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Investments (Tables)
 6 Months Ended
Jun. 30, 2023
Investments [Abstract]  
Schedule of portfolio composition
Portfolio composition
($ in millions)June 30, 2023December 31, 2022
Fixed income securities, at fair value$45,550 $42,485 
Equity securities, at fair value2,290 4,567 
Mortgage loans, net823 762 
Limited partnership interests 8,150 8,114 
Short-term investments, at fair value5,137 4,173 
Other investments, net1,718 1,728 
Total$63,668 $61,829 
Schedule for fixed income securities at amortized cost, gross unrealized gains and losses and fair value
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions)Amortized cost, netGross unrealized
Fair
value
GainsLosses
June 30, 2023    
U.S. government and agencies$7,957 $3 $(231)$7,729 
Municipal7,069 34 (263)6,840 
Corporate30,801 63 (1,910)28,954 
Foreign government1,075 — (31)1,044 
ABS1,002 3 (22)983 
Total fixed income securities$47,904 $103 $(2,457)$45,550 
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)$42,485 
Schedule for fixed income securities based on contractual maturities
Scheduled maturities for fixed income securities
($ in millions)June 30, 2023December 31, 2022
Amortized cost, net Fair valueAmortized cost, netFair value
Due in one year or less$3,694 $3,626 $2,870 $2,836 
Due after one year through five years24,428 23,235 26,546 25,217 
Due after five years through ten years12,231 11,401 11,035 9,870 
Due after ten years6,549 6,305 3,731 3,405 
 46,902 44,567 44,182 41,328 
ABS1,002 983 1,188 1,157 
Total$47,904 $45,550 $45,370 $42,485 
Schedule of net investment income
Net investment income
($ in millions)Three months ended June 30,Six months ended June 30,
2023202220232022
Fixed income securities$422 $299 $812 $566 
Equity securities21 34 32 70 
Mortgage loans8 9 16 17 
Limited partnership interests122 224 256 516 
Short-term investments69 10 135 12 
Other investments39 42 80 82 
Investment income, before expense681 618 1,331 1,263 
Investment expense(71)(56)(146)(107)
Net investment income
$610 $562 $1,185 $1,156 
Net gains (losses) on investments and derivatives by asset type
Net gains (losses) on investments and derivatives by asset type
($ in millions)Three months ended June 30,Six months ended June 30,
2023202220232022
Fixed income securities$(132)$(326)$(268)$(478)
Equity securities21 (636)188 (983)
Mortgage loans(3)— (3)(1)
Limited partnership interests(15)(74)7 (175)
Derivatives(7)272 (59)590 
Other investments(15)31 (2)47 
Net gains (losses) on investments and derivatives$(151)$(733)$(137)$(1,000)
Net gains (losses) on investments and derivatives by transaction type
Net gains (losses) on investments and derivatives by transaction type
($ in millions)
Three months ended June 30,Six months ended June 30,
2023202220232022
Sales$(130)$(303)$(250)$(430)
Credit losses(37)(13)(49)(24)
Valuation change of equity investments (1)
23 (689)221 (1,136)
Valuation change and settlements of derivatives(7)272 (59)590 
Net gains (losses) on investments and derivatives$(151)$(733)$(137)$(1,000)
(1)Includes valuation change of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Schedule of 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 June 30,Six months ended June 30,
2023202220232022
Gross realized gains$28 $27 $74 $93 
Gross realized losses (153)(349)(326)(567)
Schedule of valuation changes included in net income for investments
Net appreciation (decline) recognized in net income for assets that are still held
($ in millions)Three months ended June 30,Six months ended June 30,
2023202220232022
Equity securities$19 $(511)$66 $(600)
Limited partnership interests carried at fair value
32 6 48 44 
Total$51 $(505)$114 $(556)
Schedule of credit losses on fixed income securities recognized in earnings
Credit losses recognized in net income
($ in millions)Three months ended June 30,Six months ended June 30,
2023202220232022
Assets
Fixed income securities:    
Corporate$(7)$(4)$(16)$(4)
Total fixed income securities(7)(4)(16)(4)
Mortgage loans(3)— (3)(1)
Limited partnership interests(16)(3)(16)(3)
Other investments
Bank loans(11)(6)(14)(16)
Total credit losses by asset type$(37)$(13)$(49)$(24)
Liabilities
Commitments to fund commercial mortgage loans and bank loans— — — — 
Total $(37)$(13)$(49)$(24)
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)
June 30, 2023GainsLosses
Fixed income securities$45,550 $103 $(2,457)$(2,354)
Short-term investments5,137 — (1)(1)
Derivative instruments— — (2)(2)
Limited partnership interests (1)
   — 
Unrealized net capital gains and losses, pre-tax   (2,357)
Reclassification of noncontrolling interest   19 
Deferred income taxes   493 
Unrealized net capital gains and losses, after-tax   $(1,845)
December 31, 2022
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)
Reclassification of noncontrolling interest   23 
Deferred income taxes   609 
Unrealized net capital gains and losses, after-tax   $(2,255)
(1)Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of the equity method of accounting (“EMA”) limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable.
Schedule of change in unrealized net capital gains and losses
Change in unrealized net capital gains (losses)
($ in millions)Six months ended June 30, 2023
Fixed income securities$531 
Short-term investments— 
Derivative instruments1 
Limited partnership interests(2)
Total530 
Reclassification of noncontrolling interest(4)
Deferred income taxes(116)
Increase in unrealized net capital gains and losses, after-tax$410 
Schedule of carrying value for limited partnership interests
Carrying value for limited partnership interests
($ in millions)June 30, 2023December 31, 2022
EMAFair ValueTotalEMAFair ValueTotal
Private equity$5,722 $1,200 $6,922 $5,372 $1,217 $6,589 
Real estate1,036 28 1,064 1,013 29 1,042 
Other (1)
164 — 164 483 — 483 
Total$6,922 $1,228 $8,150 $6,868 $1,246 $8,114 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Schedule of other investments by type
Other investments by asset type
($ in millions)June 30, 2023December 31, 2022
Bank loans, net$667 $686 
Real estate825 813 
Policy loans121 120 
Derivatives— 1 
Other105 108 
Total$1,718 $1,728 
Schedule of allowance for credit loss
Rollforward of credit loss allowance for fixed income securities
Three months ended June 30,Six months ended June 30,
($ in millions)2023202220232022
Beginning balance$(22)$(6)$(13)$(6)
Credit losses on securities for which credit losses not previously reported(4)— (4)— 
Net increases related to credit losses previously reported(3)(4)(12)(4)
Reduction of allowance related to sales— — — — 
Write-offs— — — — 
Ending balance$(29)$(10)$(29)$(10)
Components of credit loss allowance as of June 30
Corporate bonds$(27)$(10)
ABS(2)— 
Total$(29)$(10)
Rollforward of credit loss allowance for mortgage loans
Three months ended June 30,Six months ended June 30,
($ in millions)2023202220232022
Beginning balance$(7)$(7)$(7)$(6)
Net increases related to credit losses(3)— (3)(1)
Write-offs— — — — 
Ending balance
$(10)$(7)$(10)$(7)
Rollforward of credit loss allowance for bank loans
($ in millions)Three months ended June 30,Six months ended June 30,
2023202220232022
Beginning balance$(52)$(68)$(57)$(61)
Net increases related to credit losses(11)(6)(14)(16)
Reduction of allowance related to sales1 18 6 21 
Write-offs— — 3 — 
Ending balance
$(62)$(56)$(62)$(56)
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
June 30, 2023       
Fixed income securities       
U.S. government and agencies111 $4,297 $(99)107 $2,971 $(132)$(231)
Municipal1,432 2,543 (35)1,857 2,391 (228)(263)
Corporate926 9,291 (261)2,028 16,295 (1,649)(1,910)
Foreign government41 671 (10)87 333 (21)(31)
ABS94 82 (3)173 747 (19)(22)
Total fixed income securities2,604 $16,884 $(408)4,252 $22,737 $(2,049)$(2,457)
Investment grade fixed income securities2,486 $16,370 $(388)3,827 $19,841 $(1,678)$(2,066)
Below investment grade fixed income securities118 514 (20)425 2,896 (371)(391)
Total fixed income securities2,604 $16,884 $(408)4,252 $22,737 $(2,049)$(2,457)
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)
Schedule of 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 June 30, 2023
($ in millions)
Investment
grade
Below investment gradeTotal
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)
$(1,884)$(300)$(2,184)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4)
(182)(91)(273)
Total unrealized losses$(2,066)$(391)$(2,457)
(1)Below investment grade fixed income securities include $19 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)Below investment grade fixed income securities include $90 million that have been in an unrealized loss position for a period of twelve or more consecutive months.
(4)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.
Schedule of accrued interest
Accrued interest
($ in millions)June 30,December 31,
20232022
Mortgage loans$3 $3 
Bank Loans4 3 
Schedule of mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
June 30, 2023December 31, 2022
($ in millions)2018 and prior2019202020212022CurrentTotalTotal
Below 1.0$— $— $— $— $18 $— $18 $18 
1.0 - 1.2523 — 10 12 — — 45 42 
1.26 - 1.5041 65 — — 20 48 174 151 
Above 1.5082 172 42 185 64 51 596 558 
Amortized cost before allowance$146 $237 $52 $197 $102 $99 $833 $769 
Allowance(10)(7)
Amortized cost, net$823 $762 
Schedule of bank loans amortized cost by credit quality and year of origination
Bank loans amortized cost by credit rating and year of origination
June 30, 2023December 31, 2022
($ in millions)2018 and prior2019202020212022CurrentTotalTotal
NAIC 2 / BBB $4 $6 $4 $42 $5 $2 $63 $54 
NAIC 3 / BB— 4 1 150 15 49 219 266 
NAIC 4 / B15 17 15 202 37 60 346 329 
NAIC 5-6/ CCC and below38 30 2 22 7 2 101 94 
Amortized cost before allowance$57 $57 $22 $416 $64 $113 $729 $743 
Allowance(62)(57)
Amortized cost, net$667 $686