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Investments (Tables)
 6 Months Ended
Jun. 30, 2023
Investments [Abstract]  
Debt Securities, Available-for-sale
The following tables provide information relating to investments in fixed maturity securities by type as of June 30, 2023 and December 31, 2022 (dollars in millions):
June 30, 2023:AmortizedAllowance forUnrealizedUnrealizedEstimated Fair% of
 CostCredit LossesGainsLossesValueTotal
Available-for-sale:
Corporate$40,751 $62 $252 $4,763 $36,178 64.3 %
Canadian government3,395 — 404 47 3,752 6.7 
Japanese government3,315 — 10 279 3,046 5.4 
ABS4,510 12 15 348 4,165 7.4 
CMBS1,932 1 2 234 1,699 3.1 
RMBS1,145 — 3 111 1,037 1.8 
U.S. government1,573 — 1 208 1,366 2.4 
State and political subdivisions1,247 — 7 145 1,109 2.0 
Other foreign government4,317 — 34 467 3,884 6.9 
Total fixed maturity securities$62,185 $75 $728 $6,602 $56,236 100.0 %
December 31, 2022:AmortizedAllowance forUnrealizedUnrealizedEstimated Fair% of
 CostCredit LossesGainsLossesValueTotal
Available-for-sale:
Corporate$38,963 $27 $168 $5,135 $33,969 64.2 %
Canadian government3,311 — 381 66 3,626 6.9 
Japanese government3,033 — 4 478 2,559 4.8 
ABS4,324 10 4 440 3,878 7.3 
CMBS1,835 — — 212 1,623 3.1 
RMBS1,054 — 1 114 941 1.8 
U.S. government1,690 — 4 212 1,482 2.8 
State and political subdivisions1,282 — 10 173 1,119 2.1 
Other foreign government4,171 — 22 489 3,704 7.0 
Total fixed maturity securities$59,663 $37 $594 $7,319 $52,901 100.0 %
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of June 30, 2023 and December 31, 2022 (dollars in millions):
June 30, 2023December 31, 2022
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities pledged as collateral$401 $352 $355 $292 
Fixed maturity securities received as collateraln/a1,742 n/a1,428 
Assets in trust held to satisfy collateral requirements32,516 29,259 31,510 27,817 
Concentration Risk Disclosure [Text Block] The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s equity included securities of the U.S. government and its agencies and the Japanese government and its agencies, as well as the securities disclosed below, as of June 30, 2023 and December 31, 2022 (dollars in millions).
June 30, 2023December 31, 2022
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities guaranteed or issued by:
Canadian province of Quebec$1,432 $1,668 $1,436 $1,649 
Canadian province of Ontario1,014 1,104 982 1,068 
Investments Classified By Contractual Maturity Date
The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of June 30, 2023, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date.
Amortized CostEstimated Fair Value
Available-for-sale:
Due in one year or less$1,883 $1,887 
Due after one year through five years10,281 9,970 
Due after five years through ten years11,237 10,257 
Due after ten years31,197 27,221 
Structured securities7,587 6,901 
Total$62,185 $56,236 
Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block]
The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of June 30, 2023 and December 31, 2022 (dollars in millions): 
June 30, 2023: Estimated 
 Amortized CostFair Value% of Total
Finance$14,948 $13,120 36.3 %
Industrial20,574 18,548 51.2 
Utility5,229 4,510 12.5 
Total$40,751 $36,178 100.0 %
December 31, 2022: Estimated 
 Amortized CostFair Value% of Total
Finance$14,551 $12,680 37.3 %
Industrial19,624 17,257 50.8 
Utility4,788 4,032 11.9 
Total$38,963 $33,969 100.0 %
Financing Receivable, Allowance for Credit Loss [Table Text Block]
The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the six months ended June 30, 2023 and 2022 (dollars in millions):
Six months ended June 30, 2023:
 CorporateABSCMBSOther Foreign GovernmentTotal
Balance, beginning of year$27 $10 $— $— $37 
Credit losses recognized on securities for which credit losses were not previously recorded44 — 1 — 45 
Reductions for securities sold during the period(10)— — — (10)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period1 2 — — 3 
Balance, end of period$62 $12 $1 $— $75 
Six months ended June 30, 2022:
 CorporateABSCMBSOther Foreign GovernmentTotal
Balance, beginning of year$26 $— $1 $4 $31 
Credit losses recognized on securities for which credit losses were not previously recorded18 5 — 1 24 
Reductions for securities sold during the period(6)— — (1)(7)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period5 — — 2 7 
Balance, end of period$43 $5 $1 $6 $55 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
 Less than 12 months12 months or greaterTotal
  Gross Gross Gross
June 30, 2023:EstimatedUnrealizedEstimatedUnrealizedEstimatedUnrealized
 Fair ValueLossesFair ValueLossesFair ValueLosses
Investment grade securities:
Corporate$9,095 $496 $19,800 $4,161 $28,895 $4,657 
Canadian government436 17 168 30 604 47 
Japanese government245 2 2,154 277 2,399 279 
ABS503 17 3,069 316 3,572 333 
CMBS331 16 1,311 212 1,642 228 
RMBS385 17 532 94 917 111 
U.S. government749 14 596 194 1,345 208 
State and political subdivisions303 13 660 132 963 145 
Other foreign government988 42 1,900 362 2,888 404 
Total investment grade securities13,035 634 30,190 5,778 43,225 6,412 
 
Below investment grade securities:
Corporate481 21 660 83 1,141 104 
ABS16 1 53 13 69 14 
Other foreign government— — 183 63 183 63 
Total below investment grade securities497 22 896 159 1,393 181 
Total fixed maturity securities$13,532 $656 $31,086 $5,937 $44,618 $6,593 
 Less than 12 months12 months or greaterTotal
  Gross Gross Gross
December 31, 2022:EstimatedUnrealizedEstimatedUnrealizedEstimatedUnrealized
 Fair ValueLossesFair ValueLossesFair ValueLosses
Investment grade securities:
Corporate$21,867 $2,756 $6,840 $2,225 $28,707 $4,981 
Canadian government554 42 71 23 625 65 
Japanese government815 86 1,694 392 2,509 478 
ABS1,596 153 1,931 269 3,527 422 
CMBS1,314 144 281 65 1,595 209 
RMBS664 62 181 53 845 115 
U.S. government1,202 64 253 148 1,455 212 
State and political subdivisions819 124 131 50 950 174 
Other foreign government1,942 167 1,026 260 2,968 427 
Total investment grade securities30,773 3,598 12,408 3,485 43,181 7,083 
Below investment grade securities:
Corporate767 87 305 61 1,072 148 
ABS52 6 38 9 90 15 
Other foreign government39 2 164 60 203 62 
Total below investment grade securities858 95 507 130 1,365 225 
Total fixed maturity securities$31,631 $3,693 $12,915 $3,615 $44,546 $7,308 
Investment Income
Major categories of net investment income consist of the following (dollars in millions):
 Three months ended June 30,Six months ended June 30,
 2023202220232022
Fixed maturity securities available-for-sale$683 $559 $1,328 $1,092 
Equity securities11 3 3 
Mortgage loans80 76 154 149 
Policy loans13 14 26 27 
Funds withheld at interest80 57 152 108 
Limited partnerships and real estate joint ventures19 77 73 238 
Short-term investments and cash and cash equivalents22 2 43 4 
Other invested assets3 — 12 2 
Investment income901 786 1,791 1,623 
Investment expense(44)(32)(78)(59)
Net investment income$857 $754 $1,713 $1,564 
Gain Loss On Investments
Investment related gains (losses), net consist of the following (dollars in millions): 
 Three months ended June 30,Six months ended June 30,
 2023202220232022
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$4 $(13)$(38)$(24)
Impairments on fixed maturities— (2)(1)(3)
Realized gains on investment activity11 34 42 45 
Realized losses on investment activity(37)(94)(112)(130)
Net losses on equity securities(4)(15)(2)(23)
Change in mortgage loan allowance for credit losses(9)(1)(6)(3)
Change in fair value of certain limited partnership investments10 10 7 29 
Other, net15 11 17 19 
Net losses on free-standing derivatives(93)(114)(124)(200)
Net gains (losses) on embedded derivatives(20)(56)17 (89)
Total investment related gains (losses), net$(123)$(240)$(200)$(379)
Schedule of Repurchase Agreements [Table Text Block]
The following table provides information relating to securities borrowing, lending and repurchase/reverse repurchase agreements as of June 30, 2023 and December 31, 2022 (dollars in millions):
June 30, 2023December 31, 2022
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Securities borrowing agreements:
Securities borrowed (1)
n/a$805 n/a$852 
Securities pledged as collateral (2)
$795 691 $859 693 
Securities lending agreements:
Securities loaned (2)
60 55 59 55 
Securities received as collateral (3)
n/a66 n/a66 
Repurchase/reverse repurchase agreements:
Securities sold (2)
919 817 898 779 
Securities purchased (3)
n/a498 n/a619 
Cash received (4)
248 248 149 149 
(1)Securities borrowed are not reflected on the condensed consolidated balance sheets. Collateral associated with certain borrowed securities is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows.
(2)Securities loaned, pledged or sold to counterparties are included within fixed maturity securities.
(3)Securities received as collateral or purchased from counterparties are not reflected on the condensed consolidated financial statements.
(4)A payable for the cash received by the Company is included within other liabilities.
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]
The following tables present information on the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of June 30, 2023 and December 31, 2022 (dollars in millions):
June 30, 2023
Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending agreements:
Corporate$— $— $— $39 $39 
Canadian government— — — 5 5 
State and political subdivisions— — — 6 6 
Other foreign government— — — 5 5 
Total— — — 55 55 
Repurchase agreements:
Corporate— — — 340 340 
Japanese government— — 151 — 151 
ABS— — — 58 58 
CMBS— — — 109 109 
RMBS— — — 44 44 
U.S. government— — — 13 13 
Other foreign government— — — 102 102 
Total— — 151 666 817 
Total agreements$— $— $151 $721 $872 
December 31, 2022
Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending agreements:
Corporate$— $— $— $42 $42 
Canadian government— — — 5 5 
State and political subdivisions— — — 3 3 
Other foreign government— — — 5 5 
Total— — — 55 55 
Repurchase agreements:
Corporate— — — 279 279 
Japanese government— — — 278 278 
ABS— — — 54 54 
CMBS— — — 63 63 
RMBS— — — 10 10 
U.S. government— — — — — 
Other foreign government— — — 95 95 
Total— — — 779 779 
Total agreements$— $— $— $834 $834 
Disclosure Of Real Estate Holdings By Property Type [Table Text Block]
The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of June 30, 2023 and December 31, 2022 (dollars in millions):
 June 30, 2023December 31, 2022
 Property type:Carrying Value% of Total Carrying Value% of Total
Office$1,682 23.7 %$1,706 25.6 %
Retail2,367 33.3 2,290 34.4 
Industrial1,717 24.1 1,518 22.8 
Apartment894 12.6 763 11.5 
Other commercial449 6.3 376 5.7 
Recorded investment7,109 100.0 %6,653 100.0 %
Unamortized balance of loan origination fees and expenses(14)(12)
Allowance for credit losses(57)(51)
Total mortgage loans$7,038 $6,590 
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block]
The following table presents the maturities of the Company’s recorded investment in mortgage loans as of June 30, 2023 and December 31, 2022 (dollars in millions):
June 30, 2023December 31, 2022
Recorded
Investment		% of Total Recorded
Investment		% of Total
Due within five years$3,085 43.4 %$2,652 39.9 %
Due after five years through ten years3,058 43.0 2,930 44.0 
Due after ten years966 13.6 1,071 16.1 
Total$7,109 100.0 %$6,653 100.0 %
Mortgage Loan Internal Credit Risk Grade [Table Text Block]
The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of June 30, 2023 and December 31, 2022 (dollars in millions):
Recorded Investment
Debt Service RatiosConstruction loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
June 30, 2023:
Loan-to-Value Ratio
0% – 59.99%$3,908 $240 $64 $40 $4,252 59.8 %
60% – 69.99%1,795 219 80 — 2,094 29.5 
70% – 79.99%466 30 18 — 514 7.2 
80% or greater93 43 113 — 249 3.5 
Total$6,262 $532 $275 $40 $7,109 100.0 %
Recorded Investment
Debt Service RatiosConstruction loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
December 31, 2022:
Loan-to-Value Ratio
0% – 59.99%$3,466 $215 $56 $18 $3,755 56.4 %
60% – 69.99%1,894 119 71 — 2,084 31.3 
70% – 79.99%475 49 91 — 615 9.3 
80% or greater81 — 118 — 199 3.0 
Total$5,916 $383 $336 $18 $6,653 100.0 %
The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of June 30, 2023 and December 31, 2022 (dollars in millions):
Recorded Investment
Year of Origination
20232022202120202019PriorTotal
June 30, 2023:
Internal credit quality grade:
High investment grade$146 $695 $676 $334 $530 $1,903 $4,284 
Investment grade473 609 283 219 322 687 2,593 
Average— — 6 18 23 185 232 
Watch list— — — — — — — 
In or near default— — — — — — — 
Total$619 $1,304 $965 $571 $875 $2,775 $7,109 
Recorded Investment
Year of Origination
20222021202020192018PriorTotal
December 31, 2022:
Internal credit quality grade:
High investment grade$698 $684 $327 $561 $422 $1,565 $4,257 
Investment grade586 284 248 279 252 531 2,180 
Average— 6 — 39 52 83 180 
Watch list— — — — — — — 
In or near default— — — — — 36 36 
Total$1,284 $974 $575 $879 $726 $2,215 $6,653 
Financing Receivable, Past Due [Table Text Block]
The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of June 30, 2023 and December 31, 2022.
 June 30, 2023December 31, 2022
Current$7,096 $6,617 
31 – 60 days past due13 — 
Greater than 90 days past due
— 36 
Total$7,109 $6,653 
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net
The following table presents information regarding the Company’s allowance for credit losses for mortgage loans for the three and six months ended June 30, 2023 and 2022 (dollars in millions):
 Three months ended June 30,Six months ended June 30,
 2023202220232022
Balance, beginning of period$48 $37 $51 $35 
Change in allowance for credit losses9 1 6 3 
Balance, end of period$57 $38 $57 $38 
Limited Partnership And Joint Ventures Table Text Block
Limited Partnerships and Real Estate Joint Ventures
The carrying values of limited partnerships and real estate joint ventures as of June 30, 2023 and December 31, 2022 are as follows (dollars in millions):
June 30, 2023December 31, 2022
Limited partnerships – equity method$928 $934 
Limited partnerships – fair value768 683 
Limited partnerships – cost method62 49 
Real estate joint ventures715661 
Total limited partnerships and real estate joint ventures$2,473 $2,327 
Schedule Of Other Invested Assets [Table Text Block] The carrying values of other invested assets as of June 30, 2023 and December 31, 2022 are as follows (dollars in millions):
June 30, 2023December 31, 2022
Lifetime mortgages$930 $868 
Derivatives61 170 
Other128 102 
Total other invested assets$1,119 $1,140