Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments [Abstract]

Schedule of Portfolio Composition

Portfolio composition
	As of December 31,
($ in millions)	2023		2022
Fixed income securities, at fair value	$	48,865	$	42,485
Equity securities, at fair value	2,411		4,567
Mortgage loans, net	822		762
Limited partnership interests	8,380		8,114
Short-term investments, at fair value	5,144		4,173
Other investments, net	1,055		1,728
Total	$	66,677	$	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
	Amortized cost, net		Gross unrealized				Fair value
($ in millions)			Gains		Losses
December 31, 2023
U.S. government and agencies	$	8,624	$	114	$	(119)	$	8,619
Municipal	6,049		109		(152)		6,006
Corporate	31,951		397		(1,143)		31,205
Foreign government	1,286		17		(13)		1,290
ABS	1,739		13		(7)		1,745
Total fixed income securities	$	49,649	$	650	$	(1,434)	$	48,865
December 31, 2022
U.S. government and agencies	$	8,123	$	6	$	(231)	$	7,898
Municipal	6,500		36		(326)		6,210
Corporate	28,562		46		(2,345)		26,263
Foreign government	997		—		(40)		957
ABS	1,188		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
	As of December 31, 2023				As of December 31, 2022
($ in millions)	Amortized cost, net		Fair value		Amortized cost, net		Fair value
Due in one year or less	$	3,422	$	3,374	$	2,870	$	2,836
Due after one year through five years	23,218		22,614		26,546		25,217
Due after five years through ten years	12,553		12,273		11,035		9,870
Due after ten years	8,717		8,859		3,731		3,405
	47,910		47,120		44,182		41,328
ABS	1,739		1,745		1,188		1,157
Total	$	49,649	$	48,865	$	45,370	$	42,485

Schedule of Net Investment Income

Net investment income
	For the years ended December 31,
($ in millions)	2023		2022		2021
Fixed income securities	$	1,761	$	1,255	$	1,148
Equity securities	75		132		100
Mortgage loans	35		33		43
Limited partnership interests	499		985		1,973
Short-term investments	253		82		5
Other investments	169		162		195
Investment income, before expense	2,792		2,649		3,464
Investment expense	(314)		(246)		(171)
Net investment income	$	2,478	$	2,403	$	3,293

Schedule of Net Gains (Losses) on Investments and Derivatives by Asset Type

Net gains (losses) on investments and derivatives by asset type
	For the years ended December 31,
($ in millions)	2023		2022		2021
Fixed income securities	$	(540)	$	(875)	$	425
Equity securities	282		(900)		520
Mortgage loans	(4)		(1)		20
Limited partnership interests	4		(191)		(52)
Derivatives	(84)		874		49
Other investments	42		21		122
Net gains (losses) on investments and derivatives	$	(300)	$	(1,072)	$	1,084

Schedule of Net Gains (Losses) on Investments and Derivatives by Transaction Type

Net gains (losses) on investments and derivatives by transaction type
	For the years ended December 31,
($ in millions)	2023		2022		2021
Sales	$	(433)	$	(832)	$	578
Credit losses	(99)		(54)		(42)
Valuation change of equity investments (1)	316		(1,060)		499
Valuation change and settlements of derivatives	(84)		874		49
Net gains (losses) on investments and derivatives	$	(300)	$	(1,072)	$	1,084

(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
	For the years ended December 31,
($ in millions)	2023		2022		2021
Gross realized gains	$	115	$	136	$	587
Gross realized losses	(633)		(1,004)		(158)

Schedule of Net Appreciation (Decline) Recognized in Net Income for Assets that are Still Held

Net appreciation (decline) recognized in net income for assets that are still held
	For the years ended December 31,
($ in millions)	2023		2022		2021
Equity securities	$	151	$	(466)	$	377
Limited partnership interests carried at fair value	85		(5)		435
Total	$	236	$	(471)	$	812

Schedule of Credit Losses Recognized in Net Income

Credit losses recognized in net income
	For the years ended December 31,
($ in millions)		2023		2022		2021
Assets
Fixed income securities:
Corporate		$	(24)	$	(6)	$	(5)
ABS		2		(1)		1
Total fixed income securities		(22)		(7)		(4)
Mortgage loans		(4)		(1)		18
Limited partnership interests		(25)		(4)		(34)
Other investments
Bank loans		(18)		(26)		(22)
Real estate		(29)		(16)		—
Total credit losses by asset type		$	(98)	$	(54)	$	(42)
Liabilities
Commitments to fund commercial mortgage loans and bank loans		(1)		—		—
Total		$	(99)	$	(54)	$	(42)

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)
December 31, 2023			Gains		Losses
Fixed income securities	$	48,865	$	650	$	(1,434)	$	(784)
Short-term investments	5,144		—		(1)		(1)
Derivative instruments	—		—		(2)		(2)
Limited partnership interests (1)							(4)
Unrealized net capital gains and losses, pre-tax							(791)
Reclassification of noncontrolling interest							13
Deferred income taxes							174
Unrealized net capital gains and losses, after-tax							$	(604)
December 31, 2022
Fixed income securities	$	42,485	$	92	$	(2,977)	$	(2,885)
Short-term investments	4,173		—		(1)		(1)
Derivative instruments	—		—		(3)		(3)
Limited partnership interests							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 EMA limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable.

Schedule of Change in Unrealized Net Capital Gains (Losses) and Principal Geographic Distribution of Commercial Real Estate Exceeding 5% of the Mortgage Loans Portfolio and Types of Properties Collateralizing the Mortgage Loan Portfolio and Contractual Maturities of the Mortgage Loan Portfolio

Change in unrealized net capital gains (losses)
	For the years ended December 31,
($ in millions)	2023		2022		2021
Fixed income securities	$	2,101	$	(3,645)	$	(1,771)
Short-term investments	—		(1)		—
Derivative instruments	1		—		—
Limited partnerships interests	(6)		3		—
Investments classified as held for sale	—		—		(2,369)
Total	2,096		(3,643)		(4,140)
Reclassification of noncontrolling interest and other (1)	(10)		19		864
Deferred income taxes	(435)		771		693
Increase (decrease) in unrealized net capital gains and losses, after-tax	$	1,651	$	(2,853)	$	(2,583)

(1)2021 includes changes in amounts by which the amortization of DAC would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized.

Principal geographic distribution of commercial real estate exceeding 5% of the mortgage loans portfolio
	As of December 31,
(% of mortgage loan portfolio carrying value)	2023		2022
California	21.9	%	24.9	%
Texas	17.9		16.3
Florida	7.5		6.4
Washington	5.8		7.3
Tennessee	5.6		6.1
Ohio	5.0		5.6

Types of properties collateralizing the mortgage loan portfolio
	As of December 31,
(% of mortgage loan portfolio carrying value)	2023		2022
Apartment complex	30.6	%	30.2	%
Retail	25.0		27.4
Warehouse	20.0		16.0
Office	15.2		17.5
Other	9.2		8.9
Total	100.0	%	100.0	%

Contractual maturities of the mortgage loan portfolio
	As of December 31, 2023
($ in millions)	Number of loans	Amortized cost, net		Percent
2024	5	$	88	10.7	%
2025	6	70		8.5
2026	11	166		20.2
2027	6	58		7.1
Thereafter	29	440		53.5
Total	57	$	822	100.0	%

Schedule of Carrying Value for Limited Partnership Interests

Carrying value for limited partnership interests
	As of December 31, 2023						As of December 31, 2022
($ in millions)	EMA		Fair Value		Total		EMA		Fair Value		Total
Private equity	$	6,015	$	1,139	$	7,154	$	5,372	$	1,217	$	6,589
Real estate	1,059		26		1,085		1,013		29		1,042
Other (1)	141		—		141		483		—		483
Total	$	7,215	$	1,165	$	8,380	$	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 Principal Geographic Distribution of Municipal Bond Issuers Exceeding 5% of the Portfolio

Principal geographic distribution of municipal bond issuers exceeding 5% of the portfolio
	As of December 31,
(% of municipal bond portfolio carrying value)	2023		2022
Texas	12.8	%	9.6	%
California	7.7		8.5
New York	6.3		6.7
Illinois	5.4		5.6
Pennsylvania	5.4		5.4
Florida	4.8		5.0

Schedule of Other Investments by Asset Type

Other investments by asset type
	As of December 31,
($ in millions)	2023		2022
Bank loans, net	$	224	$	686
Real estate	709		813
Policy loans	119		120
Derivatives	1		1
Other	2		108
Total	$	1,055	$	1,728

Schedule of Rollforward of Credit Loss Allowance for Fixed Income Securities and Mortgage Loans and Bank Loans

Rollforward of credit loss allowance for premium installment receivables
	For the years ended December 31,
($ in millions)	2023		2022
Beginning balance	$	(132)	$	(107)
Increase in the provision for credit losses	(348)		(313)
Write-off of uncollectible premium installment receivable amounts	342		288
Ending balance	$	(138)	$	(132)

Allowance for credit losses
	As of December 31,
($ in millions)	2023		2022
Fixed income securities	$	36	$	13
Mortgage loans	11		7
Bank loans	22		57
Investments	69		77
Premium installment receivables	138		132
Reinsurance recoverables	65		65
Other assets	18		19
Assets	290		293
Commitments to fund mortgage loans and bank loans	1		—
Liabilities	1		—
Total	$	291	$	293

Rollforward of credit loss allowance for fixed income securities
	For the years ended December 31,
($ in millions)	2023		2022		2021
Beginning balance	$	(13)	$	(6)	$	(2)
Credit losses on securities for which credit losses not previously reported	(11)		(1)		(5)
Net (increases) decreases related to credit losses previously reported	(11)		(6)		1
(Increase) decrease of allowance related to sales and other	(1)		—		—
Write-offs	—		—		—
Ending balance	$	(36)	$	(13)	$	(6)
Components of credit loss allowance as of December 31
Corporate bonds	$	(35)	$	(11)	$	(6)
ABS	(1)		(2)		—
Total	$	(36)	$	(13)	$	(6)

Rollforward of credit loss allowance for mortgage loans
	For the years ended December 31,
($ in millions)	2023		2022		2021
Beginning balance	$	(7)	$	(6)	$	(67)
Net (increases) decreases related to credit losses	(4)		(1)		40
Reduction of allowance related to sales	—		—		21
Write-offs	—		—		—
Ending balance	$	(11)	$	(7)	$	(6)

Rollforward of credit loss allowance for bank loans
	For the years ended December 31,
($ in millions)	2023		2022		2021
Beginning balance	$	(57)	$	(61)	$	(67)
Net increases related to credit losses	(18)		(26)		(15)
Reduction of allowance related to sales	50		30		21
Write-offs	3		—		—
Ending balance	$	(22)	$	(57)	$	(61)

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)
	Less than 12 months					12 months or more
($ in millions)	Number of issues	Fair value		Unrealized losses		Number of issues	Fair value		Unrealized losses		Total unrealized losses
December 31, 2023
Fixed income securities
U.S. government and agencies	63	$	2,554	$	(38)	117	$	2,513	$	(81)	$	(119)
Municipal	271	400		(4)		1,784	2,245		(148)		(152)
Corporate	251	2,225		(48)		2,106	17,319		(1,095)		(1,143)
Foreign government	7	31		—		75	356		(13)		(13)
ABS	19	64		(1)		150	584		(6)		(7)
Total fixed income securities	611	$	5,274	$	(91)	4,232	$	23,017	$	(1,343)	$	(1,434)
Investment grade fixed income securities	568	$	5,061	$	(83)	3,864	$	20,429	$	(1,151)	$	(1,234)
Below investment grade fixed income securities	43	213		(8)		368	2,588		(192)		(200)
Total fixed income securities	611	$	5,274	$	(91)	4,232	$	23,017	$	(1,343)	$	(1,434)
December 31, 2022
Fixed income securities
U.S. government and agencies	112	$	4,900	$	(138)	75	$	2,393	$	(93)	$	(231)
Municipal	3,015	3,944		(215)		507	740		(111)		(326)
Corporate	2,085	18,072		(1,389)		845	6,105		(956)		(2,345)
Foreign government	74	739		(22)		42	200		(18)		(40)
ABS	194	874		(27)		83	109		(8)		(35)
Total fixed income securities	5,480	$	28,529	$	(1,791)	1,552	$	9,547	$	(1,186)	$	(2,977)
Investment grade fixed income securities	4,959	$	25,487	$	(1,409)	1,437	$	8,791	$	(1,009)	$	(2,418)
Below investment grade fixed income securities	521	3,042		(382)		115	756		(177)		(559)
Total fixed income securities	5,480	$	28,529	$	(1,791)	1,552	$	9,547	$	(1,186)	$	(2,977)

(1)Includes fixed income securities with fair values of $32 million and $10 million and unrealized losses of $3 million and $5 million with credit loss alllowances of $8 million and $11 million as of December 31, 2023, and 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 December 31, 2023
($ in millions)	Investment grade		Below investment grade		Total
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)	$	(1,167)	$	(173)	$	(1,340)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4)	(67)		(27)		(94)
Total unrealized losses	$	(1,234)	$	(200)	$	(1,434)

(1)Below investment grade fixed income securities include $5 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 $25 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
	As of December 31,
($ in millions)	2023		2022
Mortgage loans	$	3	$	3
Bank Loans	3		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
	December 31, 2023														December 31, 2022
($ in millions)	2018 and prior		2019		2020		2021		2022		Current		Total		Total
Below 1.0	$	—	$	—	$	—	$	—	$	13	$	—	$	13	$	18
1.0 - 1.25	27		12		—		—		—		2		41		42
1.26 - 1.50	24		4		10		—		30		65		133		151
Above 1.50	65		220		42		184		59		76		646		558
Amortized cost before allowance	$	116	$	236	$	52	$	184	$	102	$	143	$	833	$	769
Allowance													(11)		(7)
Amortized cost, net													$	822	$	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
($ in millions)	December 31, 2023														December 31, 2022
	2018 and prior		2019		2020		2021		2022		Current		Total		Total
NAIC 2 / BBB	$	—	$	—	$	2	$	6	$	—	$	1	$	9	$	54
NAIC 3 / BB	—		—		—		21		—		17		38		266
NAIC 4 / B	—		17		1		33		16		86		153		329
NAIC 5-6 / CCC and below	21		—		—		11		5		9		46		94
Amortized cost before allowance	$	21	$	17	$	3	$	71	$	21	$	113	$	246	$	743
Allowance													(22)		(57)
Amortized cost, net													$	224	$	686