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Investments (Tables)

3 Months Ended

Mar. 31, 2024


Net Realized Gains (Losses)
	Three Months Ended March 31,
(Before tax)		2024		2023
Gross gains on sales of fixed maturities		$	5	$	17
Gross losses on sales of fixed maturities		(11)		(39)
Equity securities [1]
Net realized gains (losses) on sales of equity securities		(12)		50
Change in net unrealized gains (losses) of equity securities		47		(15)
Net realized and unrealized gains (losses) on equity securities		35		35
Net credit losses on fixed maturities, AFS		(1)		(5)
Change in ACL on mortgage loans		3		—

Other, net [2]		(3)		(15)



Net realized gains (losses)		$	28	$	(7)

[1]The change in net unrealized gains (losses) on equity securities still held as of the end of the period and included in net realized gains (losses) were $36 and $2 for the three months ended March 31, 2024, and 2023, respectively.

[2]For the three months ended March 31, 2024, and 2023 includes gains (losses) from transactional foreign currency revaluation of $2 and $(7), respectively, and gains (losses) on non-qualifying derivatives of $(2), and $5, respectively.

Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]


ACL on Fixed Maturities, AFS by Type
	Three Months Ended March 31,
		2024			2023
(Before tax)			Corporate			CMBS		Total		Corporate		CMBS		Total
Balance as of beginning of period			$	9		$	12	$	21	$	2	$	10	$	12
Credit losses on fixed maturities where an allowance was not previously recorded			—			—		—		4		—		4


Net increases (decreases) on fixed maturities where an allowance was previously recorded			1			—		1		—		1		1
Write-offs charged against the allowance			(4)			—		(4)		—		—		—
Balance as of end of period			$	6		$	12	$	18	$	6	$	11	$	17

Schedule of Available-for-sale Securities


Fixed Maturities, AFS, by Type
	March 31, 2024										December 31, 2023
	Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value			Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
ABS	$	3,527	$	—	$	15	$	(43)	$	3,499		$	3,347	$	—	$	18	$	(45)	$	3,320
CLO	3,168		—		5		(5)		3,168			3,104		—		3		(17)		3,090
CMBS	3,345		(12)		20		(303)		3,050			3,466		(12)		19		(348)		3,125
Corporate	19,598		(6)		144		(1,079)		18,657			18,691		(9)		197		(1,013)		17,866
Foreign govt./govt. agencies	574		—		4		(30)		548			583		—		6		(27)		562
Municipal	6,175		—		101		(335)		5,941			6,207		—		131		(299)		6,039
RMBS	4,889		—		10		(426)		4,473			4,675		—		18		(406)		4,287
U.S. Treasuries	1,670		—		12		(178)		1,504			1,653		—		26		(150)		1,529
Total fixed maturities, AFS	$	42,946	$	(18)	$	311	$	(2,399)	$	40,840		$	41,726	$	(21)	$	418	$	(2,305)	$	39,818

Investments by Contractual Maturity Year


Fixed Maturities, AFS, by Contractual Maturity Year
	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	1,541	$	1,517	$	1,526	$	1,501
Over one year through five years	10,212		9,900		9,670		9,433
Over five years through ten years	6,440		6,074		6,568		6,211
Over ten years	9,824		9,159		9,370		8,851
Subtotal	28,017		26,650		27,134		25,996
Mortgage-backed and asset-backed securities	14,929		14,190		14,592		13,822
Total fixed maturities, AFS	$	42,946	$	40,840	$	41,726	$	39,818

Unrealized Gain (Loss) on Investments [Table Text Block]


Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of March 31, 2024
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS	$	982	$	(7)	$	942	$	(36)	$	1,924	$	(43)
CLO	1,107		(4)		295		(1)		1,402		(5)
CMBS	59		(1)		2,794		(302)		2,853		(303)
Corporate	1,733		(25)		11,000		(1,054)		12,733		(1,079)
Foreign govt./govt. agencies	96		(1)		344		(29)		440		(30)
Municipal	664		(6)		3,212		(329)		3,876		(335)
RMBS	685		(8)		3,061		(418)		3,746		(426)
U.S. Treasuries	287		(14)		999		(164)		1,286		(178)
Total fixed maturities, AFS in an unrealized loss position	$	5,613	$	(66)	$	22,647	$	(2,333)	$	28,260	$	(2,399)


Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2023
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS	$	604	$	(6)	$	1,043	$	(39)	$	1,647	$	(45)
CLO	209		(1)		2,249		(16)		2,458		(17)
CMBS	117		(7)		2,837		(341)		2,954		(348)
Corporate	810		(10)		11,149		(1,003)		11,959		(1,013)
Foreign govt./govt. agencies	27		—		368		(27)		395		(27)
Municipal	329		(3)		3,196		(296)		3,525		(299)
RMBS	181		(3)		3,207		(403)		3,388		(406)
U.S. Treasuries	120		(11)		1,121		(139)		1,241		(150)
Total fixed maturities, AFS in an unrealized loss position	$	2,397	$	(41)	$	25,170	$	(2,264)	$	27,567	$	(2,305)

Financing Receivable, Allowance for Credit Loss [Table Text Block]


ACL on Mortgage Loans
	Three Months Ended March 31,
		2024		2023
ACL as of beginning of period		$	51	$	36
Current period provision (release)		(3)		—



ACL as of December 31,		$	48	$	36

Loans Credit Quality


Mortgage Loans LTV & DSCR by Origination Year as of March 31, 2024
	2024			2023			2022			2021			2020			2019 & Prior			Total
Loan-to-value	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost [1]		Avg. DSCR
Greater than 80%	$	—	—x	$	—	—x	$	16	1.14x	$	38	1.05x	$	—	—x	$	104	0.89x	$	158	0.95x
65% - 80%	—		—x	—		—x	189		2.20x	489		2.35x	94		3.48x	349		1.77x	1,121		2.24x
Less than 65%	98		1.62x	434		1.45x	735		2.77x	1,062		3.13x	527		2.91x	2,110		2.78x	4,966		2.73x
Total mortgage loans	$	98	1.62x	$	434	1.45x	$	940	2.63x	$	1,589	2.84x	$	621	2.99x	$	2,563	2.57x	$	6,245	2.60x

[1]Amortized cost of mortgage loans excludes ACL of $48.


Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2023
	2023			2022			2021			2020			2019			2018 & Prior			Total
Loan-to-value	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost [1]		Avg. DSCR
Greater than 80%	$	—	—x	$	16	1.09x	$	38	1.05x	$	—	—x	$	—	—x	$	105	1.41x	$	159	1.29x
65% - 80%	—		—x	189		2.13x	457		2.42x	95		3.47x	98		1.77x	252		1.77x	1,091		2.25x
Less than 65%	400		1.47x	724		2.75x	1,105		2.99x	527		2.92x	679		2.90x	1,453		2.67x	4,888		2.72x
Total mortgage loans	$	400	1.47x	$	929	2.60x	$	1,600	2.78x	$	622	3.00x	$	777	2.76x	$	1,810	2.47x	$	6,138	2.60x

[1]Amortized cost of mortgage loans excludes ACL of $51.


Mortgage Loans by Region
	March 31, 2024				December 31, 2023
	Amortized Cost		Percent of Total		Amortized Cost		Percent of Total
East North Central	$	371	5.9	%	$	368	6.0	%

Middle Atlantic	246		3.9	%	238		3.9	%
Mountain	728		11.7	%	699		11.4	%
New England	350		5.6	%	351		5.7	%
Pacific	1,330		21.3	%	1,326		21.6	%
South Atlantic	1,780		28.5	%	1,776		28.9	%
West North Central	104		1.7	%	103		1.7	%
West South Central	498		8.0	%	445		7.2	%
Other [1]	838		13.4	%	832		13.6	%
Total mortgage loans	6,245		100.0	%	6,138		100.0	%
ACL	(48)				(51)
Total mortgage loans, net of ACL	$	6,197			$	6,087

[1]Primarily represents loans collateralized by multiple properties in various regions.


Mortgage Loans by Property Type
	March 31, 2024				December 31, 2023
	Amortized Cost		Percent of Total		Amortized Cost		Percent of Total
Commercial

Industrial	$	2,478	39.7	%	$	2,363	38.5	%

Multifamily	2,192		35.1	%	2,200		35.9	%
Office	568		9.1	%	578		9.4	%
Retail [1]	927		14.8	%	917		14.9	%
Single Family	80		1.3	%	80		1.3	%

Total mortgage loans	6,245		100.0	%	6,138		100.0	%
ACL	(48)				(51)
Total mortgage loans, net of ACL	$	6,197			$	6,087

[1]Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.

Schedule of Financial Instruments Owned and Pledged as Collateral



	March 31, 2024		December 31, 2023
	Fair Value		Fair Value
Securities on deposit with government agencies	$	2,370	$	2,339
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders	917		890
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders	19		30
Fixed maturities in Lloyd's trust account	160		154
Other investments	75		75
Total Other Restricted Investments	$	3,541	$	3,488