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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of June 30, 2023
TotalQuoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
Asset backed securities ("ABS")
$2,685 $— $2,685 $— 
Collateralized loan obligations ("CLO")
2,981 — 2,896 85 
Commercial mortgage-backed securities ("CMBS")
3,227 — 2,989 238 
Corporate16,096 — 14,474 1,622 
Foreign government/government agencies539 — 539 — 
Municipal6,226 — 6,226 — 
Residential mortgage-backed securities ("RMBS")
3,729 — 3,660 69 
U.S. Treasuries2,014 — 2,014 — 
Total fixed maturities, AFS37,497 — 35,483 2,014 
Fixed maturities, FVO320 — 157 163 
Equity securities, at fair value895 357 479 59 
Derivative assets
Foreign exchange derivatives5 — 5 — 
Interest rate derivatives1 — 1 — 
Total derivative assets [1]6 — 6 — 
Short-term investments3,236 1,749 1,301 186 
Total assets accounted for at fair value on a recurring basis$41,954 $2,106 $37,426 $2,422 
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives$(71)$— $(71)$— 
Foreign exchange derivatives33 — 33 — 
Interest rate derivatives(3)— (3)— 
Total derivative liabilities [2](41)— (41)— 
Total liabilities accounted for at fair value on a recurring basis$(41)$— $(41)$— 
Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2022
Total
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
ABS$1,941 $— $1,911 $30 
CLO2,941 — 2,826 115 
CMBS3,368 — 3,146 222 
Corporate15,233 — 13,644 1,589 
Foreign government/government agencies547 — 547 — 
Municipal6,296 — 6,296 — 
RMBS3,708 — 3,613 95 
U.S. Treasuries2,197 — 2,197 — 
Total fixed maturities, AFS36,231 — 34,180 2,051 
Fixed maturities, FVO333 — 155 178 
Equity securities, at fair value1,801 1,261 479 61 
Derivative assets
Credit derivatives2 — 2 — 
Foreign exchange derivatives32 — 32 — 
Total derivative assets [1]34 — 34 — 
Short-term investments3,859 1,429 2,237 193 
Total assets accounted for at fair value on a recurring basis$42,258 $2,690 $37,085 $2,483 
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives$(2)$— $(2)$— 
Foreign exchange derivatives21 — 21 — 
Interest rate derivatives(6)— (6)— 
Total derivative liabilities [2]13 — 13 — 
Total liabilities accounted for at fair value on a recurring basis$13 $— $13 $— 
[1]Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 2 to this table for derivative liabilities.
[2]Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.
Fair Value Inputs, Assets, Quantitative Information
Significant Unobservable Inputs for Level 3 - Securities
Assets accounted for at fair value on a recurring basisFair
Value		Predominant
Valuation
Technique		Significant
Unobservable Input		MinimumMaximumWeighted Average [1]Impact of
Increase in
Input on Fair Value [2]
As of June 30, 2023
CLO$85 Discounted cash flowsSpread313 bps313 bps313 bpsDecrease
CMBS [3]$235 Discounted cash flowsSpread (encompasses prepayment, default risk and loss severity)349 bps1,513 bps491 bpsDecrease
Corporate [4]$1,577 Discounted cash flowsSpread63 bps1,079 bps360 bpsDecrease
RMBS$69 Discounted cash flowsSpread [6]54 bps225 bps133 bpsDecrease
Constant prepayment rate [6]2%10%6%Decrease [5]
Constant default rate [6]1%4%2%Decrease
Loss severity [6]10%100%41%Decrease
Short-term investments [3]$153 Discounted cash flowsSpread245 bps577 bps251 bpsDecrease
As of December 31, 2022
CLO$115 Discounted cash flowsSpread337 bps337 bps337 bpsDecrease
CMBS [3]$219 Discounted cash flowsSpread (encompasses prepayment, default risk and loss severity)419 bps1,307 bps527 bpsDecrease
Corporate [4]$1,541 Discounted cash flowsSpread77 bps642 bps360 bpsDecrease
RMBS [3]$65 Discounted cash flowsSpread [6]62 bps249 bps160 bpsDecrease
Constant prepayment rate [6]1%10%7%Decrease [5]
Constant default rate [6]1%4%2%Decrease
Loss severity [6]10%100%38%Decrease
[1]The weighted average is determined based on the fair value of the securities.
[2]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.
[3]Excludes securities for which the Company bases fair value on broker quotations.
[4]Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value.
[5]Decrease for above market rate coupons and increase for below market rate coupons.
[6]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
Three Months Ended June 30, 2023
Total realized/unrealized gains (losses)
Fair value as of March 31, 2023Included in net income [1]Included in OCI [2]Purchases SettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of June 30, 2023
Assets
Fixed maturities, AFS
ABS$36 $— $— $— $— $— $— $(36)$— 
CLO151 — — — (26)— — (40)85 
CMBS231 (2)7 2 (1)(5)6 — 238 
Corporate1,643 (2)(3)51 (30)(2)4 (39)1,622 
RMBS57 — — 19 (7)— — — 69 
Total fixed maturities, AFS2,118 (4)4 72 (64)(7)10 (115)2,014 
Fixed maturities, FVO172 (5)— — (4)— — — 163 
Equity securities, at fair value60 (1)— — — — — — 59 
Short-term investments187 — — 3 (4)— — — 186 
Total Assets$2,537 $(10)$4 $75 $(72)$(7)$10 $(115)$2,422 
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
 Six Months Ended June 30, 2023
Total realized/unrealized gains (losses)
Fair value as of January 1, 2023Included in net income [1]Included in OCI [2]Purchases SettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of June 30, 2023
Assets
Fixed Maturities, AFS
ABS$30 $— $— $36 $— $— $— $(66)$— 
CLO115 — — 40 (30)— — (40)85 
CMBS222 (2)2 6 (1)(5)16 — 238 
Corporate1,589 (1)28 117 (81)(9)31 (52)1,622 
RMBS95 — — 19 (15)— — (30)69 
Total Fixed Maturities, AFS2,051 (3)30 218 (127)(14)47 (188)2,014 
Fixed maturities, FVO178 (13)— — (2)— — — 163 
Equity Securities, at fair value61 (2)— 1 (1)— — — 59 
Short-term investments193 — — 4 (11)— — — 186 
Total Assets$2,483 $(18)$30 $223 $(141)$(14)$47 $(188)$2,422 
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
 Three Months Ended June 30, 2022
Total realized/unrealized gains (losses)
Fair value as of March 31, 2022Included in net income [1]Included in OCI [2]Purchases SettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of June 30, 2022
Assets
Fixed Maturities, AFS
ABS$19 $— $— $— $— $— $— $(19)$— 
CLO214 — (1)28 (23)— — (54)164 
CMBS236 — (10)— (2)— — — 224 
Corporate1,515 1 (99)264 (62)(14)21 (17)1,609 
Foreign Govt./Govt. Agencies4 (1)(1)— — — 3 — 5 
RMBS301 — (4)— (30)— — (137)130 
Total Fixed Maturities, AFS2,289 — (115)292 (117)(14)24 (227)2,132 
Fixed maturities, FVO174 (13)— 35 (3)— — — 193 
Equity Securities, at fair value57 2 — 2 (1)— — — 60 
Short-term investments32 — — 32 (4)— — — 60 
Total Assets$2,552 $(11)$(115)$361 $(125)$(14)$24 $(227)$2,445 
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
 Six Months Ended June 30, 2022
Total realized/unrealized gains (losses)
Fair value as of January 1, 2022Included in net income [1]Included in OCI [2]PurchasesSettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of June 30, 2022
Assets
Fixed Maturities, AFS
ABS$— $— $— $19 $— $— $— $(19)$— 
CLO257 — (2)82 (40)— — (133)164 
CMBS196 — (15)46 (3)— — — 224 
Corporate1,618 (1)(158)323 (132)(21)21 (41)1,609 
Foreign Govt./Govt. Agencies5 (1)(1)— — (1)3 — 5 
RMBS328 — (10)137 (64)— — (261)130 
Total Fixed Maturities, AFS2,404 (2)(186)607 (239)(22)24 (454)2,132 
Fixed maturities, FVO160 (11)— 55 (11)— — — 193 
Equity Securities, at fair value64 9 — 2 (15)— — — 60 
Short-term investments80 — — 36 (6)— — (50)60 
Total Assets$2,708 $(4)$(186)$700 $(271)$(22)$24 $(504)$2,445 
[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes.
[2]All amounts are before income taxes.
[3]Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
Changes in Unrealized Gains (Losses) for Financial Instruments Classified as
Level 3 Still Held at End of Period
Three Months Ended June 30,Six Months Ended June 30,
20232022202320222023202220232022
Changes in Unrealized Gains (Losses) included in Net Income [1] [2]Changes in Unrealized Gains (Losses) included in OCI [3]Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
Fixed Maturities, AFS
CLO$— $— $— $(1)$— $— $— $(2)
CMBS— — 6 (10)— — 2 (15)
Corporate(2)1 (3)(99)(2)(1)28 (157)
Foreign Govt./Govt. Agencies— (1)— (1)— (1)— (1)
RMBS— — — (4)— — — (10)
Total Fixed Maturities, AFS(2)— 3 (115)(2)(2)30 (185)
Fixed maturities, FVO(5)(13)— — (13)(11)— — 
Equity Securities, at fair value(1)1 — — (1)1 — — 
Total Assets$(8)$(12)$3 $(115)$(16)$(12)$30 $(185)
[1]All amounts in these rows are reported in net realized gains (losses). All amounts are before income taxes.
[2]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein.
[3]Changes in unrealized gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities in the Condensed Consolidated Statements of Comprehensive Income.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
Financial Assets and Liabilities Not Carried at Fair Value
June 30, 2023December 31, 2022
Fair Value Hierarchy LevelCarrying Amount [1]Fair ValueFair Value Hierarchy LevelCarrying Amount [1]Fair Value
Assets
Mortgage loansLevel 3$6,020 $5,415 Level 3$6,000 $5,362 
Liabilities
Other policyholder funds and benefits payableLevel 3$647 $647 Level 3$658 $658 
Senior notes [2]Level 2$3,861 $3,377 Level 2$3,858 $3,339 
Junior subordinated debentures [2]Level 2$499 $415 Level 2$499 $419 
[1]As of June 30, 2023 and December 31, 2022, the carrying amount of mortgage loans is net of ACL of $41 and $36, respectively.
[2]Included in long-term debt in the Condensed Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable.