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Investments (Tables)
 9 Months Ended
Sep. 30, 2022
Investments [Abstract]  
Portfolio composition
Portfolio composition
($ in millions)September 30, 2022December 31, 2021
Fixed income securities, at fair value$41,715 $42,136 
Equity securities, at fair value4,723 7,061 
Mortgage loans, net833 821 
Limited partnership interests 7,907 8,018 
Short-term investments, at fair value4,030 4,009 
Other investments, net1,798 2,656 
Total$61,006 $64,701 
Schedule for fixed income securities at amortized cost, gross unrealized gains and losses and fair value
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions)Amortized cost, netGross unrealized
Fair
value
GainsLosses
September 30, 2022    
U.S. government and agencies$8,756 $1 $(313)$8,444 
Municipal6,486 4 (461)6,029 
Corporate27,614 3 (2,885)24,732 
Foreign government933 — (43)890 
ABS1,679 4 (63)1,620 
Total fixed income securities$45,468 $12 $(3,765)$41,715 
December 31, 2021    
U.S. government and agencies$6,287 $12 $(26)$6,273 
Municipal6,130 279 (16)6,393 
Corporate26,834 688 (192)27,330 
Foreign government982 9 (6)985 
ABS1,143 14 (2)1,155 
Total fixed income securities$41,376 $1,002 $(242)$42,136 
Schedule for fixed income securities based on contractual maturities
Scheduled maturities for fixed income securities
($ in millions)September 30, 2022December 31, 2021
Amortized cost, net Fair valueAmortized cost, netFair value
Due in one year or less$2,429 $2,398 $1,105 $1,111 
Due after one year through five years26,566 24,992 21,039 21,291 
Due after five years through ten years11,356 9,738 13,808 14,079 
Due after ten years3,438 2,967 4,281 4,500 
 43,789 40,095 40,233 40,981 
ABS1,679 1,620 1,143 1,155 
Total$45,468 $41,715 $41,376 $42,136 
Schedule of net investment income
Net investment income
($ in millions)Three months ended September 30,Nine months ended September 30,
2022202120222021
Fixed income securities$323 $279 $889 $870 
Equity securities30 24 100 51 
Mortgage loans8 9 25 31 
Limited partnership interests325 438 841 1,467 
Short-term investments30 1 42 3 
Other investments38 50 120 139 
Investment income, before expense754 801 2,017 2,561 
Investment expense(64)(37)(171)(115)
Net investment income
$690 $764 $1,846 $2,446 
Schedule of realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives by asset type
($ in millions)Three months ended September 30,Nine months ended September 30,
2022202120222021
Fixed income securities$(166)$86 $(644)$355 
Equity securities(239)6 (1,222)322 
Mortgage loans1 — — 19 
Limited partnership interests(49)(15)(224)1 
Derivatives299 46 889 54 
Other investments(13)(18)34 67 
Net gains (losses) on investments and derivatives$(167)$105 $(1,167)$818 
Schedule of realized capital gains and losses by transaction type
Net gains (losses) on investments and derivatives by transaction type
($ in millions)
Three months ended September 30,Nine months ended September 30,
2022202120222021
Sales$(175)$80 $(605)$441 
Credit losses(6)(12)(30)2 
Valuation change of equity investments (1)
(285)(9)(1,421)321 
Valuation change and settlements of derivatives299 46 889 54 
Net gains (losses) on investments and derivatives$(167)$105 $(1,167)$818 
(1)Includes valuation change of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Gross realized gains (losses) on sales of fixed income securities
Gross realized gains (losses) on sales of fixed income securities
($ in millions)Three months ended September 30,Nine months ended September 30,
2022202120222021
Gross realized gains$19 $104 $112 $460 
Gross realized losses (181)(18)(748)(106)
Valuation changes included in net income for investments
Net appreciation (decline) recognized in net income
($ in millions)Three months ended September 30,Nine months ended September 30,
2022202120222021
Equity securities$(209)$(20)$(771)$170 
Limited partnership interests carried at fair value
(36)137 8 415 
Total$(245)$117 $(763)$585 
Schedule of credit losses on fixed income securities recognized in earnings
Credit losses recognized in net income
($ in millions)Three months ended September 30,Nine months ended September 30,
2022202120222021
Assets
Fixed income securities:    
Corporate$(2)$— $(6)$— 
ABS(2)— (2)1 
Total fixed income securities(4)— (8)1 
Mortgage loans1 — — 17 
Limited partnership interests(1)— (4)— 
Other investments
Bank loans(2)(13)(18)(16)
Agent loans— 1 — — 
Total credit losses by asset type$(6)$(12)$(30)$2 
Liabilities
Commitments to fund commercial mortgage loans and bank loans— — — — 
Total $(6)$(12)$(30)$2 
Schedule of unrealized net capital gains and losses
Unrealized net capital gains and losses included in AOCI
($ in millions)
Fair
value
Gross unrealized
Unrealized net
gains (losses)
September 30, 2022GainsLosses
Fixed income securities$41,715 $12 $(3,765)$(3,753)
Short-term investments4,030 — (1)(1)
Derivative instruments— — (3)(3)
Equity method of accounting (“EMA”) limited partnerships (1)
   7 
Unrealized net capital gains and losses, pre-tax   (3,750)
Other unrealized net capital gains and losses, pre-tax (2)
   32 
Deferred income taxes   791 
Unrealized net capital gains and losses, after-tax   $(2,927)
December 31, 2021
Fixed income securities$42,136 $1,002 $(242)$760 
Short-term investments4,009 — — — 
Derivative instruments — — (3)(3)
EMA limited partnerships (1)
 
 
 
(1)
Unrealized net capital gains and losses, pre-tax   756 
Other unrealized net capital gains and losses, pre-tax (2)
   5 
Deferred income taxes   (163)
Unrealized net capital gains and losses, after-tax   $598 
(1)Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of EMA limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable.
(2)Includes amounts recognized for the reclassification of unrealized gains and losses related to noncontrolling interest and the amount by which the amortization of DAC would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized.
Schedule of change in unrealized net capital gains and losses
Change in unrealized net capital gains (losses)
($ in millions)Nine months ended September 30, 2022
Fixed income securities$(4,513)
Short-term investments(1)
Derivative instruments— 
EMA limited partnerships8 
Total(4,506)
Other unrealized net capital gains and losses, pre-tax27 
Deferred income taxes954 
Decrease in unrealized net capital gains and losses, after-tax$(3,525)
Carrying value for limited partnership interests
Carrying value for limited partnership interests
($ in millions)September 30, 2022December 31, 2021
EMAFair ValueTotalEMAFair ValueTotal
Private equity$5,287 $1,280 $6,567 $4,905 $1,434 $6,339 
Real estate881 38 919 823 97 920 
Other (1)
421 — 421 759 — 759 
Total$6,589 $1,318 $7,907 $6,487 $1,531 $8,018 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Schedule of other investments by type
Other investments by asset type
($ in millions)September 30, 2022December 31, 2021
Bank loans, net$748 $1,574 
Real estate774 809 
Policy loans119 148 
Derivatives48 12 
Other109 113 
Total$1,798 $2,656 
Allowance for credit loss
Rollforward of credit loss allowance for fixed income securities
Three months ended September 30,Nine months ended September 30,
($ in millions)2022202120222021
Beginning balance$(10)$(2)$(6)$(3)
Credit losses on securities for which credit losses not previously reported(2)— (2)— 
Net (increases) decreases related to credit losses previously reported(2)— (6)1 
Reduction of allowance related to sales1 — 1 — 
Write-offs— — — — 
Ending balance (1) (2)
$(13)$(2)$(13)$(2)
(1)Allowance for fixed income securities as of September 30, 2022 comprised $11 million and $2 million of corporate bonds and ABS, respectively. Allowance for fixed income securities as of September 30, 2021 comprised $1 million and $1 million of corporate bonds and ABS, respectively.
(2)Includes $1 million of credit loss allowance for fixed income securities that were classified as held for sale as of September 30, 2021.
Rollforward of credit loss allowance for mortgage loans
Three months ended September 30,Nine months ended September 30,
($ in millions)2022202120222021
Beginning balance$(7)$(30)$(6)$(67)
Net (increases) decreases related to credit losses1 2 — 39 
Write-offs— — — — 
Ending balance (1)
$(6)$(28)$(6)$(28)
(1)Includes $21 million of credit loss allowance for mortgage loans that were classified as held for sale as of September 30, 2021.
Rollforward of credit loss allowance for bank loans
($ in millions)Three months ended September 30,Nine months ended September 30,
2022202120222021
Beginning balance$(56)$(52)$(61)$(67)
Net increases related to credit losses(2)(14)(18)(10)
Reduction of allowance related to sales6 2 27 13 
Write-offs— — — — 
Ending balance (1)
$(52)$(64)$(52)$(64)
(1)Includes $7 million of credit loss allowance for bank loans that were classified as held for sale as of September 30, 2021.
Schedule of gross unrealized losses and fair value of available for sale securities by length of time
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position
($ in millions)Less than 12 months12 months or more
Total
unrealized
losses
Number
of 
issues
Fair
value
Unrealized
losses
Number
of 
issues
Fair
value
Unrealized
losses
September 30, 2022       
Fixed income securities       
U.S. government and agencies137 $6,980 $(231)53 $1,428 $(82)$(313)
Municipal3,880 5,508 (400)289 341 (61)(461)
Corporate2,611 21,603 (2,305)515 2,879 (580)(2,885)
Foreign government80 744 (27)42 141 (16)(43)
ABS269 1,484 (58)62 36 (5)(63)
Total fixed income securities6,977 $36,319 $(3,021)961 $4,825 $(744)$(3,765)
Investment grade fixed income securities6,313 $32,385 $(2,346)902 $4,474 $(643)$(2,989)
Below investment grade fixed income securities664 3,934 (675)59 351 (101)(776)
Total fixed income securities6,977 $36,319 $(3,021)961 $4,825 $(744)$(3,765)
December 31, 2021       
Fixed income securities       
U.S. government and agencies112 $5,451 $(24)4 $72 $(2)$(26)
Municipal767 1,213 (15)2 14 (1)(16)
Corporate1,197 9,725 (176)22 130 (16)(192)
Foreign government51 415 (6)4 3 — (6)
ABS80 500 (2)53 8 — (2)
Total fixed income securities2,207 $17,304 $(223)85 $227 $(19)$(242)
Investment grade fixed income securities1,993 $15,391 $(188)71 $183 $(8)$(196)
Below investment grade fixed income securities214 1,913 (35)14 44 (11)(46)
Total fixed income securities2,207 $17,304 $(223)85 $227 $(19)$(242)
Carrying value of non-impaired fixed and variable rate mortgage loans by debt service coverage ratio distribution
Gross unrealized losses by unrealized loss position and credit quality as of September 30, 2022
($ in millions)
Investment
grade
Below investment gradeTotal
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)
$(2,422)$(439)$(2,861)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4)
(567)(337)(904)
Total unrealized losses$(2,989)$(776)$(3,765)
(1)Below investment grade fixed income securities include $419 million that have been in an unrealized loss position for less than twelve months.
(2)Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses.
(3)No below investment grade fixed income securities have been in an unrealized loss position for a period of twelve or more consecutive months.
(4)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.
Accrued interest
Accrued interest
($ in millions)September 30,December 31,
20222021
Mortgage loans$3 $2 
Bank Loans4 4 
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
September 30, 2022December 31, 2021
($ in millions)2017 and prior2018201920202021CurrentTotalTotal
Below 1.0$— $— $— $— $— $18 $18 $— 
1.0 - 1.2535 — — 10 — 22 67 46 
1.26 - 1.5013 5 103 — — 7 128 160 
Above 1.5077 101 136 41 217 54 626 621 
Amortized cost before allowance$125 $106 $239 $51 $217 $101 $839 $827 
Allowance(6)(6)
Amortized cost, net$833 $821 
Bank loans amortized cost by credit quality and year of origination
Bank loans amortized cost by credit rating and year of origination
September 30, 2022December 31, 2021
($ in millions)2017 and prior2018201920202021CurrentTotalTotal
NAIC 2 / BBB $— $— $7 $5 $37 $— $49 $86 
NAIC 3 / BB9 — 7 3 262 14 295 656 
NAIC 4 / B8 16 18 18 271 30 361 768 
NAIC 5-6/ CCC and below21 10 40 8 11 5 95 125 
Amortized cost before allowance$38 $26 $72 $34 $581 $49 $800 $1,635 
Allowance(52)(61)
Amortized cost, net$748 $1,574