Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2022

Comprehensive Income (Loss) [Abstract]

Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations

Three Months Ended

September 30, 2022

Nine Months Ended

September 30, 2022

(Dollars in millions)

Before Tax

Tax Effect

Net of Tax

Before Tax

Tax Effect

Net of Tax

Unrealized appreciation (depreciation) ("URA(D)") 

 on securities - non-credit related

$

(357)

75

$

(282)

$

(1,376)

288

$

(1,087)

Reclassification of net realized losses (gains) 

 included in net income (loss)

50

(11)

40

61

(13)

48

Foreign currency translation adjustments

(37)

8

(29)

(52)

11

(41)

Reclassification of amortization of net gain (loss) 

 included in net income (loss)

-

-

-

3

(1)

2

Total other comprehensive income (loss)

$

(343)

$

72

$

(271)

$

(1,364)

$

285

$

(1,078)

(Some amounts may not reconcile due to rounding)

Three Months Ended

September 30, 2021

Nine Months Ended

September 30, 2021

(Dollars in millions)

Before Tax

Tax Effect

Net of Tax

Before Tax

Tax Effect

Net of Tax

Unrealized appreciation (depreciation) ("URA(D)") 

 on securities - non-credit related

$

(55)

12

$

(43)

$

(139)

29

$

(110)

Reclassification of net realized losses (gains) 

 included in net income (loss)

3

(1)

2

13

(3)

10

Foreign currency translation adjustments

(26)

5

(21)

(6)

1

(5)

Reclassification of amortization of net gain (loss) 

 included in net income (loss)

2

-

2

7

(2)

6

Total other comprehensive income (loss)

$

(77)

$

16

$

(61)

$

(125)

$

26

$

(99)

(Some amounts may not reconcile due to rounding)

Reclassification From Accumulated Other Comprehensive Income

Three Months Ended

Nine Months Ended

Affected line item within the

September 30,

September 30,

statements of operations and 

AOCI component

2022

2021

2022

2021

comprehensive income (loss)

(Dollars in millions)

URA(D) on securities

$

50

$

3

$

61

$

13

Other net gains (losses) on investments

(11)

(1)

(13)

(3)

Income tax expense (benefit)

$

40

$

2

$

48

$

10

Net income (loss)

Benefit plan net gain (loss)

$

-

$

2

$

3

$

7

Other underwriting expenses

-

-

(1)

(2)

Income tax expense (benefit)

$

-

$

2

$

2

$

6

Net income (loss)

(Some amounts may not reconcile due to rounding)

Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets

Three Months Ended

Nine Months Ended

September 30,

September 30,

(Dollars in millions)

2022

2021

2022

2021

Beginning balance of URA (D) on securities

$

(675)

$

255

$

122

$

313

Current period change in URA (D) of investments - non-credit related

(242)

(41)

(1,039)

(100)

Ending balance of URA (D) on securities

(917)

213

(917)

213

Beginning balance of foreign currency translation adjustments

8

45

20

29

Current period change in foreign currency translation adjustments

(29)

(21)

(41)

(5)

Ending balance of foreign currency translation adjustments 

(21)

24

(21)

24

Beginning balance of benefit plan net gain (loss)

(50)

(70)

(50)

(74)

Current period change in benefit plan net gain (loss)

-

2

2

6

Ending balance of benefit plan net gain (loss)

(49)

(68)

(49)

(68)

Ending balance of accumulated other comprehensive income (loss)

$

(987)

$

169

$

(987)

$

169

(Some amounts may not reconcile due to rounding.)