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Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Investments [Abstract]  
Schedule of Portfolio Composition
Portfolio composition
($ in millions)September 30, 2023December 31, 2022
Fixed income securities, at fair value$46,771 $42,485 
Equity securities, at fair value2,419 4,567 
Mortgage loans, net830 762 
Limited partnership interests 8,363 8,114 
Short-term investments, at fair value3,368 4,173 
Other investments, net1,608 1,728 
Total$63,359 $61,829 
Schedule of Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value for Fixed Income Securities
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions)Amortized cost, netGross unrealized
Fair
value
GainsLosses
September 30, 2023    
U.S. government and agencies$8,629 $1 $(385)$8,245 
Municipal7,044 3 (463)6,584 
Corporate32,007 16 (2,317)29,706 
Foreign government1,196 — (61)1,135 
ABS1,103 9 (11)1,101 
Total fixed income securities$49,979 $29 $(3,237)$46,771 
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)$42,485 
Schedule of Maturities for Fixed Income Securities
Scheduled maturities for fixed income securities
($ in millions)September 30, 2023December 31, 2022
Amortized cost, net
Fair
value
Amortized cost, net
Fair
value
Due in one year or less$3,536 $3,476 $2,870 $2,836 
Due after one year through five years24,560 23,246 26,546 25,217 
Due after five years through ten years13,038 11,919 11,035 9,870 
Due after ten years7,742 7,029 3,731 3,405 
 48,876 45,670 44,182 41,328 
ABS1,103 1,101 1,188 1,157 
Total$49,979 $46,771 $45,370 $42,485 
Schedule of Net Investment Income
Net investment income
($ in millions)Three months ended September 30,Nine months ended September 30,
2023202220232022
Fixed income securities$457 $323 $1,269 $889 
Equity securities15 30 47 100 
Mortgage loans9 8 25 25 
Limited partnership interests190 325 446 841 
Short-term investments59 30 194 42 
Other investments41 38 121 120 
Investment income, before expense771 754 2,102 2,017 
Investment expense(82)(64)(228)(171)
Net investment income
$689 $690 $1,874 $1,846 
Schedule of Net Gains (Losses) on Investments and Derivatives by Asset Type
Net gains (losses) on investments and derivatives by asset type
($ in millions)Three months ended September 30,Nine months ended September 30,
2023202220232022
Fixed income securities$(129)$(166)$(397)$(644)
Equity securities(35)(239)153 (1,222)
Mortgage loans(1)1 (4)— 
Limited partnership interests(6)(49)1 (224)
Derivatives31 299 (28)889 
Other investments54 (13)52 34 
Net gains (losses) on investments and derivatives$(86)$(167)$(223)$(1,167)
Schedule of 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 September 30,Nine months ended September 30,
2023202220232022
Sales$(63)$(175)$(313)$(605)
Credit losses(20)(6)(69)(30)
Valuation change of equity investments (1)
(34)(285)187 (1,421)
Valuation change and settlements of derivatives31 299 (28)889 
Net gains (losses) on investments and derivatives$(86)$(167)$(223)$(1,167)
(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 September 30,Nine months ended September 30,
2023202220232022
Gross realized gains$11 $19 $85 $112 
Gross realized losses (133)(181)(459)(748)
Schedule of Net Appreciation (Decline) Recognized in Net Income
Net appreciation (decline) recognized in net income for assets that are still held
($ in millions)Three months ended September 30,Nine months ended September 30,
2023202220232022
Equity securities$(32)$(209)$31 $(771)
Limited partnership interests carried at fair value
19 (36)67 8 
Total$(13)$(245)$98 $(763)
Schedule of Credit Losses Recognized in Net Income
Credit losses recognized in net income
($ in millions)Three months ended September 30,Nine months ended September 30,
2023202220232022
Assets
Fixed income securities:    
Corporate$(7)$(2)$(23)$(6)
ABS— (2)— (2)
Total fixed income securities(7)(4)(23)(8)
Mortgage loans(1)1 (4)— 
Limited partnership interests(9)(1)(25)(4)
Other investments
Bank loans(2)(2)(16)(18)
Total credit losses by asset type$(19)$(6)$(68)$(30)
Liabilities
Commitments to fund commercial mortgage loans and bank loans(1)— (1)— 
Total $(20)$(6)$(69)$(30)
Schedule of Unrealized Net Capital Gains and Losses Included in AOCI
Unrealized net capital gains and losses included in AOCI
($ in millions)
Fair
value
Gross unrealized
Unrealized net
gains (losses)
September 30, 2023GainsLosses
Fixed income securities$46,771 $29 $(3,237)$(3,208)
Short-term investments3,368 — (1)(1)
Derivative instruments— — (2)(2)
Limited partnership interests (1)
   (1)
Unrealized net capital gains and losses, pre-tax   (3,212)
Reclassification of noncontrolling interest   21 
Deferred income taxes   679 
Unrealized net capital gains and losses, after-tax   $(2,512)
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   $(2,255)
(1)Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of the equity method of accounting (“EMA”) limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable.
Schedule of Change in Unrealized Net Capital Gains (Losses)
Change in unrealized net capital gains (losses)
($ in millions)Nine months ended September 30, 2023
Fixed income securities$(323)
Short-term investments— 
Derivative instruments1 
Limited partnership interests(3)
Total(325)
Reclassification of noncontrolling interest(2)
Deferred income taxes70 
Decrease in unrealized net capital gains and losses, after-tax$(257)
Schedule of Carrying Value for Limited Partnership Interests
Carrying value for limited partnership interests
($ in millions)September 30, 2023December 31, 2022
EMAFair ValueTotalEMAFair ValueTotal
Private equity$5,925 $1,167 $7,092 $5,372 $1,217 $6,589 
Real estate1,076 27 1,103 1,013 29 1,042 
Other (1)
168 — 168 483 — 483 
Total$7,169 $1,194 $8,363 $6,868 $1,246 $8,114 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Schedule of Other investments by Asset Type
Other investments by asset type
($ in millions)September 30, 2023December 31, 2022
Bank loans, net$679 $686 
Real estate700 813 
Policy loans122 120 
Derivatives4 1 
Other103 108 
Total$1,608 $1,728 
Schedule of Rollforward of Credit Loss Allowance for Fixed Income Securities, Mortgage Loans and Bank Loans
Rollforward of credit loss allowance for fixed income securities
Three months ended September 30,Nine months ended September 30,
($ in millions)2023202220232022
Beginning balance$(29)$(10)$(13)$(6)
Credit losses on securities for which credit losses not previously reported(8)(2)(12)(2)
Net (increases) decreases related to credit losses previously reported1 (2)(11)(6)
(Increase) decrease of allowance related to sales and other
(1)1 (1)1 
Write-offs— — — — 
Ending balance$(37)$(13)$(37)$(13)
Components of credit loss allowance as of September 30
Corporate bonds$(34)$(11)
ABS(3)(2)
Total$(37)$(13)
Rollforward of credit loss allowance for mortgage loans
Three months ended September 30,Nine months ended September 30,
($ in millions)2023202220232022
Beginning balance$(10)$(7)$(7)$(6)
Net (increases) decreases related to credit losses(1)1 (4)— 
Write-offs— — — — 
Ending balance
$(11)$(6)$(11)$(6)
Rollforward of credit loss allowance for bank loans
($ in millions)Three months ended September 30,Nine months ended September 30,
2023202220232022
Beginning balance$(62)$(56)$(57)$(61)
Net increases related to credit losses(2)(2)(16)(18)
Reduction of allowance related to sales28 6 34 27 
Write-offs— — 3 — 
Ending balance
$(36)$(52)$(36)$(52)
Schedule of Gross Unrealized Losses and Fair Value by Type and Length of Time Held in a Continuous Unrealized Loss Position
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position (1)
($ 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, 2023       
Fixed income securities       
U.S. government and agencies119 $4,868 $(234)128 $3,289 $(151)$(385)
Municipal1,713 3,644 (158)2,057 2,710 (305)(463)
Corporate1,112 10,982 (501)2,200 17,584 (1,816)(2,317)
Foreign government68 734 (27)89 397 (34)(61)
ABS90 57 — 170 738 (11)(11)
Total fixed income securities3,102 $20,285 $(920)4,644 $24,718 $(2,317)$(3,237)
Investment grade fixed income securities2,954 $19,517 $(895)4,216 $21,946 $(1,936)$(2,831)
Below investment grade fixed income securities148 768 (25)428 2,772 (381)(406)
Total fixed income securities3,102 $20,285 $(920)4,644 $24,718 $(2,317)$(3,237)
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)
(1)Includes fixed income securities with fair values of $37 million and $10 million and unrealized losses of $7 million and $5 million with credit loss allowances of $15 million and $11 million as of September 30, 2023 and December 31, 2022, respectively.
Schedule of Gross Unrealized Losses by Unrealized Loss Position and Credit Quality
Gross unrealized losses by unrealized loss position and credit quality as of September 30, 2023
($ in millions)
Investment
grade
Below investment gradeTotal
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)
$(2,444)$(312)$(2,756)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4)
(387)(94)(481)
Total unrealized losses$(2,831)$(406)$(3,237)
(1)Below investment grade fixed income securities include $25 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 $94 million that have been in an unrealized loss position for a period of twelve or more consecutive months.
(4)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.
Schedule of Accrued Interest
Accrued interest
($ in millions)September 30,December 31,
20232022
Mortgage loans$3 $3 
Bank Loans5 3 
Schedule of Mortgage Loans Amortized Cost by Debt Service Coverage Ratio Distribution and Year of Origination
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
September 30, 2023December 31, 2022
($ in millions)2018 and prior2019202020212022CurrentTotalTotal
Below 1.0$— $— $— $— $— $— $— $18 
1.0 - 1.2528 12 — — — 2 42 42 
1.26 - 1.5024 4 10 — 43 58 139 151 
Above 1.5078 220 42 185 59 76 660 558 
Amortized cost before allowance$130 $236 $52 $185 $102 $136 $841 $769 
Allowance(11)(7)
Amortized cost, net$830 $762 
Schedule of Bank Loans Amortized Cost by Credit Rating and Year of Origination
Bank loans amortized cost by credit rating and year of origination
September 30, 2023December 31, 2022
($ in millions)2018 and prior2019202020212022CurrentTotalTotal
NAIC 2 / BBB $4 $5 $5 $26 $4 $10 $54 $54 
NAIC 3 / BB— — 1 139 9 46 195 266 
NAIC 4 / B11 17 14 197 34 121 394 329 
NAIC 5-6 / CCC and below35 1 1 23 6 6 72 94 
Amortized cost before allowance$50 $23 $21 $385 $53 $183 $715 $743 
Allowance(36)(57)
Amortized cost, net$679 $686