INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Other Invested Assets

The following table sets forth the composition of “Other invested assets,” as of the dates indicated.

	March 31, 2024						December 31, 2023
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
LPs/LLCs:
Equity method:
Private equity	$	—	$	3	$	3	$	—	$	4	$	4
Real estate-related	—		3		3		—		5		5
Subtotal equity method	—		6		6		—		9		9
Fair value:
Private equity	28		1		29		24		—		24
Total LPs/LLCs	28		7		35		24		9		33
Derivative instruments	16		222		238		—		117		117
Other	68		—		68		61		—		61
Total other invested assets	$	112	$	229	$	341	$	85	$	126	$	211

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

	March 31, 2024						December 31, 2023
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
Fixed maturity securities	$	50	$	7	$	57	$	48	$	8	$	56
Mortgage loans	—		—		—		3		—		3
Short-term investments and cash equivalents	2		1		3		—		1		1
Total accrued investment income	$	52	$	8	$	60	$	51	$	9	$	60

Net Investment Income

The following tables set forth “Net investment income” by investment type, for the periods indicated:

	Three Months Ended March 31, 2024						Three Months Ended March 31, 2023
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
Fixed maturities securities	$	60	$	12	$	72	$	47	$	14	$	61
Equity securities	—		—		—		—		1		1
Mortgage loans	8		—		8		4		—		4
Other invested assets	3		(2)		1		12		1		13
Short-term investments and cash equivalents	6		4		10		2		6		8
Gross investment income	77		14		91		65		22		87
Less: investment expenses (1)	(21)		—		(21)		(9)		(2)		(11)
Net investment income	$	56	$	14	$	70	$	56	$	20	$	76

(1) For the three months ended, March 31, 2024, investment expenses within the Retained Business includes $15 million of expense related to liabilities associated with repurchase agreements.

Schedule of Realized Gain (Loss)

The following tables set forth “Investment gains (losses), net” by investment type, for the periods indicated:

	Three Months Ended March 31, 2024
	Retained Business						Ceded Business						Total Business
	Unrealized		Realized		Total		Unrealized		Realized		Total		Unrealized		Realized		Total
	(in millions)
Fixed maturity securities	$	(77)	$	1	$	(76)	$	(10)	$	—	$	(10)	$	(87)	$	1	$	(86)
Mortgage loans	5		—		5		—		—		—		5		—		5
Derivatives	—		(354)		(354)		—		114		114		—		(240)		(240)
Total	$	(72)	$	(353)	$	(425)	$	(10)	$	114	$	104	$	(82)	$	(239)	$	(321)

	Three Months Ended March 31, 2023
	Retained Business						Ceded Business						Total Business
	Unrealized		Realized		Total		Unrealized		Realized		Total		Unrealized		Realized		Total
	(in millions)
Fixed maturity securities	$	156	$	(26)	$	130	$	21	$	—	$	21	$	177	$	(26)	$	151
Equity securities	—		—		—		7		—		7		7		—		7
Derivatives	—		(100)		(100)		—		107		107		—		7		7
Total	$	156	$	(126)	$	30	$	28	$	107	$	135	$	184	$	(19)	$	165

Repurchase Agreements and Securities Lending

The following table sets forth, by type, the securities that we have agreed to repurchase, all of which are contained in the Retained Business. The below amounts represent the cash received under the outstanding repurchase agreements.

	March 31, 2024								December 31, 2023
	Remaining Contractual Maturities of the Agreements
	Up to 30 days		30 days up to 1 year		1-5 Years		Total		Up to 30 days		30 days up to 1 year		1-5 Years		Total
	(in millions)
U.S. corporate public securities	$	216	$	402	$	503	$	1,121	$	356	$	108	$	503	$	967