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Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Net Investment Income
Net investment income is as follows:

Year Ended December 31
202320222021
(In millions)   
    
Fixed maturity securities$1,941 $1,787 $1,707 
Limited partnership investments177 (6)375 
Short-term investments78 17 2 
Equity securities (a)63 23 83 
Income from trading portfolio (a)125 106 
Other105 65 61 
Total investment income2,489 1,886 2,334 
Investment expenses(94)(84)(75)
Net investment income$2,395 $1,802 $2,259 
(a) Net investment income recognized due to the change in fair value of equity and trading portfolio securities held as of December 31, 2023, 2022 and 2021
$38 $3 $23 
Investment Gains (Losses)
Investment gains (losses) are as follows:

Year Ended December 31202320222021
(In millions)   
    
Fixed maturity securities:
Gross gains$75 $120 $186 
Gross losses(166)(261)(90)
Investment gains (losses) on fixed maturity securities(91)(141)96 
Equity securities (a)4 (116)4 
Derivative instruments(1)64 6 
Short-term investments and other(11)(6)(1)
Gain on acquisition of a joint venture (see Note 2)
46 
Altium Packaging (see Note 2)
555 
Investment gains (losses)$(53)$(199)$660 
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of December 31, 2023, 2022, and 2021
$14 $(75)$2 
Available-for-Sale Impairment Losses (Gains) Recognized in Earnings
The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:

Year Ended December 31202320222021
(In millions)   
    
Fixed maturity securities available-for-sale:   
Corporate and other bonds$33 $62 $11 
Asset-backed11 20 
Impairment losses recognized in earnings$44 $62 $31 
Amortized Cost and Fair Values of Fixed Maturity Securities
The amortized cost and fair values of fixed maturity securities are as follows:

December 31, 2023Cost or Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Allowance
for Credit Losses 		Estimated
Fair Value
(In millions)     
      
Fixed maturity securities:     
Corporate and other bonds$25,020 $597 $1,345 $4 $24,268 
States, municipalities and political
 subdivisions		7,713 382 703 7,392 
Asset-backed:
Residential mortgage-backed3,411 16 425 3,002 
Commercial mortgage-backed1,862 7 230 8 1,631 
Other asset-backed3,515 13 256 4 3,268 
Total asset-backed8,788 36 911 12 7,901 
U.S. Treasury and obligations of
 government sponsored enterprises		152 1 2 151 
Foreign government741 6 34 713 
Fixed maturities available-for-sale42,414 1,022 2,995 16 40,425 
Fixed maturities trading201 201 
Total fixed maturity securities$42,615 $1,022 $2,995 $16 $40,626 

December 31, 2022
    
Fixed maturity securities:    
Corporate and other bonds$23,137 $301 $2,009 $21,429 
States, municipalities and political
 subdivisions		8,918 338 939 8,317 
Asset-backed:
Residential mortgage-backed3,073 5 447 2,631 
Commercial mortgage-backed1,886 4 255 1,635 
Other asset-backed3,287 2 361 $1 2,927 
Total asset-backed8,246 11 1,063 1 7,193 
U.S. Treasury and obligations of
 government sponsored enterprises		111 1 2 110 
Foreign government617 1 43 575 
Redeemable preferred stock3 3 
Fixed maturities available-for-sale41,032 652 4,056 1 37,627 
Fixed maturities trading70 70 
Total fixed maturity securities$41,102 $652 $4,056 $1 $37,697 
Available-for-sale Securities in Gross Unrealized Loss Position
The available-for-sale fixed maturities securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:

 Less than 12 Months12 Months or LongerTotal
December 31, 2023Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
 
Fixed maturity securities:
Corporate and other bonds$1,943 $37 $13,406 $1,308 $15,349 $1,345 
States, municipalities and political
 subdivisions		598 18 3,104 685 3,702 703 
Asset-backed:
Residential mortgage-backed233 4 2,212 421 2,445 425 
Commercial mortgage-backed200 5 1,184 225 1,384 230 
Other asset-backed392 8 1,869 248 2,261 256 
Total asset-backed825 17 5,265 894 6,090 911 
U.S. Treasury and obligations of
 government-sponsored enterprises		65 1 23 1 88 2 
Foreign government52 1 450 33 502 34 
Total fixed maturity securities$3,483 $74 $22,248 $2,921 $25,731 $2,995 
December 31, 2022
Fixed maturity securities:
Corporate and other bonds$15,946 $1,585 $1,634 $424 $17,580 $2,009 
States, municipalities and political
 subdivisions		4,079 769 456 170 4,535 939 
Asset-backed:
Residential mortgage-backed1,406 144 1,143 303 2,549 447 
Commercial mortgage-backed1,167 159 408 96 1,575 255 
Other asset-backed2,087 262 542 99 2,629 361 
Total asset-backed4,660 565 2,093 498 6,753 1,063 
U.S. Treasury and obligations of
 government-sponsored enterprises		76 1 16 1 92 2 
Foreign government473 26 78 17 551 43 
Total fixed maturity securities$25,234 $2,946 $4,277 $1,110 $29,511 $4,056 
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.

December 31, 2023December 31, 2022
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises$2,273 $309 $2,355 $337 
AAA1,524 261 1,559 298 
AA3,817 658 4,327 817 
A5,652 517 6,615 749 
BBB11,523 1,095 13,226 1,621 
Non-investment grade942 155 1,429 234 
Total$25,731 $2,995 $29,511 $4,056 
Activity of Allowance on Available-for-Sale Securities
The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivables on available-for-sale fixed maturity securities totaled $435 million and $394 million as of December 31, 2023 and 2022 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.

Year Ended December 31, 2023
Corporate and Other Bonds
Asset-backed
Total
 (In millions)   
Allowance for credit losses:   
Balance as of January 1, 2023
$— $1 $1 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded10 7 17 
Available-for-sale securities accounted for as PCD assets22 22 
 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)6 6 
Intent to sell or more likely than not will be required to sell the
security before recovery of its amortized cost basis
8 8 
Write-offs charged against the allowance15 15 
Additional increases or (decreases) to the allowance for credit
losses on securities that had an allowance recorded in a previous period
1 4 5 
Total allowance for credit losses$4 $12 $16 
Year Ended December 31, 2022Corporate
and Other Bonds 		Asset-backedTotal
(In millions)   
Allowance for credit losses:   
Balance as of January 1, 2022
$11 $7 $18 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded— 
Available-for-sale securities accounted for as PCD assets3 3 
 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)— 
Write-offs charged against the allowance12 12 
Additional increases or (decreases) to the allowance for credit
losses on securities that had an allowance recorded in a previous period
1 (9)(8)
Total allowance for credit losses$— $1 $1 
Available-for-sale Fixed Maturity Securities by Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.

December 3120232022
Cost or Amortized CostEstimated Fair
Value		Cost or Amortized CostEstimated
Fair
Value
(In millions)
Due in one year or less$1,121 $1,091 $1,012 $1,001 
Due after one year through five years11,563 11,180 9,880 9,399 
Due after five years through ten years13,359 12,573 13,788 12,453 
Due after ten years16,371 15,581 16,352 14,774 
Total$42,414 $40,425 $41,032 $37,627 
Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios.

Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of December 31, 2023
2023
2022
2021
2020
2019
PriorTotal
(In millions)       
        
DSCR ≥1.6x       
LTV less than 55%$33 $9 $8 $98 $60 $238 $446 
LTV 55% to 65%5 8 13 
LTV greater than 65%31 11 42 
DSCR 1.2x - 1.6x
LTV less than 55%28 5 14 29 21 97 
LTV 55% to 65%34 36 36 23 32 161 
LTV greater than 65%65 65 
DSCR ≤1.2x
LTV less than 55%6 34 40 
LTV 55% to 65%26 40 43 109 
LTV greater than 65%28 21 41 7 97 
Total$127 $248 $81 $135 $181 $298 $1,070 

(a)The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.
Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments
The following tables present the aggregate contractual or notional amount and estimated fair value related to derivative financial instruments.

December 3120232022
Contractual/Notional AmountEstimated Fair Value Contractual/Notional AmountEstimated Fair Value
Asset
(Liability)
Asset(Liability)
(In millions)
Without hedge designation:
Equity markets:
Options - purchased$202 $1 
Futures - short116 $169 
Warrants84 3 117 $6 
Interest rate swaps300 13 240 19 
Currency forwards13 $(1)12 $(1)