |  | $ | 54 |  |  | $ | (415) |
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 3 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |
Investment related gains (losses), net |  | (23) |  |  | — |  |  | (3) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  | (163) |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (62) |
Included in other comprehensive income (loss) |  | 35 |  |  | — |  |  | 86 |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward. (2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
For the year ended December 31, 2022: |  | Fixed maturity securities – available-for-sale |  |  |  |  |  |  |  | Funds withheld at interest –embedded derivatives, net (1) |  | Funds withheld at interest |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Cash equivalents |  | Short-term investments |  |  |
Fair value, beginning of period |  | $ | 3,888 |  |  | $ | 33 |  |  | $ | 1,179 |  |  | $ | 45 |  |  | $ | 50 |  |  | $ | — |  |  | $ | 28 |  |  | $ | 165 |  |  | $ | 83 |  |  | $ | (693) |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14) |  |  | — |
Investment related gains (losses), net |  | (8) |  |  | — |  |  | (11) |  |  | (1) |  |  | 6 |  |  | — |  |  | 1 |  |  | (173) |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98 |
Included in other comprehensive income (loss) |  | (474) |  |  | (11) |  |  | (194) |  |  | (4) |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (8) |  |  | — |
Purchases (2) |  | 1,669 |  |  | — |  |  | 521 |  |  | — |  |  | 14 |  |  | — |  |  | 33 |  |  | — |  |  | 3 |  |  | 1 |
Sales (2) |  | (182) |  |  | — |  |  | (58) |  |  | (6) |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements (2) |  | (577) |  |  | — |  |  | (140) |  |  | (5) |  |  | — |  |  | — |  |  | (28) |  |  | — |  |  | (10) |  |  | 64 |
Transfers into Level 3 |  | 88 |  |  | 13 |  |  | 130 |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | (111) |  |  | — |  |  | (74) |  |  | (4) |  |  | — |  |  | — |  |  | (20) |  |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 4,299 |  |  | $ | 35 |  |  | $ | 1,353 |  |  | $ | 35 |  |  | $ | 66 |  |  | $ | — |  |  | $ | 13 |  |  | $ | (8) |  |  | $ | 54 |  |  | $ | (530) |
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (14) |  |  | $ | — |
Investment related gains (losses), net |  | (18) |  |  | — |  |  | (10) |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | (173) |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 33 |
Included in other comprehensive income (loss) |  | (467) |  |  | (11) |  |  | (195) |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8) |  |  | — |
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward. (2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
For the year ended December 31, 2021: |  | Fixed maturity securities – available-for-sale |  |  |  |  |  |  |  | Funds withheld at interest –embedded derivatives, net (1) |  | Funds withheld at interest |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Cash equivalents |  | Short-term investments |  |  |
Fair value, beginning of period |  | $ | 3,029 |  |  | $ | 17 |  |  | $ | 254 |  |  | $ | 23 |  |  | $ | 53 |  |  | $ | — |  |  | $ | 15 |  |  | $ | 58 |  |  | $ | 56 |  |  | $ | (752) |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | 5 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | — |
Investment related gains (losses), net |  | (5) |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | — |  |  | 107 |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |
Included in other comprehensive income (loss) |  | (28) |  |  | (4) |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |
Purchases (2) |  | 1,506 |  |  | 25 |  |  | 1,038 |  |  | — |  |  | 9 |  |  | — |  |  | 31 |  |  | — |  |  | 36 |  |  | (34) |
Sales (2) |  | (53) |  |  | — |  |  | (6) |  |  | — |  |  | (25) |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |
Settlements (2) |  | (587) |  |  | (5) |  |  | (186) |  |  | (3) |  |  | — |  |  | — |  |  | (10) |  |  | — |  |  | (4) |  |  | 83 |
Transfers into Level 3 |  | 29 |  |  | — |  |  | 84 |  |  | 25 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | (8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 3,888 |  |  | $ | 33 |  |  | $ | 1,179 |  |  | $ | 45 |  |  | $ | 50 |  |  | $ | — |  |  | $ | 28 |  |  | $ | 165 |  |  | $ | 83 |  |  | $ | (693) |
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 4 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4) |  |  | $ | — |
Investment related gains (losses), net |  | (7) |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | 107 |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (72) |
Included in other comprehensive income (loss) |  | (24) |  |  | (4) |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward. (2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
Fair Value Assets Measured On Nonrecurring Basis [Text Block] | Nonrecurring Fair Value Measurements The Company has certain assets subject to measurement at fair value on a nonrecurring basis, in periods subsequent to their initial recognition if they are determined to be impaired. For the years ended December 31, 2023 and 2022, the Company did not have any material assets that were measured at fair value due to impairment.
Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block] | The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of December 31, 2023 and 2022 (dollars in millions). This table excludes any payables or receivables for collateral under repurchase/reverse repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.
|  |  |  | Estimated |  | Fair Value Measurement Using:
December 31, 2023: |  | Carrying Value (1) |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |
Mortgage loans |  | $ | 7,377 |  |  | $ | 6,975 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,975 |
Policy loans |  | 1,206 |  |  | 1,206 |  |  | — |  |  | 1,206 |  |  | — |
Funds withheld at interest |  | 6,005 |  |  | 5,547 |  |  | — |  |  | — |  |  | 5,547 |
Limited partnerships – cost method |  | 71 |  |  | 73 |  |  | — |  |  | — |  |  | 73 |
Cash and cash equivalents |  | 1,635 |  |  | 1,635 |  |  | 1,635 |  |  | — |  |  | — |
Short-term investments |  | 35 |  |  | 35 |  |  | 35 |  |  | — |  |  | — |
Other invested assets |  | 1,019 |  |  | 841 |  |  | 4 |  |  | 63 |  |  | 774 |
Accrued investment income |  | 759 |  |  | 759 |  |  | — |  |  | 759 |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities |  | $ | 21,797 |  |  | $ | 21,665 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,665 |
Funds withheld at interest |  | 4,689 |  |  | 4,400 |  |  | — |  |  | — |  |  | 4,400 |
Long-term debt |  | 4,427 |  |  | 4,243 |  |  | — |  |  | — |  |  | 4,243 |
December 31, 2022: |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Mortgage loans |  | $ | 6,590 |  |  | $ | 6,109 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,109 |
Policy loans |  | 1,231 |  |  | 1,231 |  |  | — |  |  | 1,231 |  |  | — |
Funds withheld at interest |  | 6,319 |  |  | 5,884 |  |  | — |  |  | — |  |  | 5,884 |
Limited partnerships – cost method |  | 49 |  |  | 52 |  |  | — |  |  | — |  |  | 52 |
Cash and cash equivalents |  | 1,392 |  |  | 1,392 |  |  | 1,392 |  |  | — |  |  | — |
Short-term investments |  | 33 |  |  | 33 |  |  | 33 |  |  | — |  |  | — |
Other invested assets |  | 947 |  |  | 758 |  |  | 4 |  |  | 65 |  |  | 689 |
Accrued investment income |  | 630 |  |  | 630 |  |  | — |  |  | 630 |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities |  | $ | 23,493 |  |  | $ | 23,065 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,065 |
Funds withheld at interest |  | 1,848 |  |  | 1,572 |  |  | — |  |  | — |  |  | 1,572 |
Long-term debt |  | 3,961 |  |  | 3,670 |  |  | — |  |  | — |  |  | 3,670 |
(1)Carrying values presented herein may differ from those in the Company’s consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.

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