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INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Appreciation/(Depreciation) and Fair Value of Fixed Maturity Securities
The following tables show amortized cost, allowance for credit losses, gross unrealized appreciation, gross unrealized depreciation (“URA(D)”) and fair value of fixed maturity securities - available for sale for the periods indicated:
At December 31, 2023
(Dollars in millions)Amortized
Cost		Allowances for
Credit Loss		Unrealized
Appreciation		Unrealized
Depreciation		Fair
Value
Fixed maturity securities – available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations$265 $— $— $(17)$247 
Obligations of U.S. states and political subdivisions138 — 1 (11)128 
Corporate securities4,400 (47)96 (160)4,289 
Asset-backed securities5,307 — 23 (48)5,282 
Mortgage-backed securities
Commercial575 — — (53)522 
Agency residential2,532 — 27 (124)2,435 
Non-agency residential429 — 14 (1)441 
Foreign government securities859 — 15 (39)835 
Foreign corporate securities1,800 — 35 (82)1,753 
Total fixed maturity securities - available for sale$16,304 $(48)$212 $(536)$15,932 
(Some amounts may not reconcile due to rounding.)
At December 31, 2022
(Dollars in millions)Amortized
Cost		Allowances for
Credit Loss		Unrealized
Appreciation		Unrealized
Depreciation		Fair
Value
Fixed maturity securities – available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations$575 $— $— $(40)$535 
Obligations of U.S. states and political subdivisions444 — 2 (32)413 
Corporate securities3,913 (45)14 (322)3,561 
Asset-backed securities4,111 — 5 (165)3,951 
Mortgage-backed securities
Commercial569 — — (59)509 
Agency residential1,792 — 3 (167)1,628 
Non-agency residential3 — — — 3 
Foreign government securities696 — 2 (61)637 
Foreign corporate securities1,597 (1)4 (167)1,433 
Total fixed maturity securities - available for sale$13,699 $(46)$30 $(1,013)$12,671 
(Some amounts may not reconcile due to rounding.)
The following table shows amortized cost, allowance for credit losses, gross URA(D) and fair value of fixed maturity securities - held to maturity for the periods indicated:
At December 31, 2023
(Dollars in millions)Amortized
Cost		Allowances for
Credit Loss		Unrealized
Appreciation		Unrealized
Depreciation		Fair
Value
Fixed maturity securities - held to maturity
Corporate securities$150 $(2)$1 $(3)$146 
Asset-backed securities604 (5)4 (10)593 
Mortgage-backed securities
Commercial21 — — — 21 
Foreign corporate securities84 (1)7 — 90 
Total fixed maturity securities - held to maturity$859 $(8)$12 $(13)$850 
(Some amounts may not reconcile due to rounding.)
At December 31, 2022
(Dollars in millions)Amortized
Cost		Allowances for
Credit Loss		Unrealized
Appreciation		Unrealized
Depreciation		Fair
Value
Fixed maturity securities - held to maturity
Corporate securities$152 $(2)$— $(6)$144 
Asset-backed securities634 (6)2 (15)614 
Mortgage-backed securities
Commercial7 — — — 7 
Foreign corporate securities28 (1)2 — 28 
Total fixed maturity securities - held to maturity$820 $(9)$3 $(22)$793 
(Some amounts may not reconcile due to rounding.)
Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities, by Contractual Maturity
The amortized cost and fair value of fixed maturity securities - available for sale are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.
At December 31, 2023At December 31, 2022
(Dollars in millions)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Fixed maturity securities – available for sale
Due in one year or less$546 $537 $581 $563 
Due after one year through five years2,402 2,310 3,684 3,429 
Due after five years through ten years2,842 2,784 2,003 1,760 
Due after ten years1,672 1,621 958 827 
Asset-backed securities5,307 5,282 4,111 3,951 
Mortgage-backed securities
Commercial575 522 569 509 
Agency residential2,532 2,435 1,792 1,628 
Non-agency residential429 441 3 3 
Total fixed maturity securities - available for sale$16,304 $15,932 $13,699 $12,671 
(Some amounts may not reconcile due to rounding.)
The amortized cost and fair value of fixed maturity securities - held to maturity are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.
At December 31, 2023At December 31, 2022
(Dollars in millions)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Fixed maturity securities – held to maturity
Due in one year or less$5 $5 $5 $5 
Due after one year through five years59 58 63 61 
Due after five years through ten years43 42 43 41 
Due after ten years127 131 68 65 
Asset-backed securities604 593 634 614 
Mortgage-backed securities
Commercial21 21 7 7 
Total fixed maturity securities - held to maturity$859 $850 $820 $793 
(Some amounts may not reconcile due to rounding.)
Schedule of Changes in Net Unrealized Appreciation (Depreciation) for Investments
The changes in net URA(D) for the Company’s investments are as follows:
Years Ended December 31,
(Dollars in millions)20232022
Increase (decrease) during the period between the fair value and cost of investments carried at fair value, and deferred taxes thereon:
Fixed maturity securities - available fore sale and short-term investments$667 $(1,187)
Change in unrealized appreciation (depreciation), pre-tax667 (1,187)
Deferred tax benefit (expense)(140)249 
Change in URA(D), net of deferred taxes, included in stockholder's equity$527 $(938)
(Some amounts may not reconcile due to rounding.)
Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities - Available for Sale, by Security Type
The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:
Duration of Unrealized Loss at December 31, 2023 By Security Type
Less than 12 monthsGreater than 12 monthsTotal
(Dollars in millions)Fair
Value		Gross
Unrealized
Depreciation		Fair
Value		Gross
Unrealized
Depreciation		Fair
Value		Gross
Unrealized
Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations$7 $— $238 $(17)$245 $(17)
Obligations of U.S. states and political subdivisions3 — 74 (11)77 (11)
Corporate securities673 (47)1,150 (112)1,822 (160)
Asset-backed securities179 (2)1,958 (46)2,138 (48)
Mortgage-backed securities
Commercial19 — 491 (53)511 (53)
Agency residential203 (2)1,030 (123)1,233 (124)
Non-agency residential125 (1)3 — 128 (1)
Foreign government securities38 (1)423 (38)461 (39)
Foreign corporate securities120 (2)821 (80)940 (82)
Total$1,367 $(54)$6,187 $(481)$7,554 $(536)
Securities where an allowance for credit loss was recorded2 (1)— — 2 (1)
Total fixed maturity securities - available for sale$1,369 $(55)$6,187 $(481)$7,556 $(536)
(Some amounts may not reconcile due to rounding.)
The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities available for sale, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated.
Duration of Unrealized Loss at December 31, 2022 By Security Type
Less than 12 monthsGreater than 12 monthsTotal
(Dollars in millions)Fair
Value		Gross
Unrealized
Depreciation		Fair
Value		Gross
Unrealized
Depreciation		Fair
Value		Gross
Unrealized
Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations$290 $(14)$245 $(26)$535 $(40)
Obligations of U.S. states and political subdivisions235 (23)27 (9)261 (32)
Corporate securities2,138 (175)841 (146)2,979 (321)
Asset-backed securities3,120 (138)436 (27)3,556 (165)
Mortgage-backed securities
Commercial464 (50)36 (9)500 (59)
Agency residential852 (54)605 (113)1,456 (167)
Non-agency residential2 — 1 — 3 — 
Foreign government securities455 (36)144 (25)599 (61)
Foreign corporate securities967 (100)365 (67)1,332 (167)
Total$8,522 $(591)$2,698 $(421)$11,220 $(1,012)
Securities where an allowance for credit loss was recorded2 (1)— — 2 (1)
Total fixed maturity securities - available for sale$8,524 $(591)$2,698 $(421)$11,222 $(1,013)
(Some amounts may not reconcile due to rounding.)
Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities - Available for Sale, by Contractual Maturity
Duration of Unrealized Loss at December 31, 2023 By Maturity
Less than 12 monthsGreater than 12 monthsTotal
(Dollars in millions)Fair
Value		Gross
Unrealized
Depreciation		Fair
Value		Gross
Unrealized
Depreciation		Fair
Value		Gross
Unrealized
Depreciation
Fixed maturity securities - available for sale
Due in one year or less$84 $(1)$263 $(10)$348 $(11)
Due in one year through five years227 (5)1,317 (96)1,544 (101)
Due in five years through ten years150 (5)951 (128)1,101 (133)
Due after ten years379 (39)174 (25)553 (64)
Asset-backed securities179 (2)1,958 (46)2,138 (48)
Mortgage-backed securities347 (3)1,523 (176)1,871 (179)
Total$1,367 $(54)$6,187 $(481)$7,554 $(536)
Securities where an allowance for credit loss was recorded2 (1)— — 2 (1)
Total fixed maturity securities - available for sale$1,369 $(55)$6,187 $(481)$7,556 $(536)
(Some amounts may not reconcile due to rounding.)
Duration of Unrealized Loss at December 31, 2022 By Maturity
Less than 12 monthsGreater than 12 monthsTotal
(Dollars in millions)Fair
Value		Gross
Unrealized
Depreciation		Fair
Value		Gross
Unrealized
Depreciation		Fair
Value		Gross
Unrealized
Depreciation
Fixed maturity securities - available for sale
Due in one year or less$463 $(8)$29 $(4)$491 $(11)
Due in one year through five years2,020 (143)936 (107)2,956 (250)
Due in five years through ten years1,162 (148)395 (98)1,557 (246)
Due after ten years439 (50)262 (64)701 (114)
Asset-backed securities3,120 (138)436 (27)3,556 (165)
Mortgage-backed securities1,318 (105)641 (122)1,959 (226)
Total$8,522 $(591)$2,698 $(421)$11,220 $(1,012)
Securities where an allowance for credit loss was recorded2 (1)— — 2 (1)
Total fixed maturity securities - available for sale$8,524 $(591)$2,698 $(421)$11,222 $(1,013)
(Some amounts may not reconcile due to rounding.)
Schedule of Components of Net Investment Income
The components of net investment income are presented in the table below for the periods indicated:
Years Ended December 31,
(Dollars in millions)202320222021
Fixed maturities$822 $510 $344 
Equity securities3 16 15 
Short-term investments and cash74 16 1 
Other invested assets
Limited partnerships37 72 321 
Dividends from preferred shares of affiliate31 31 31 
Other59 30 63 
Gross investment income before adjustments1,027 675 774 
Funds held interest income (expense)3 6 8 
Interest income from Parent7 11 6 
Gross investment income1,038 691 788 
Investment expenses46 52 43 
Net investment income$993 $638 $745 
(Some amounts may not reconcile due to rounding.)
Schedule of Components of Net Gains (Losses) on Investments
The components of net gains (losses) on investments are presented in the table below for the periods indicated:
Years Ended December 31,
(Dollars in millions)202320222021
Fixed maturity securities:
Allowances for credit losses$(1)$(27)$(26)
Net realized gains (losses) from dispositions(192)(79)8 
Gains (losses) from fair value adjustments— — — 
Equity securities:
Net realized gains (losses) from dispositions8 117 24 
Gains (losses) from fair value adjustments(4)(447)254 
Other invested assets— 13 6 
Other invested assets, fair value:
Gains (losses) from fair value adjustments9 (558)234 
Short-term investment gains (losses)— — — 
Total net gains (losses) on investments$(180)$(982)$501 
(Some amounts may not reconcile due to rounding.)
Schedule of Fixed Maturities, Allowance for Credit Loss, Held-to-Maturity Rollforward
The following tables provide a roll forward of the Company’s beginning and ending balance of allowance for credit losses for the periods indicated:
Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
Twelve Months Ended December 31, 2023
Corporate
Securities		Asset-Backed
Securities		Foreign
Corporate
Securities		Total
(Dollars in millions)
Balance, beginning of period$(45)$— $(1)$(46)
Credit losses on securities where credit losses were not previously recorded
(23)— — (23)
Increases in allowance on previously impaired securities(1)— — (1)
Decreases in allowance on previously impaired securities— — — — 
Reduction in allowance due to disposals21 — 1 22 
Balance, end of period$(47)$— $— $(48)
(Some amounts may not reconcile due to rounding.)
Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
Twelve Months Ended December 31, 2023
Corporate
Securities		Asset-Backed
Securities		Foreign
Corporate
Securities		Total
(Dollars in millions)
Balance, beginning of period$(2)$(6)$(1)$(9)
Credit losses on securities where credit losses were not previously recorded
— — — — 
Increases in allowance on previously impaired securities— — — — 
Decreases in allowance on previously impaired securities— — — — 
Reduction in allowance due to disposals— 1 — 1 
Balance, end of period$(2)$(5)$(1)$(8)
(Some amounts may not reconcile due to rounding.)
Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
Twelve Months Ended December 31, 2022
Corporate
Securities		Asset-Backed
Securities		Foreign
Corporate
Securities		Total
(Dollars in millions)
Balance, beginning of period$(19)$(8)$— $(27)
Credit losses on securities where credit losses were not previously recorded(11)— (1)(12)
Increases in allowance on previously impaired securities(20)— — (21)
Decreases in allowance on previously impaired securities— — — — 
Reduction in allowance due to disposals6 8 1 14 
Balance, end of period$(45)$— $(1)$(46)
(Some amounts may not reconcile due to rounding.)
Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
Twelve Months Ended December 31, 2022
Corporate
Securities		Asset-Backed
Securities		Foreign
Corporate
Securities		Total
(Dollars in millions)
Balance, beginning of period$— $— $— $— 
Credit losses on securities where credit losses were not previously recorded(2)(6)(1)(9)
Increases in allowance on previously impaired securities— — — — 
Decreases in allowance on previously impaired securities— — — — 
Reduction in allowance due to disposals— — — — 
Balance, end of period$(2)$(6)$(1)$(9)
(Some amounts may not reconcile due to rounding.
Schedule of Gross Gains (Losses) from Dispositions of Fixed Maturity and Equity Securities
The proceeds and split between gross gains and losses from sales of fixed maturity securities - available for sale and equity securities, are presented in the table below for the periods indicated:
Years Ended December 31,
(Dollars in millions)202320222021
Proceeds from sales of fixed maturity securities - available for sale$2,546 $2,645 $961 
Gross gains from dispositions12 9 33 
Gross losses from dispositions(204)(88)(24)
Proceeds from sales of equity securities$126 $2,203 $862 
Gross gains from dispositions8 165 39 
Gross losses from dispositions— (48)(15)