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Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Investments [Abstract]  
Schedule of Portfolio composition
Portfolio composition
As of December 31,
($ in millions)20222021
Fixed income securities, at fair value$42,485 $42,136 
Equity securities, at fair value4,567 7,061 
Mortgage loans, net762 821 
Limited partnership interests8,114 8,018 
Short-term investments, at fair value4,173 4,009 
Other investments, net1,728 2,656 
Total$61,829 $64,701 
Schedule for fixed income securities at amortized cost, gross unrealized gains and losses and fair value
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
Amortized
cost, net		Gross unrealized
Fair
value
($ in millions)GainsLosses
December 31, 2022
U.S. government and agencies$8,123 $6 $(231)$7,898 
Municipal6,500 36 (326)6,210 
Corporate28,562 46 (2,345)26,263 
Foreign government997 — (40)957 
ABS1,188 4 (35)1,157 
Total fixed income securities$45,370 $92 $(2,977)$42,485 
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)$42,136 
Schedule for fixed income securities based on contractual maturities
Scheduled maturities for fixed income securities
As of December 31, 2022As of December 31, 2021
($ in millions)Amortized
cost, net
Fair
value
Amortized
cost, net		Fair
value
Due in one year or less$2,870 $2,836 $1,105 $1,111 
Due after one year through five years26,546 25,217 21,039 21,291 
Due after five years through ten years11,035 9,870 13,808 14,079 
Due after ten years3,731 3,405 4,281 4,500 
44,182 41,328 40,233 40,981 
ABS1,188 1,157 1,143 1,155 
Total$45,370 $42,485 $41,376 $42,136 
Schedule of net investment income
Net investment income
For the years ended December 31,
($ in millions)202220212020
Fixed income securities$1,255 $1,148 $1,232 
Equity securities132 100 78 
Mortgage loans33 43 34 
Limited partnership interests985 1,973 238 
Short-term investments82 5 17 
Other investments162 195 124 
Investment income, before expense2,649 3,464 1,723 
Investment expense(246)(171)(133)
Net investment income$2,403 $3,293 $1,590 
Gross realized gains (losses) on sales of fixed income securities
For the years ended December 31,
($ in millions)202220212020
Gross realized gains$136 $587 $1,105 
Gross realized losses(1,004)(158)(177)
Net appreciation (decline) recognized in net income for assets that are still held
For the years ended December 31,
($ in millions)202220212020
Equity securities$(466)$377 $247 
Limited partnership interests carried at fair value(5)435 150 
Total
$(471)$812 $397 
Schedule of realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives by asset type
For the years ended December 31,
($ in millions)202220212020
Fixed income securities$(875)$425 $925 
Equity securities(900)520 117 
Mortgage loans(1)20 (1)
Limited partnership interests(191)(52)(14)
Derivatives874 49 49 
Other investments21 122 11 
Net gains (losses) on investments and derivatives$(1,072)$1,084 $1,087 
Schedule of realized capital gains and losses by transaction type
Net gains (losses) on investments and derivatives by transaction type
For the years ended December 31,
($ in millions)202220212020
Sales$(832)$578 $974 
Credit losses(54)(42)(32)
Valuation change of equity investments (1)
(1,060)499 96 
Valuation change and settlements of derivatives874 49 49 
Net gains (losses) on investments and derivatives$(1,072)$1,084 $1,087 
(1)Includes valuation change of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Schedule of credit losses on fixed income securities recognized in earnings
Credit losses recognized in net income
For the years ended December 31,
($ in millions)202220212020
Assets
Fixed income securities:
Corporate$(6)$(5)$(1)
ABS(1)1 (2)
Total fixed income securities(7)(4)(3)
Mortgage loans(1)18 (1)
Limited partnership interests(4)(34)(6)
Other investments
Bank loans(26)(22)(23)
Real estate(16)— — 
Total credit losses by asset type$(54)$(42)$(33)
Liabilities
Commitments to fund commercial mortgage loans and bank loans— — 1 
Total $(54)$(42)$(32)
Schedule of unrealized net capital gains and losses
Unrealized net capital gains and losses included in AOCI
($ in millions)
Fair
value
Gross unrealizedUnrealized net gains (losses)
December 31, 2022GainsLosses
Fixed income securities$42,485 $92 $(2,977)$(2,885)
Short-term investments4,173 — (1)(1)
Derivative instruments— — (3)(3)
Limited partnership interests (1)
2 
Unrealized net capital gains and losses, pre-tax(2,887)
Other unrealized net capital gains and losses, pre-tax (2)
26 
Deferred income taxes608 
Unrealized net capital gains and losses, after-tax$(2,253)
December 31, 2021
Fixed income securities$42,136 $1,002 $(242)$760 
Short-term investments4,009 — — — 
Derivative instruments— — (3)(3)
Limited partnership interests(1)
Unrealized net capital gains and losses, pre-tax756 
Other unrealized net capital gains and losses, pre-tax (2)
5 
Deferred income taxes(163)
Unrealized net capital gains and losses, after-tax$598 
(1)Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of EMA limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable.
(2)Includes amounts recognized for the reclassification of unrealized gains and losses related to noncontrolling interest and the amount by which the amortization of DAC would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized.
Schedule of change in unrealized net capital gains and losses
Change in unrealized net capital gains (losses)
 For the years ended December 31,
($ in millions)202220212020
Fixed income securities$(3,645)$(1,771)$2,152 
Short-term investments(1)— — 
Derivative instruments— — — 
Limited partnerships interests3 — — 
Investments classified as held for sale— (2,369)— 
Total(3,643)(4,140)2,152 
Other unrealized net capital gains and losses, pre-tax21 865 (510)
Deferred income taxes771 693 (349)
(Decrease) increase in unrealized net capital gains and losses, after-tax$(2,851)$(2,582)$1,293 
Principal geographic distribution of commercial real estate exceeding 5% of the mortgage loans portfolio
As of December 31,
(% of mortgage loan portfolio carrying value)20222021
California24.9 %19.6 %
Texas16.3 20.4 
Washington7.3 4.3 
Florida6.4 6.0 
Tennessee6.1 5.7 
Ohio5.6 5.3 
Massachusetts2.6 5.7 
Illinois2.4 6.7 
Types of properties collateralizing the mortgage loan portfolio
As of December 31,
(% of mortgage loan portfolio carrying value)20222021
Apartment complex30.2 %35.3 %
Retail27.4 23.8 
Office17.5 18.5 
Warehouse16.0 11.0 
Other8.9 11.4 
Total100.0 %100.0 %
Contractual maturities of the mortgage loan portfolio
As of December 31, 2022
($ in millions)Number of loansAmortized cost, netPercent
20236 $61 8.0 %
20245 89 11.7 
20257 85 11.2 
20265 100 13.1 
Thereafter28 427 56.0 
Total51 $762 100.0 %
Carrying value for limited partnership interests
Carrying value for limited partnership interests
As of December 31, 2022As of December 31, 2021
($ in millions)EMAFair ValueTotalEMAFair Value Total
Private equity$5,372 $1,217 $6,589 $4,905 $1,434 $6,339 
Real estate1,013 29 1,042 823 97 920 
Other (1)
483 — 483 759 — 759 
Total $6,868 $1,246 $8,114 $6,487 $1,531 $8,018 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Principal geographic distribution of municipal bond
Principal geographic distribution of municipal bond issuers exceeding 5% of the portfolio
As of December 31,
(% of municipal bond portfolio carrying value)20222021
Texas9.6 %8.7 %
California8.5 11.8 
New York6.7 5.1 
Illinois5.6 4.1 
Pennsylvania5.4 5.4 
Florida5.0 4.2 
Schedule of other investments, by type
Other investments by asset type
As of December 31,
($ in millions)20222021
Bank loans, net$686 $1,574 
Real estate813 809 
Policy loans120 148 
Derivatives1 12 
Other108 113 
Total $1,728 $2,656 
Schedule of allowance for credit loss
Rollforward of credit loss allowance for premium installment receivables
For the years ended December 31,
($ in millions)
2022
2021
Beginning balance$(107)$(153)
Increase in the provision for credit losses(313)(293)
Write-off of uncollectible premium installment receivable amounts288 339 
Ending balance$(132)$(107)
Allowance for credit losses
As of December 31,
($ in millions)20222021
Fixed income securities$13 $6 
Mortgage loans 7 6 
Bank loans 57 61 
Investments77 73 
Premium installment receivables132 107 
Reinsurance recoverables65 74 
Other assets19 26 
Assets293 280 
Commitments to fund mortgage loans and bank loans— — 
Liabilities— — 
Total$293 $280 
Rollforward of credit loss allowance for fixed income securities
For the years ended December 31,
($ in millions)202220212020
Beginning balance$(6)$(2)$— 
Credit losses on securities for which credit losses not previously reported(1)(5)(2)
Net increases related to credit losses previously reported
(6)1 — 
Reduction of allowance related to sales— — — 
Write-offs— — — 
Ending balance$(13)$(6)$(2)
Components of credit loss allowance
Corporate bonds$(11)$(6)$(1)
ABS(2)— (1)
Total$(13)$(6)$(2)
Rollforward of credit loss allowance for mortgage loans
For the years ended December 31,
($ in millions)202220212020
Beginning balance$(6)$(67)$(3)
Cumulative effect of change in accounting principle— — (42)
Net (increases) decreases related to credit losses(1)40 (39)
Reduction of allowance related to sales— 21 17 
Write-offs— — — 
Ending balance (1)
$(7)$(6)$(67)
(1)Includes $59 million of credit loss allowance for mortgage loans that are classified as held for sale as of December 31, 2020.
Rollforward of credit loss allowance for bank loans
For the years ended December 31,
($ in millions)202220212020
Beginning balance$(61)$(67)$— 
Cumulative effect of change in accounting principle— — (53)
Net decreases related to credit losses(26)(15)(28)
Reduction of allowance related to sales30 21 9 
Write-offs— — 5 
Ending balance (1)
$(57)$(61)$(67)
(1)Includes $16 million of credit loss allowance for bank loans that are classified as held for sale as of December 31, 2020.
Schedule of gross unrealized losses and fair value of available for sale securities by length of time
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position
Less than 12 months12 months or more
($ in millions)Number of issuesFair valueUnrealized lossesNumber of issuesFair valueUnrealized lossesTotal unrealized losses
December 31, 2022
Fixed income securities
U.S. government and agencies112 $4,900 $(138)75 $2,393 $(93)$(231)
Municipal3,015 3,944 (215)507 740 (111)(326)
Corporate2,085 18,072 (1,389)845 6,105 (956)(2,345)
Foreign government74 739 (22)42 200 (18)(40)
ABS194 874 (27)83 109 (8)(35)
Total fixed income securities5,480 $28,529 $(1,791)1,552 $9,547 $(1,186)$(2,977)
Investment grade fixed income securities4,959 $25,487 $(1,409)1,437 $8,791 $(1,009)$(2,418)
Below investment grade fixed income securities521 3,042 (382)115 756 (177)(559)
Total fixed income securities5,480 $28,529 $(1,791)1,552 $9,547 $(1,186)$(2,977)
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)
Schedule of accrued interest
Accrued interest
As of December 31,
($ in millions)20222021
Mortgage loans$3 $2 
Bank Loans3 4 
Schedule of Gross unrealized loss and Mortgage loans amortized cost by debt
Gross unrealized losses by unrealized loss position and credit quality as of December 31, 2022
($ in millions)
Investment
grade
Below investment gradeTotal
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)
$(2,058)$(388)$(2,446)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4)
(360)(171)(531)
Total unrealized losses$(2,418)$(559)$(2,977)
(1)Below investment grade fixed income securities include $302 million that have been in an unrealized loss position for less than twelve months.
(2)Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses.
(3)No below investment grade fixed income securities have been in an unrealized loss position for a period of twelve or more consecutive months.
(4)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
December 31, 2022December 31, 2021
($ in millions)2017 and prior2018201920202021CurrentTotalTotal
Below 1.0$— $— $— $— $— $18 $18 $— 
1.0 - 1.2510 — — 10 — 22 42 46 
1.26 - 1.5037 5 102 — — 7 151 160 
Above 1.5036 73 136 42 217 54 558 621 
Amortized cost before allowance$83 $78 $238 $52 $217 $101 $769 $827 
Allowance
(7)(6)
Amortized cost, net$762 $821 
Schedule of bank loans amortized cost by credit quality and year of origination
Bank loans amortized cost by credit rating and year of origination
($ in millions)December 31, 2022December 31, 2021
2017 and prior2018201920202021CurrentTotalTotal
NAIC 2 / BBB$— $— $6 $6 $37 $5 $54 $86 
NAIC 3 / BB6 — 5 2 239 14 266 656 
NAIC 4 / B7 16 17 15 241 33 329 768 
NAIC 5-6 / CCC and below 21 10 36 8 14 5 94 125 
Amortized cost before allowance$34 $26 $64 $31 $531 $57 $743 $1,635 
Allowance (57)(61)
Amortized cost, net$686 $1,574