INVESTMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| 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, 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 | $ | 1,070 | | | $ | — | | | $ | 3 | | | $ | (49) | | | 1,024 | | | Obligations of U.S. states and political subdivisions | 114 | | | — | | | 1 | | | (9) | | | 105 | | | Corporate Securities | 8,297 | | | (42) | | | 70 | | | (347) | | | 7,979 | | | Asset-backed Securities | 5,317 | | | — | | | 27 | | | (27) | | | 5,317 | | | Mortgage-backed securities | | | | | | | | | | | Commercial | 1,016 | | | — | | | 1 | | | (83) | | | 934 | | | Agency Residential | 5,025 | | | — | | | 22 | | | (302) | | | 4,745 | | | Non-agency Residential | 940 | | | — | | | 8 | | | (5) | | | 943 | | | Foreign government securities | 2,370 | | | — | | | 11 | | | (140) | | | 2,240 | | | Foreign corporate securities | 5,985 | | | — | | | 46 | | | (287) | | | 5,744 | | | Total fixed maturity securities - available for sale | $ | 30,134 | | | $ | (42) | | | $ | 188 | | | $ | (1,249) | | | $ | 29,031 | |
(Some amounts may not reconcile due to rounding.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2023 | | (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 | $ | 1,045 | | | $ | — | | | $ | 3 | | | $ | (52) | | | $ | 996 | | | Obligations of U.S. states and political subdivisions | 138 | | | — | | | 1 | | | (11) | | | 128 | | | Corporate securities | 7,587 | | | (47) | | | 135 | | | (322) | | | 7,353 | | | Asset-backed securities | 5,644 | | | — | | | 25 | | | (51) | | | 5,618 | | | Mortgage-backed securities | | | | | | | | | | | Commercial | 1,091 | | | — | | | 1 | | | (92) | | | 1,000 | | | Agency residential | 4,869 | | | — | | | 55 | | | (229) | | | 4,695 | | | Non-agency residential | 431 | | | — | | | 14 | | | (2) | | | 443 | | | Foreign government securities | 2,042 | | | — | | | 33 | | | (108) | | | 1,967 | | | Foreign corporate securities | 5,720 | | | (1) | | | 92 | | | (271) | | | 5,540 | | | Total fixed maturity securities - available for sale | $ | 28,568 | | | $ | (48) | | | $ | 358 | | | $ | (1,137) | | | $ | 27,740 | |
(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, 2024 | | (Dollars in millions) | Amortized
Cost | | Allowance for
Credit Losses | | Unrealized
Appreciation | | Unrealized
Depreciation | | Fair
Value | | Fixed maturity securities - held to maturity | | | | | | | | | | | Corporate Securities | $ | 173 | | | $ | (2) | | | $ | 5 | | | $ | (5) | | | $ | 171 | | | Asset-backed Securities | 517 | | | (5) | | | 5 | | | (8) | | | 509 | | | Mortgage-backed securities | | | | | | | | | | | Commercial | 21 | | | — | | | — | | | — | | | 21 | | | Foreign corporate securities | 84 | | | (1) | | | 4 | | | — | | | 87 | | | Total fixed maturity securities - held to maturity | $ | 796 | | | (8) | | | $ | 14 | | | $ | (13) | | | $ | 788 | |
(Some amounts may not reconcile due to rounding.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2023 | | (Dollars in millions) | Amortized
Cost | | Allowance for
Credit Losses | | Unrealized
Appreciation | | Unrealized
Depreciation | | Fair
Value | | Fixed maturity securities - held to maturity | | | | | | | | | | | Corporate Securities | $ | 150 | | | $ | (2) | | | $ | 1 | | | $ | (3) | | | $ | 146 | | | Asset-backed Securities | 609 | | | (5) | | | 4 | | | (10) | | | 597 | | | Mortgage-backed securities | | | | | | | | | | | Commercial | 21 | | | — | | | — | | | — | | | 21 | | | Foreign corporate securities | 84 | | | (1) | | | 7 | | | — | | | 90 | | | Total fixed maturity securities - held to maturity | $ | 864 | | | $ | (8) | | | $ | 12 | | | $ | (13) | | | $ | 854 | |
(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, 2024 | | At December 31, 2023 | | (Dollars in millions) | Amortized
Cost | | Fair
Value | | Amortized
Cost | | Fair
Value | | Fixed maturity securities – available for sale | | | | | | | | | Due in one year or less | $ | 1,472 | | | $ | 1,439 | | | $ | 1,289 | | | $ | 1,261 | | | Due after one year through five years | 7,560 | | | 7,264 | | | 7,094 | | | 6,858 | | | Due after five years through ten years | 6,350 | | | 6,050 | | | 5,613 | | | 5,405 | | | Due after ten years | 2,454 | | | 2,339 | | | 2,537 | | | 2,460 | | | Asset-backed securities | 5,317 | | | 5,317 | | | 5,644 | | | 5,618 | | | Mortgage-backed securities | | | | | | | | | Commercial | 1,016 | | | 934 | | | 1,091 | | | 1,000 | | | Agency residential | 5,025 | | | 4,745 | | | 4,869 | | | 4,695 | | | Non-agency residential | 940 | | | 943 | | | 431 | | | 443 | | | Total fixed maturity securities - available for sale | $ | 30,134 | | | $ | 29,031 | | | $ | 28,568 | | | $ | 27,740 | |
(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, 2024 | | At December 31, 2023 | | (Dollars in millions) | Amortized
Cost | | Fair
Value | | Amortized
Cost | | Fair
Value | | Fixed maturity securities – held to maturity | | | | | | | | | Due in one year or less | $ | 12 | | | $ | 12 | | | $ | 5 | | | $ | 5 | | | Due after one year through five years | 53 | | | 52 | | | 59 | | | 58 | | | Due after five years through ten years | 42 | | | 41 | | | 43 | | | 42 | | | Due after ten years | 151 | | | 154 | | | 127 | | | 131 | | | Asset-backed securities | 517 | | | 509 | | | 609 | | | 597 | | | Mortgage-backed securities | | | | | | | | | Commercial | 21 | | | 21 | | | 21 | | | 21 | | | Total fixed maturity securities - held to maturity | $ | 796 | | | $ | 788 | | | $ | 864 | | | $ | 854 | |
(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) | 2024 | | 2023 | | 2024 | | 2023 | | 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 and short-term investments | $ | (90) | | | $ | (195) | | | $ | (276) | | | $ | 84 | | | Change in URA(D), pre-tax | (90) | | | (195) | | | (276) | | | 84 | | | Deferred tax benefit (expense) | 30 | | | 28 | | | 63 | | | (2) | | | Change in URA(D), net of deferred taxes, included in shareholders’ equity | $ | (60) | | | $ | (167) | | | $ | (213) | | | $ | 82 | |
(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, 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 | $ | 187 | | | $ | (4) | | | $ | 734 | | | $ | (44) | | | $ | 922 | | | $ | (49) | | | Obligations of U.S. states and political subdivisions | 5 | | | — | | | 64 | | | (9) | | | 69 | | | (9) | | | Corporate securities | 2,331 | | | (60) | | | 2,868 | | | (286) | | | 5,199 | | | (346) | | | Asset-backed securities | 341 | | | (3) | | | 607 | | | (24) | | | 948 | | | (27) | | | Mortgage-backed securities | | | | | | | | | | | | | Commercial | 194 | | | (18) | | | 694 | | | (65) | | | 888 | | | (83) | | | Agency residential | 1,853 | | | (100) | | | 1,567 | | | (203) | | | 3,420 | | | (302) | | | Non-agency residential | 384 | | | (3) | | | 60 | | | (2) | | | 444 | | | (5) | | | Foreign government securities | 713 | | | (24) | | | 927 | | | (116) | | | 1,639 | | | (140) | | | Foreign corporate securities | 1,406 | | | (21) | | | 2,457 | | | (266) | | | 3,864 | | | (287) | | | Total | $ | 7,414 | | | $ | (233) | | | $ | 9,978 | | | $ | (1,016) | | | $ | 17,392 | | | $ | (1,248) | | | Securities where an allowance for credit loss was recorded | 15 | | | (1) | | | 2 | | | — | | | 16 | | | (1) | | | Total fixed maturity securities - available for sale | $ | 7,428 | | | $ | (234) | | | $ | 9,980 | | | $ | (1,016) | | | $ | 17,408 | | | $ | (1,249) | |
(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, 2023 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 | $ | 122 | | | $ | (3) | | | $ | 772 | | | $ | (49) | | | $ | 893 | | | $ | (52) | | | Obligations of U.S. states and political subdivisions | 3 | | | — | | | 74 | | | (11) | | | 77 | | | (11) | | | Corporate securities | 1,019 | | | (58) | | | 2,780 | | | (263) | | | 3,799 | | | (321) | | | Asset-backed securities | 196 | | | (2) | | | 2,014 | | | (49) | | | 2,210 | | | (51) | | | Mortgage-backed securities | | | | | | | | | | | | | Commercial | 181 | | | (19) | | | 742 | | | (73) | | | 923 | | | (92) | | | Agency residential | 423 | | | (4) | | | 2,126 | | | (225) | | | 2,549 | | | (229) | | | Non-agency residential | 126 | | | (1) | | | 4 | | | — | | | 130 | | | — | | | Foreign government securities | 172 | | | (7) | | | 985 | | | (101) | | | 1,156 | | | (108) | | | Foreign corporate securities | 324 | | | (6) | | | 2,726 | | | (265) | | | 3,050 | | | (271) | | | Total | $ | 2,564 | | | $ | (101) | | | $ | 12,222 | | | $ | (1,035) | | | $ | 14,787 | | | $ | (1,136) | | | Securities where an allowance for credit loss was recorded | 2 | | | (1) | | | — | | | — | | | 2 | | | (1) | | | Total fixed maturity securities - available for sale | $ | 2,566 | | | $ | (102) | | | $ | 12,222 | | | $ | (1,035) | | | $ | 14,789 | | | $ | (1,137) | |
(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, 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 | $ | 256 | | | $ | (7) | | | $ | 763 | | | $ | (31) | | | $ | 1,019 | | | $ | (39) | | | Due in one year through five years | 1,602 | | | (28) | | | 3,727 | | | (299) | | | 5,328 | | | (326) | | | Due in five years through ten years | 1,955 | | | (49) | | | 1,971 | | | (303) | | | 3,927 | | | (352) | | | Due after ten years | 829 | | | (26) | | | 589 | | | (88) | | | 1,418 | | | (114) | | | Asset-backed securities | 341 | | | (3) | | | 607 | | | (24) | | | 948 | | | (27) | | | Mortgage-backed securities | 2,431 | | | (120) | | | 2,321 | | | (270) | | | 4,752 | | | (390) | | | Total | $ | 7,414 | | | $ | (233) | | | $ | 9,978 | | | $ | (1,016) | | | $ | 17,392 | | | $ | (1,248) | | | Securities where an allowance for credit loss was recorded | 15 | | | (1) | | | 2 | | | — | | | 16 | | | (1) | | | Total fixed maturity securities - available for sale | $ | 7,428 | | | $ | (234) | | | $ | 9,980 | | | $ | (1,016) | | | $ | 17,408 | | | $ | (1,249) | |
(Some amounts may not reconcile due to rounding.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Duration of Unrealized Loss at December 31, 2023 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 | $ | 184 | | | $ | (3) | | | $ | 773 | | | $ | (30) | | | $ | 958 | | | $ | (33) | | | Due in one year through five years | 699 | | | (18) | | | 3,841 | | | (271) | | | 4,540 | | | (289) | | | Due in five years through ten years | 328 | | | (15) | | | 2,306 | | | (310) | | | 2,633 | | | (325) | | | Due after ten years | 429 | | | (39) | | | 417 | | | (77) | | | 845 | | | (116) | | | Asset-backed securities | 196 | | | (2) | | | 2,014 | | | (49) | | | 2,210 | | | (51) | | | Mortgage-backed securities | 729 | | | (24) | | | 2,872 | | | (298) | | | 3,601 | | | (323) | | | Total | $ | 2,564 | | | $ | (101) | | | $ | 12,222 | | | $ | (1,035) | | | $ | 14,787 | | | $ | (1,136) | | | Securities where an allowance for credit loss was recorded | 2 | | | (1) | | | — | | | — | | | 2 | | | (1) | | | Total fixed maturity securities - available for sale | $ | 2,566 | | | $ | (102) | | | $ | 12,222 | | | $ | (1,035) | | | $ | 14,789 | | | $ | (1,137) | |
(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) | 2024 | | 2023 | | 2024 | | 2023 | | Fixed maturities | $ | 369 | | | $ | 276 | | | $ | 721 | | | $ | 523 | | | Equity securities | 1 | | | 1 | | | 2 | | | 2 | | | Short-term investments and cash | 43 | | | 34 | | | 81 | | | 51 | | | Other invested assets | | | | | | | | | Limited partnerships | 94 | | | 53 | | | 148 | | | 38 | | | Other | 30 | | | 6 | | | 50 | | | 27 | | | Gross investment income before adjustments | 537 | | | 369 | | | 1,001 | | | 641 | | | Funds held interest income (expense) | 9 | | | 2 | | | 15 | | | 2 | | | Future policy benefit reserve income (expense) | — | | | — | | | — | | | — | | | Gross investment income | 545 | | | 371 | | | 1,016 | | | 643 | | | Investment expenses | 18 | | | 14 | | | 31 | | | 26 | | | Net investment income | $ | 528 | | | $ | 357 | | | $ | 985 | | | $ | 617 | |
(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) | 2024 | | 2023 | | 2024 | | 2023 | | Fixed maturity securities | | | | | | | | | Allowance for credit losses | $ | 4 | | | $ | — | | | $ | 6 | | | $ | (8) | | | Net realized gains (losses) from dispositions | (15) | | | (3) | | | (22) | | | (1) | | | Equity securities, fair value | | | | | | | | | Net realized gains (losses) from dispositions | — | | | — | | | 1 | | | 7 | | | Gains (losses) from fair value adjustments | (5) | | | 8 | | | (8) | | | 12 | | | Other invested assets | (1) | | | — | | | (1) | | | — | | | | | | | | | | | Total net gains (losses) on investments | $ | (17) | | | $ | 5 | | | $ | (24) | | | $ | 10 | |
(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, 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.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | | Three Months Ended June 30, 2023 | | Six Months Ended June 30, 2023 | | (Dollars in millions) | Corporate
Securities | | | | Foreign
Corporate
Securities | | Total | | Corporate
Securities | | | | Foreign
Corporate
Securities | | Total | | Beginning balance | $ | (55) | | | | | $ | (7) | | | $ | (62) | | | $ | (45) | | | | | $ | (10) | | | $ | (54) | | | Credit losses on securities where credit | | | | | | | | | | | | | | | | | losses were not previously recorded | (2) | | | | | — | | | (2) | | | (14) | | | | | — | | | (14) | | | Increases in allowance on previously | | | | | | | | | | | | | | | | | impaired securities | — | | | | | — | | | — | | | — | | | | | — | | | — | | | Decreases in allowance on previously | | | | | | | | | | | | | | | | | impaired securities | — | | | | | — | | | — | | | — | | | | | — | | | — | | | Reduction in allowance due to disposals | 1 | | | | | — | | | 1 | | | 4 | | | | | 3 | | | 6 | | | Balance, end of period | $ | (56) | | | | | $ | (7) | | | $ | (63) | | | $ | (56) | | | | | $ | (7) | | | $ | (63) | |
(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, 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.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | | Three Months Ended June 30, 2023 | | Six Months Ended June 30, 2023 | | (Dollars in millions) | Corporate
Securities | | Asset-Backed
Securities | | Foreign
Corporate
Securities | | Total | | Corporate
Securities | | Asset-Backed
Securities | | Foreign
Corporate
Securities | | Total | | Beginning balance | $ | (2) | | | $ | (6) | | | $ | (1) | | | (9) | | | $ | (2) | | | $ | (6) | | | $ | (1) | | | $ | (9) | | | 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) | | | (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 Sales of Fixed Maturity Securities |
The proceeds and split between gross gains and losses from dispositions of fixed 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) | 2024 | | 2023 | | 2024 | | 2023 | | Proceeds from sales of fixed maturity securities - available for sale | $ | 678 | | | $ | 96 | | | $ | 1,085 | | | $ | 168 | | | Gross gains from dispositions | 16 | | | 7 | | | 26 | | | 17 | | | Gross losses from dispositions | (30) | | | (10) | | | (48) | | | (19) | | | | | | | | | | | Proceeds from sales of equity securities | $ | 15 | | | $ | — | | | $ | 15 | | | $ | 46 | | | Gross gains from dispositions | 1 | | | — | | | 2 | | | 7 | | | Gross losses from dispositions | — | | | — | | | — | | | — | |
(Some amounts may not reconcile due to rounding.)
|