XML 52 R41.htm IDEA: XBRL DOCUMENT v3.24.3

Available-For-Sale Fixed Maturity Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value of Available-for-Sale Fixed Maturity Securities

The amortized cost and fair value of fixed maturity securities are shown below:

						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
						(Dollars in millions)
September 30, 2024
Fixed maturity, available-for-sale:
U.S. treasury and government						$	78					$	1					$	(1)					$	—					$	78
U.S. states and political subdivisions						3,184						212						(13)						—						3,383
Foreign governments						398						31						—						—						429
Corporate debt securities						30,183						1,492						(182)						(20)						31,473
Residential mortgage-backed securities						1,067						57						(3)						(1)						1,120
Commercial mortgage-backed securities						2,710						94						(12)						—						2,792
Collateralized debt securities						6,329						96						(16)						(1)						6,408
Total fixed maturity securities						$	43,949					$	1,983					$	(227)					$	(22)					$	45,683
December 31, 2023
Fixed maturity, available-for-sale:
U.S. treasury and government						$	63					$	—					$	(1)					$	—					$	62
U.S. states and political subdivisions						594						1						(17)						—						578
Foreign governments						9						—						—						—						9
Corporate debt securities						11,144						79						(420)						(19)						10,784
Residential mortgage-backed securities						131						—						(4)						(1)						126
Commercial mortgage-backed securities						—						—						—						—						—
Collateralized debt securities						1,340						9						(27)						(4)						1,318
Total fixed maturity securities						$	13,281					$	89					$	(469)					$	(24)					$	12,877

Schedule of Amortized Cost and Fair Value, by Contractual Maturity, of Available-for-Sale Fixed Maturity Securities

The amortized cost and fair value of fixed maturity securities at September 30, 2024, by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. All of our mortgage and collateralized debt securities provide for periodic payments throughout their lives and are shown below as separate lines.

						September 30, 2024
						Amortized Cost						Fair Value
						(Dollars in millions)
Due in one year or less						$	1,371					$	1,376
Due after one year through five years						11,414						11,637
Due after five years through ten years						6,985						7,246
Due after ten years						14,073						15,104
						33,843						35,363
Residential mortgage-backed securities						1,067						1,120
Commercial mortgage-backed securities						2,710						2,792
Collateralized debt securities						6,329						6,408
						$	43,949					$	45,683

Schedule of Proceeds from Sales of Available-for-Sale Fixed Maturity Securities with Related Gross Realized Gains and Losses

Proceeds from sales of available-for-sale fixed maturity securities, with the related gross realized gains and losses, are shown below:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(Dollars in millions)
Proceeds from sales and maturities of investments - Fixed maturity, available-for-sale						$	1,071					$	2,931					$	3,484					$	11,317
Gross realized gains						2						2						6						3
Gross realized (losses)						(97)						(4)						(120)						(53)

Schedule of Gross Unrealized Losses and Fair Value of Available-for-Sale Fixed Maturity Securities

The gross unrealized losses and fair value of available-for-sale fixed maturity securities, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below:

			Less than 12 months																		12 months or more																		Total
			Number of Issues						Gross Unrealized Losses (1)						Fair Value						Number of Issues						Gross Unrealized Losses (1)						Fair Value						Number of Issues						Gross Unrealized Losses (1)						Fair Value
			(Dollars in millions)
September 30, 2024
Fixed maturity, available-for-sale:
U.S. treasury and government			19						$	(1)					$	17					8						$	—					$	36					27						$	(1)					$	53
U.S. states and political subdivisions			92						(6)						178						166						(7)						309						258						(13)						487
Foreign governments			—						—						—						1						—						5						1						—						5
Corporate debt securities			248						(67)						2,732						777						(115)						5,287						1,025						(182)						8,019
Residential mortgage-backed securities			15						(1)						30						33						(2)						73						48						(3)						103
Commercial mortgage-backed securities			115						(12)						589						—						—						—						115						(12)						589
Collateralized debt securities			266						(13)						1,520						22						(3)						165						288						(16)						1,685
Total			755						$	(100)					$	5,066					1,007						$	(127)					$	5,875					1,762						$	(227)					$	10,941
December 31, 2023
Fixed maturity, available-for-sale:
U.S. treasury and government			17						$	(1)					$	27					35						$	—					$	25					52						$	(1)					$	52
U.S. states and political subdivisions			214						(3)						219						142						(14)						285						356						(17)						504
Foreign governments			—						—						—						2						—						9						2						—						9
Corporate debt securities			1,343						(141)						2,941						1,906						(279)						6,475						3,249						(420)						9,416
Residential mortgage-backed securities			6						(1)						39						39						(3)						64						45						(4)						103
Commercial mortgage-backed securities			—						—						—						—						—						—						—						—						—
Collateralized debt securities			102						(4)						258						201						(23)						782						303						(27)						1,040
Total			1,682						$	(150)					$	3,484					2,325						$	(319)					$	7,640					4,007						$	(469)					$	11,124

(1)Unrealized losses have been reduced to reflect the allowance for credit losses of $22 million and $24 million as of September 30, 2024 and December 31, 2023, respectively.

Schedule of Allowance for Credit Loss for Available-for-Sale Fixed Maturity Securities

The rollforward of the allowance for credit losses for available-for-sale fixed maturity securities is shown below for the three and nine months ended September 30, 2024 and 2023.

						Three Months Ended September 30, 2024
						Corporate Securities						Residential Mortgage Backed Securities						Commercial Mortgage Backed Securities						Collateralized Debt Securities						Total
						(Dollars in millions)
Beginning balance						$	(34)					$	(1)					$	—					$	(2)					$	(37)
Credit losses recognized on securities for which credit losses were not previously recorded						(3)						—						—						—						(3)
Reductions for securities sold during the period						2						—						—						—						2
Allowance on securities that had an allowance recorded in a previous period						15						—						—						1						16
Balance as of September 30, 2024						$	(20)					$	(1)					$	—					$	(1)					$	(22)
						Three Months Ended September 30, 2023
						Corporate Securities						Residential Mortgage Backed Securities						Commercial Mortgage Backed Securities						Collateralized Debt Securities						Total
						(Dollars in millions)
Beginning balance						$	(22)					$	(1)					$	—					$	(9)					$	(32)
Credit losses recognized on securities for which credit losses were not previously recorded						(6)						—						—						—						(6)
Reductions for securities sold during the period						2						—						—						—						2
Allowance on securities that had an allowance recorded in a previous period						16						—						—						4						20
Balance as of September 30, 2023						$	(10)					$	(1)					$	—					$	(5)					$	(16)
						Nine Months Ended September 30, 2024
						Corporate Securities						Residential Mortgage Backed Securities						Commercial Mortgage Backed Securities						Collateralized Debt Securities						Total
						(Dollars in millions)
Beginning balance						$	(19)					$	(1)					$	—					$	(4)					$	(24)
Credit losses recognized on securities for which credit losses were not previously recorded						(36)						—						—						—						(36)
Reductions for securities sold during the period						3						—						—						—						3
Allowance on securities that had an allowance recorded in a previous period						32						—						—						3						35
Balance as of September 30, 2024						$	(20)					$	(1)					$	—					$	(1)					$	(22)
						Nine Months Ended September 30, 2023
						Corporate Securities						Residential Mortgage Backed Securities						Commercial Mortgage Backed Securities						Collateralized Debt Securities						Total
						(Dollars in millions)
Beginning balance						$	(24)					$	—					$	—					$	(5)					$	(29)
Credit losses recognized on securities for which credit losses were not previously recorded						(24)						(1)						—						(6)						(31)
Reductions for securities sold during the period						4						—						—						—						4
Allowance on securities that had an allowance recorded in a previous period						34						—						—						6						40
Balance as of September 30, 2023						$	(10)					$	(1)					$	—					$	(5)					$	(16)

X

- Definition

Tabular disclosure of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-9

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

+ Details

Name:	us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration