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Investments (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024 and December 31, 2023 (dollars in millions):
June 30, 2024:Amortized CostAllowance for Credit LossesUnrealized GainsUnrealized LossesEstimated Fair Value% of Total
Available-for-sale:
Corporate$50,053 $95 $516 $4,343 $46,131 65.4 %
Canadian government4,520 — 331 71 4,780 6.8 
Japanese government5,297 — 1 835 4,463 6.3 
ABS5,302 15 45 189 5,143 7.3 
CMBS2,242 1 19 140 2,120 3.0 
RMBS1,307 — 14 109 1,212 1.7 
U.S. government1,681 — 3 256 1,428 2.0 
State and political subdivisions1,188 — 4 150 1,042 1.6 
Other foreign government4,571 — 31 430 4,172 5.9 
Total fixed maturity securities$76,161 $111 $964 $6,523 $70,491 100.0 %
December 31, 2023:Amortized CostAllowance for Credit LossesUnrealized GainsUnrealized LossesEstimated Fair Value% of Total
Available-for-sale:
Corporate$42,014 $62 $554 $3,751 $38,755 64.1 %
Canadian government3,477 — 473 33 3,917 6.5 
Japanese government3,630 — 3 502 3,131 5.2 
ABS4,661 12 19 239 4,429 7.3 
CMBS1,969 1 7 202 1,773 2.9 
RMBS1,173 — 8 102 1,079 1.8 
U.S. government2,725 — 9 214 2,520 4.2 
State and political subdivisions1,236 — 7 129 1,114 1.8 
Other foreign government4,092 — 45 388 3,749 6.2 
Total fixed maturity securities$64,977 $75 $1,125 $5,560 $60,467 100.0 %
Concentration Risk Disclosure [Text Block] The Company’s exposure to concentrations of credit risk from single issuers, including certain agencies, greater than 10% of the Company’s equity are disclosed below, as of June 30, 2024 and December 31, 2023 (dollars in millions):
June 30, 2024December 31, 2023
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities guaranteed or issued by:
Japanese government$5,297 $4,463 $3,630 $3,131 
U.S. government1,681 1,428 2,725 2,520 
Canadian province of Quebec1,571 1,744 1,467 1,748 
Canadian province of Ontario1,157 1,225 1,019 1,125 
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, 2024, 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$1,347 $1,351 
Due after one year through five years11,719 11,557 
Due after five years through ten years12,784 12,221 
Due after ten years41,460 36,887 
Structured securities8,851 8,475 
Total$76,161 $70,491 
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, 2024 and December 31, 2023 (dollars in millions): 
June 30, 2024:Amortized CostEstimated Fair Value% of Total
Finance$16,448 $15,090 32.7 %
Industrial26,154 24,306 52.7 
Utility7,451 6,735 14.6 
Total$50,053 $46,131 100.0 %
December 31, 2023:Amortized CostEstimated Fair Value% of Total
Finance$15,052 $13,789 35.6 %
Industrial21,413 19,935 51.4 
Utility5,549 5,031 13.0 
Total$42,014 $38,755 100.0 %
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 three and six months ended June 30, 2024 and 2023 (dollars in millions):
CorporateABSCMBSTotal
For the three months ended June 30, 2024:
Balance, beginning of period$79 $15 $1 $95 
Credit losses recognized on securities for which credit losses were not previously recorded2 — — 2 
Reductions for securities sold during the period(1)— — (1)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period14 — — 14 
Write-offs charged against the allowance1 — — 1 
Balance, end of period$95 $15 $1 $111 
For the three months ended June 30, 2023:
Balance, beginning of period$69 $10 $— $79 
Credit losses recognized on securities for which credit losses were not previously recorded1 — 1 2 
Reductions for securities sold during the period(7)— — (7)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period(1)2 — 1 
Write-offs charged against the allowance— — — — 
Balance, end of period$62 $12 $1 $75 
 CorporateABSCMBSTotal
For the six months ended June 30, 2024:
Balance, beginning of period$62 $12 $1 $75 
Credit losses recognized on securities for which credit losses were not previously recorded32 — — 32 
Reductions for securities sold during the period(9)— — (9)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period9 3 — 12 
Write-offs charged against the allowance1 — — 1 
Balance, end of period$95 $15 $1 $111 
For the six months ended June 30, 2023:
Balance, beginning of period$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 
Write-offs charged against the allowance— — — — 
Balance, end of period$62 $12 $1 $75 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
 Less than 12 months12 months or greaterTotal
June 30, 2024:Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
Corporate$8,885 $217 $22,555 $4,043 $31,440 $4,260 
Canadian government404 15 449 56 853 71 
Japanese government2,293 187 2,136 648 4,429 835 
ABS794 8 2,310 175 3,104 183 
CMBS270 2 1,225 129 1,495 131 
RMBS137 1 721 108 858 109 
U.S. government422 4 736 252 1,158 256 
State and political subdivisions114 4 785 146 899 150 
Other foreign government726 11 2,110 362 2,836 373 
Total investment grade securities14,045 449 33,027 5,919 47,072 6,368 
 
Below investment grade securities:
Corporate$352 $8 $476 $68 $828 $76 
ABS9 1 44 5 53 6 
CMBS— — — — — — 
Other foreign government— — 194 57 194 57 
Total below investment grade securities361 9 714 130 1,075 139 
Total fixed maturity securities$14,406 $458 $33,741 $6,049 $48,147 $6,507 
 Less than 12 months12 months or greaterTotal
December 31, 2023:Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
Corporate$2,134 $70 $24,207 $3,524 $26,341 $3,594 
Canadian government— — 459 33 459 33 
Japanese government876 50 2,193 452 3,069 502 
ABS336 5 3,025 223 3,361 228 
CMBS160 5 1,328 190 1,488 195 
RMBS115 3 681 99 796 102 
U.S. government614 10 717 204 1,331 214 
State and political subdivisions73 1 864 128 937 129 
Other foreign government254 3 2,290 333 2,544 336 
Total investment grade securities4,562 147 35,764 5,186 40,326 5,333 
Below investment grade securities:
Corporate295 36 649 121 944 157 
ABS— — 68 10 68 10 
CMBS— — 4 1 4 1 
Other foreign government— — 193 52 193 52 
Total below investment grade securities295 36 914 184 1,209 220 
Total fixed maturity securities$4,857 $183 $36,678 $5,370 $41,535 $5,553 
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,
 2024202320242023
Fixed maturity securities available-for-sale$881 $683 $1,641 $1,328 
Equity securities11 3 3 
Mortgage loans97 80 187 154 
Policy loans14 13 28 26 
Funds withheld at interest76 80 165 152 
Limited partnerships and real estate joint ventures21 19 28 73 
Short-term investments and cash and cash equivalents44 22 78 43 
Other invested assets(3)3 1 12 
Investment income1,131 901 2,131 1,791 
Investment expense(49)(44)(88)(78)
Net investment income$1,082 $857 $2,043 $1,713 
Gain Loss On Investments
Investment related gains (losses), net consist of the following (dollars in millions): 
 Three months ended June 30,Six months ended June 30,
 2024202320242023
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$(16)$4 $(36)$(38)
Impairments on fixed maturity securities(1)— (1)(1)
Realized gains on investment activity68 11 100 42 
Realized losses on investment activity(230)(37)(364)(112)
Net gains (losses) on equity securities(5)(4)(1)(2)
Change in mortgage loan allowance for credit losses2 (9)(8)(6)
Limited partnerships and real estate joint venture impairment losses— — (8)— 
Change in fair value of certain limited partnership investments— 10 1 7 
Net losses on freestanding derivatives(119)(93)(218)(124)
Net gains (losses) on embedded derivatives26 (20)103 17 
Other, net4 15 12 17 
Total investment related gains (losses), net$(271)$(123)$(420)$(200)
Invested Assets On Deposit
The following table includes invested assets on deposit, invested assets pledged and received as collateral, assets in trust held to satisfy collateral requirements and FHLB common stock restricted as to sale as of June 30, 2024 and December 31, 2023 (dollars in millions):
June 30, 2024December 31, 2023
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Invested assets on deposit (regulatory deposits)$12 $9 $12 $9 
Invested assets pledged as collateral1,108 960 572 517 
Invested assets received as collateraln/a2,040 n/a1,827 
Assets in trust held to satisfy collateral requirements42,810 39,907 32,758 30,359 
FHLB common stock restricted as to sale73 73 63 63 
Schedule of Repurchase Agreements [Table Text Block]
The following table provides the estimated fair value of securities relating to securities lending and repurchase/reverse repurchase agreements as of June 30, 2024 and December 31, 2023 (dollars in millions):
June 30, 2024December 31, 2023
Securities Loaned, Pledged, or
Sold (1)
Securities Borrowed or Collateral Received from Counterparties (2)
Cash Collateral Received from Counterparties (3)
Securities Loaned, Pledged, or
Sold (1)
Securities Borrowed or Collateral Received from Counterparties (2)
Cash Collateral Received from Counterparties (3)
Securities lending transactions$1,040 $1,315 $— $732 $1,013 $— 
Repurchase/reverse repurchase transactions1,683 7138581,333 517 820 
(1)Securities loaned or pledged through securities lending transactions or sold to counterparties through repurchase transactions are included within fixed maturity securities. Collateral associated with certain securities lending transactions is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. Certain securities lending transactions do not require collateral.
(2)Securities borrowed or received as collateral through securities lending transactions or purchased from counterparties through reverse repurchase transactions are not reflected on the condensed consolidated balance sheets.
(3)A payable for the cash received by the Company is included within other liabilities.
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]
The following tables present the estimated fair value of securities by the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of June 30, 2024 and December 31, 2023 (dollars in millions):
June 30, 2024December 31, 2023
Remaining Contractual Maturity of the AgreementsRemaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotalOvernight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending transactions:
Corporate$— $75 $134 $190 $399 $— $— $94 $41 $135 
Japanese government— — 295 226 521 — 88 — 480 568 
ABS— — — 24 24 — — — — — 
CMBS— — — 47 47 — — — — — 
RMBS— — — 14 14 — — — — — 
U.S. government— — — 9 9 — — — — — 
State and political subdivisions— — — 6 6 — — — 11 11 
Other foreign government— — 11 9 20 — — 13 5 18 
Total— 75 440 525 1,040 — 88 107 537 732 
Repurchase/reverse repurchase transactions:
Corporate— — — 513 513 — — — 553 553 
Japanese government— — — 376 376 — — — 158 158 
ABS— — — 318 318 — — — 229 229 
CMBS— — — 266 266 — — — 221 221 
RMBS— — — 51 51 — — — 52 52 
U.S. government— — — 60 60 — — — 14 14 
Other foreign government— — — 99 99 — — — 106 106 
Total— — — 1,683 1,683 — — — 1,333 1,333 
Total transactions$— $75 $440 $2,208 $2,723 $— $88 $107 $1,870 $2,065 
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, 2024 and December 31, 2023 (dollars in millions):
 June 30, 2024December 31, 2023
 Property type:Carrying Value% of Total Carrying Value% of Total
Office$1,702 21.1 %$1,700 22.8 %
Retail2,670 33.1 2,437 32.7 
Industrial2,270 28.0 1,947 26.1 
Apartment980 12.1 913 12.2 
Hotel408 5.1 413 5.5 
Other commercial46 0.6 49 0.7 
Recorded investment8,076 100.0 %7,459 100.0 %
Unamortized balance of loan origination fees and expenses(17)(15)
Allowance for credit losses(75)(67)
Total mortgage loans$7,984 $7,377 
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, 2024 and December 31, 2023 (dollars in millions):
June 30, 2024December 31, 2023
Recorded
Investment		% of Total Recorded
Investment		% of Total
Due within five years$3,684 45.6 %$3,228 43.3 %
Due after five years through ten years3,494 43.3 3,334 44.7 
Due after ten years898 11.1 897 12.0 
Total$8,076 100.0 %$7,459 100.0 %
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, 2024 and December 31, 2023 (dollars in millions):
Recorded Investment
Debt Service RatiosConstruction loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
June 30, 2024:
Loan-to-Value Ratio
0% – 59.99%$4,190 $224 $84 $11 $4,509 55.8 %
60% – 69.99%1,979 220 35 44 2,278 28.2 
70% – 79.99%770 118 15 — 903 11.2 
80% or greater226 55 105 — 386 4.8 
Total$7,165 $617 $239 $55 $8,076 100.0 %
Recorded Investment
Debt Service RatiosConstruction loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
December 31, 2023:
Loan-to-Value Ratio
0% – 59.99%$3,672 $272 $27 $46 $4,017 53.9 %
60% – 69.99%1,947 154 44 — 2,145 28.8 
70% – 79.99%843 52 34 — 929 12.4 
80% or greater198 70 100 — 368 4.9 
Total$6,660 $548 $205 $46 $7,459 100.0 %
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, 2024 and December 31, 2023 (dollars in millions):
Recorded Investment
Year of Origination
20242023202220212020PriorTotal
June 30, 2024:
Internal credit quality grade:
High investment grade$247 $472 $659 $619 $269 $2,194 $4,460 
Investment grade346 754 707 433 241 789 3,270 
Average— 12 — — 18 252 282 
Watch list— — — — — 41 41 
In or near default— — — — — 23 23 
Total$593 $1,238 $1,366 $1,052 $528 $3,299 $8,076 
Recorded Investment
Year of Origination
20232022202120202019PriorTotal
December 31, 2023:
Internal credit quality grade:
High investment grade$475 $635 $573 $304 $491 $1,734 $4,212 
Investment grade754 668 384 245 313 564 2,928 
Average12 — — 18 63 203 296 
Watch list— — — — — 16 16 
In or near default— — — — — 7 7 
Total$1,241 $1,303 $957 $567 $867 $2,524 $7,459 
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, 2024 and December 31, 2023 (dollars in millions):
 June 30, 2024December 31, 2023
Current$8,019 $7,431 
31 – 60 days past due28 28 
Greater than 90 days past due
29 — 
Total$8,076 $7,459 
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, 2024 and 2023 (dollars in millions):
 Three months ended June 30,Six months ended June 30,
 2024202320242023
Balance, beginning of period$77 $48 $67 $51 
Change in allowance for credit losses(2)9 8 6 
Balance, end of period$75 $57 $75 $57 
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, 2024 and December 31, 2023 are as follows (dollars in millions):
June 30, 2024December 31, 2023
Limited partnerships – equity method$956 $925 
Limited partnerships – fair value911 856 
Limited partnerships – cost method55 71 
Real estate joint ventures869783 
Total limited partnerships and real estate joint ventures$2,791 $2,635 
Schedule Of Other Invested Assets [Table Text Block] The carrying values of other invested assets as of June 30, 2024 and December 31, 2023 are as follows (dollars in millions):
June 30, 2024December 31, 2023
Lifetime mortgages$951 $944 
Derivatives66 97 
FHLB common stock73 63 
Other58 67 
Total other invested assets$1,148 $1,171