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Investments (Tables)
 9 Months Ended
Sep. 30, 2022
Investments [Abstract]  
Summary Of Amortized Cost, Allowance For Credit Losses, Gross Unrealized Appreciation/(Depreciation) And Fair Value Of Fixed Maturity Securities
At September 30, 2022
Amortized
Allowance for
Unrealized
Unrealized
Fair
(Dollars in millions)
Cost
Credit Losses
Appreciation
Depreciation
Value
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
 
U.S. government agencies and corporations
$
1,367
$
-
$
19
$
(79)
$
1,308
Obligations of U.S. states and political subdivisions
519
-
1
(38)
481
Corporate securities
7,010
(29)
69
(653)
6,397
Asset-backed securities
3,935
-
1
(164)
3,772
Mortgage-backed securities
Commercial
1,016
-
-
(108)
908
Agency residential
3,058
-
2
(337)
2,723
Non-agency residential
5
-
-
-
5
Foreign government securities
1,528
-
13
(205)
1,335
Foreign corporate securities
4,768
(9)
47
(726)
4,080
Total fixed maturity securities - available for sale
$
23,204
$
(38)
$
153
$
(2,310)
$
21,009
(Some amounts may not reconcile due to rounding.)
At December 31, 2021
Amortized
Allowance for
Unrealized
Unrealized
Fair
(Dollars in millions)
Cost
Credit Losses
Appreciation
Depreciation
Value
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
 
U.S. government agencies and corporations
$
1,407
$
-
$
24
$
(10)
$
1,421
Obligations of U.S. states and political subdivisions
559
-
29
(1)
587
Corporate securities
7,444
(19)
195
(63)
7,557
Asset-backed securities
3,579
(8)
22
(12)
3,582
Mortgage-backed securities
Commercial
1,033
-
38
(6)
1,064
Agency residential
2,361
-
33
(19)
2,375
Non-agency residential
7
-
-
-
7
Foreign government securities
1,424
-
42
(28)
1,438
Foreign corporate securities
4,251
(3)
95
(65)
4,279
Total fixed maturity securities - available for sale
$
22,064
$
(30)
$
478
$
(203)
$
22,308
(Some amounts may not reconcile due to rounding.)
At September 30, 2022
Amortized
Allowance for
Unrealized
Unrealized
Fair
(Dollars in millions)
Cost
Credit Losses
Appreciation
Depreciation
Value
Fixed maturity securities - held to maturity
Corporate securities
$
160
$
(2)
$
-
$
(11)
$
147
Asset-backed securities
653
(6)
1
(10)
639
Mortgage-backed securities
Commercial
6
-
-
-
6
Foreign corporate securities
28
(1)
-
(1)
26
Total fixed maturity securities - held to maturity
$
846
(9)
$
1
$
(21)
$
817
(Some amounts may not reconcile due to rounding.)
Summary Of Amortized Cost And Fair Value Of Fixed Maturity Securities, By Contractual Maturity
At September 30, 2022
At December 31, 2021
Amortized
Fair
Amortized
Fair
(Dollars in millions)
Cost
Value
Cost
Value
Fixed maturity securities – available for sale:
 
Due in one year or less
$
1,257
$
1,258
$
1,399
$
1,398
 
Due after one year through five years
7,875
7,216
7,075
7,154
 
Due after five years through ten years
4,603
3,938
5,004
5,101
 
Due after ten years
1,456
1,189
1,606
1,627
Asset-backed securities
3,935
3,772
3,579
3,582
Mortgage-backed securities:
Commercial
1,016
908
1,033
1,064
Agency residential
3,058
2,723
2,361
2,375
Non-agency residential
5
5
7
7
Total fixed maturity securities - available for sale
$
23,204
$
21,009
$
22,064
$
22,308
(Some amounts may not reconcile due to rounding.)
At September 30, 2022
Amortized
Fair
(Dollars in millions)
Cost
Value
Fixed maturity securities – held to maturity:
 
Due after one year through five years
$
61
$
58
 
Due after five years through ten years
46
41
 
Due after ten years
80
74
Asset-backed securities
653
639
Mortgage-backed securities:
Commercial
6
6
Total fixed
 
maturity securities - held to maturity
$
846
$
817
(Some amounts may not reconcile due
 
to rounding.)
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments
Three Months Ended
 
Nine Months Ended
September 30,
September 30,
(Dollars in millions)
2022
2021
2022
2021
Increase (decrease) during the period between the fair value and cost
of investments carried at fair value, and deferred taxes thereon:
Fixed maturity securities and short-term investments
$
(724)
$
(109)
$
(2,484)
$
(344)
Change in unrealized appreciation (depreciation), pre-tax
(724)
(109)
(2,484)
(344)
Deferred tax benefit (expense)
53
7
285
36
Change in unrealized appreciation (depreciation),
 
net of deferred taxes, included in shareholders’ equity
 
$
(671)
$
(101)
$
(2,199)
$
(308)
(Some amounts may not reconcile due to rounding.)
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type
Duration of Unrealized Loss at September
 
30, 2022 By Security Type
Less than 12 months
Greater than 12 months
Total
Gross
Gross
Gross
Unrealized
Unrealized
Unrealized
(Dollars in millions)
Fair Value
Depreciation
Fair Value
Depreciation
Fair Value
Depreciation
Fixed maturity securities - available for
 
sale
U.S. Treasury securities and
 
obligations of
U.S. government agencies and corporations
$
807
$
(47)
$
273
$
(32)
$
1,080
$
(79)
Obligations of U.S. states and
 
political subdivisions
326
(30)
25
(8)
351
(38)
Corporate securities
4,247
(447)
996
(189)
5,243
(636)
Asset-backed securities
2,827
(158)
55
(5)
2,882
(164)
Mortgage-backed securities
Commercial
877
(104)
27
(4)
904
(108)
Agency residential
2,086
(222)
588
(115)
2,674
(337)
Non-agency residential
3
-
2
-
5
-
Foreign government securities
971
(137)
250
(68)
1,221
(205)
Foreign corporate securities
2,792
(496)
808
(229)
3,600
(726)
Total
$
14,937
$
(1,640)
$
3,023
$
(651)
$
17,960
$
(2,291)
Securities where an allowance for credit
 
loss was recorded
23
(19)
-
-
23
(19)
Total fixed
 
maturity securities
$
14,960
$
(1,659)
$
3,023
$
(651)
$
17,983
$
(2,310)
(Some amounts may not reconcile due to rounding.)
Duration of Unrealized Loss at December
 
31, 2021 By Security Type
 
Less than 12 months
Greater than 12 months
Total
Gross
Gross
Gross
Unrealized
Unrealized
Unrealized
(Dollars in millions)
Fair Value
Depreciation
Fair Value
Depreciation
Fair Value
Depreciation
Fixed maturity securities - available for
 
sale
U.S. Treasury securities and
 
obligations of
U.S. government agencies and corporations
$
504
$
(6)
$
92
$
(4)
$
596
$
(10)
Obligations of U.S. states and
 
political subdivisions
51
(1)
3
-
54
(1)
Corporate securities
2,133
(38)
473
(24)
2,605
(63)
Asset-backed securities
1,954
(11)
42
(1)
1,996
(12)
Mortgage-backed securities
Commercial
222
(3)
40
(3)
262
(6)
Agency residential
1,101
(12)
280
(7)
1,381
(19)
Non-agency residential
2
-
-
-
2
-
Foreign government securities
392
(10)
101
(18)
493
(28)
Foreign corporate securities
1,735
(46)
211
(18)
1,945
(65)
Total fixed
 
maturity securities
$
8,094
$
(128)
$
1,241
$
(75)
$
9,335
$
(203)
(Some amounts may not reconcile due to rounding.)
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity
Duration of Unrealized Loss at September
 
30, 2022 By Maturity
Less than 12 months
Greater than 12 months
Total
Gross
Gross
Gross
Unrealized
Unrealized
Unrealized
(Dollars in millions)
Fair Value
Depreciation
Fair Value
Depreciation
Fair Value
Depreciation
Fixed maturity securities
 
- available for sale
Due in one year or less
$
895
$
(21)
$
59
$
(6)
$
954
$
(27)
Due in one year through five years
4,908
(502)
1,264
(204)
6,173
(706)
Due in five years through ten years
2,517
(459)
812
(239)
3,329
(697)
Due after ten years
823
(174)
217
(77)
1,040
(252)
Asset-backed securities
2,827
(158)
55
(5)
2,882
(164)
Mortgage-backed securities
2,967
(325)
616
(120)
3,583
(445)
Total
 
$
14,937
$
(1,640)
$
3,023
$
(651)
$
17,960
$
(2,291)
Securities where an allowance for credit
 
loss was recorded
23
(19)
-
-
23
(19)
Total fixed
 
maturity securities
$
14,960
$
(1,659)
$
3,023
$
(651)
$
17,983
$
(2,310)
(Some amounts may not reconcile due to rounding.)
Duration of Unrealized Loss at December
 
31, 2021 By Maturity
Less than 12 months
Greater than 12 months
Total
Gross
Gross
Gross
Unrealized
Unrealized
Unrealized
(Dollars in millions)
Fair Value
Depreciation
Fair Value
Depreciation
Fair Value
Depreciation
Fixed maturity securities - available for
 
sale
Due in one year or less
$
130
$
(2)
$
137
$
(12)
$
267
$
(14)
Due in one year through five years
2,165
(35)
446
(29)
2,612
(64)
Due in five years through ten years
1,728
(47)
244
(22)
1,972
(69)
Due after ten years
792
(16)
51
(3)
843
(19)
Asset-backed securities
1,954
(11)
42
(1)
1,996
(12)
Mortgage-backed securities
1,325
(15)
320
(10)
1,646
(25)
Total fixed
 
maturity securities
$
8,094
$
(128)
$
1,241
$
(75)
$
9,335
$
(203)
(Some amounts may not reconcile due to rounding.)
Summary Of Components Of Net Investment Income
Three Months Ended
Nine Months Ended
September 30,
September 30,
(Dollars in millions)
2022
2021
2022
2021
Fixed maturities
$
186
$
134
$
503
$
423
Equity securities
6
4
15
12
Short-term investments and cash
5
-
12
1
Other invested assets:
Limited partnerships
(42)
139
94
493
Other
 
11
31
37
63
Gross investment income before adjustments
167
308
661
992
Funds held interest income (expense)
-
1
4
12
Future policy benefit reserve income (expense)
-
-
-
(1)
Gross investment income
167
309
665
1,004
Investment expenses
(15)
(16)
(45)
(44)
Net investment income
$
151
$
293
$
620
$
960
(Some amounts may not reconcile due to rounding.)
Summary Of Components Of Net Realized Capital Gains (Losses)
Three Months Ended
 
Nine Months Ended
September 30,
September 30,
(Dollars in millions)
2022
2021
2022
2021
Fixed maturity securities:
Allowance for credit losses
$
(5)
$
(7)
$
(18)
$
(30)
Net realized gains (losses) from dispositions
(53)
6
(66)
25
Equity securities, fair value:
Net realized gains (losses) from dispositions
58
-
15
10
Gains (losses) from fair value adjustments
(136)
(5)
(462)
128
Other invested assets
6
2
11
6
Short-term investments gain (loss)
1
-
1
-
Total net gains (losses) on investments
$
(129)
$
(4)
$
(519)
$
139
(Some amounts may not reconcile due to rounding.)
Roll Forward of Allowance for Credit Losses – Fixed maturities
Three Months Ended September 30, 2022
Nine Months Ended September 30, 2022
Foreign
Foreign
Corporate
Asset-Backed
Corporate
Corporate
Asset-Backed
Corporate
Securities
Securities
Securities
Total
Securities
Securities
Securities
Total
(Dollars in millions)
Beginning Balance
$
(26)
$
-
$
(17)
$
(43)
$
(19)
$
(8)
$
(3)
$
(30)
Credit losses on securities where credit
losses were not previously recorded
(2)
(6)
(1)
(9)
(9)
(6)
(17)
(32)
Increases in allowance on previously
impaired securities
(3)
-
-
(3)
(4)
-
(1)
(4)
Decreases in allowance on previously
 
impaired securities
-
-
-
-
-
-
-
-
Reduction in allowance due to disposals
-
-
8
8
1
8
10
19
Balance as of September 30, 2022
$
(31)
$
(6)
$
(10)
$
(47)
$
(31)
$
(6)
$
(10)
$
(47)
(Some amounts may not reconcile due to rounding.)
Roll Forward of Allowance for Credit Losses – Fixed maturities
Three Months Ended September 30, 2021
Nine Months Ended September 30, 2021
Foreign
Foreign
Corporate
Asset-Backed
Corporate
Corporate
Asset-Backed
Corporate
Securities
Securities
Securities
Total
Securities
Securities
Securities
Total
(Dollars in millions)
Beginning Balance
$
(18)
$
(5)
$
(1)
$
(25)
$
(1)
$
-
$
(1)
$
(2)
Credit losses on securities where credit
losses were not previously recorded
(5)
-
-
(5)
(21)
(5)
(1)
(27)
Increases in allowance on previously
impaired securities
-
(3)
-
(3)
(2)
(3)
-
(5)
Decreases in allowance on previously
 
impaired securities
-
-
-
-
-
-
-
-
Reduction in allowance due to disposals
1
-
-
1
2
-
-
2
Balance as of September 30, 2021
$
(23)
(8)
$
(1)
$
(32)
$
(23)
$
(8)
$
(1)
$
(32)
(Some amounts may not reconcile due to rounding.)
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities
Three Months Ended
Nine Months Ended
September 30,
September 30,
(Dollars in millions)
2022
2021
2022
2021
Proceeds from sales of fixed maturity securities
$
405
$
283
$
1,177
$
883
Gross gains from dispositions
5
17
33
52
Gross losses from dispositions
(58)
(11)
(98)
(26)
Proceeds from sales of equity securities
$
592
$
104
$
1,030
$
579
Gross gains from dispositions
59
3
67
21
Gross losses from dispositions
(3)
(3)
(53)
(11)