XML 106 R92.htm IDEA: XBRL DOCUMENT v3.23.3
Fair Value Measurement - Fair Value Level 3 Rollforward Recurring Basis (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
FG VIEs’ Assets        
Fair Value Level 3 Rollforward        
Fair value at beginning of period $ 188 $ 223 $ 204 $ 260
Total pre-tax realized and unrealized gains (losses) recorded in:        
Net income (loss) 1 3 0 0
Other comprehensive income (loss) 0 0 0 0
Purchases 0 0 0 0
Sales 0 0 0 0
Settlements (9) (16) (24) (50)
Consolidations 0     15
Deconsolidations 0   0 (15)
Transfers out of Level 3 0   0  
Fair value at end of period 180 210 180 210
Change in unrealized gains/(losses) related to financial instruments held 0 3 (3) 1
Consolidated Investment Vehicles | Equity securities and warrants        
Fair Value Level 3 Rollforward        
Fair value at beginning of period 290 258 297  
Total pre-tax realized and unrealized gains (losses) recorded in:        
Net income (loss) 5 (11) 45  
Other comprehensive income (loss) 0 0 0  
Purchases 3 52 41  
Sales (4) (2) (89)  
Settlements 0 0 0  
Consolidations 0      
Deconsolidations 219   219  
Transfers out of Level 3 0   0  
Fair value at end of period 75 297 75 297
Change in unrealized gains/(losses) related to financial instruments held 6 (11) 6  
Consolidated Investment Vehicles | Equity Securities        
Fair Value Level 3 Rollforward        
Fair value at beginning of period       239
Total pre-tax realized and unrealized gains (losses) recorded in:        
Net income (loss)       15
Other comprehensive income (loss)       0
Purchases       57
Sales       (14)
Settlements       0
Consolidations       0
Deconsolidations       0
Fair value at end of period   297   297
Change in unrealized gains/(losses) related to financial instruments held       7
Consolidated Investment Vehicles | Corporate securities        
Fair Value Level 3 Rollforward        
Fair value at beginning of period 84 90 96 91
Total pre-tax realized and unrealized gains (losses) recorded in:        
Net income (loss) 0 (2) (3) 4
Other comprehensive income (loss) 0 0 0 0
Purchases 0 1 6 2
Sales 0 (2) (15) (10)
Settlements 0 0 0 0
Consolidations 0     0
Deconsolidations 84   84 0
Transfers out of Level 3 0   0  
Fair value at end of period 0 87 0 87
Change in unrealized gains/(losses) related to financial instruments held 0 (2) 0 3
Consolidated Investment Vehicles | Structured products        
Fair Value Level 3 Rollforward        
Fair value at beginning of period 0 38 46 0
Total pre-tax realized and unrealized gains (losses) recorded in:        
Net income (loss) 7 (3) 9 (6)
Other comprehensive income (loss) 0 0 0 0
Purchases 0 8 0 50
Sales 0 0 (48) (21)
Settlements 0 0 0 0
Consolidations 0     0
Deconsolidations (166)   (166) 20
Transfers out of Level 3 0   0  
Fair value at end of period 173 43 173 43
Change in unrealized gains/(losses) related to financial instruments held 7 (3) 7 (6)
Other        
Fair Value Level 3 Rollforward        
Fair value at beginning of period 33 37 50 27
Total pre-tax realized and unrealized gains (losses) recorded in:        
Net income (loss) (20) 1 (33) 12
Other comprehensive income (loss) 0 0 0 (1)
Purchases 0 0 0 0
Sales 0 0 0 0
Settlements 0 0 (4) 0
Consolidations 0     0
Deconsolidations 0   0 0
Transfers out of Level 3 0   0  
Fair value at end of period 13 38 13 38
Change in unrealized gains/(losses) related to financial instruments held (20) 1 (33) 12
Other | Other Comprehensive Income (Loss)        
Total pre-tax realized and unrealized gains (losses) recorded in:        
Change in unrealized gains/(losses) related to financial instruments held 0 0 0 (1)
Financial Guaranty Variable Interest Entities        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value at start of period (699) (282) (715) (289)
Total Pretax Realized And Unrealized Gains (Losses) Recorded As Liabilities [Abstract]        
Net income (loss) 17 8 18 34
Other comprehensive income (loss) 13 (4) 14 (1)
Issuances   0   0
Sales   0   0
Settlements 127 27 141 92
Consolidations       (102)
Deconsolidations 0 0 0 15
Fair value at end of period (542) (251) (542) (251)
Change in unrealized gains/(losses) included in earnings related to financial instruments 9 8 11 57
Change in unrealized gains/(losses) included in OCI related to financial instruments 13 (4) 14 (1)
Liabilities of CIVs        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value at start of period (4,199) (3,987) (4,154) (3,705)
Total Pretax Realized And Unrealized Gains (Losses) Recorded As Liabilities [Abstract]        
Net income (loss) 0 (31) (45) 264
Other comprehensive income (loss) 0 41 (13) 97
Issuances   (8)   (1,416)
Sales   2   2
Settlements 0 0 13 401
Consolidations       (26)
Deconsolidations 4,199 (26) 4,199 374
Fair value at end of period 0 (4,009) 0 (4,009)
Change in unrealized gains/(losses) included in earnings related to financial instruments 0 (13) 0 289
Change in unrealized gains/(losses) included in OCI related to financial instruments 0 41 0 97
Obligations of state and political subdivisions | Fixed-maturity securities, available-for-sale        
Fair Value Level 3 Rollforward        
Fair value at beginning of period 46 51 47 72
Total pre-tax realized and unrealized gains (losses) recorded in:        
Net income (loss) 0 0 1 0
Other comprehensive income (loss) (3) (3) (3) (11)
Purchases 0 0 0 0
Sales 0 0 0 0
Settlements (1) 0 (3) (13)
Consolidations 0     0
Deconsolidations 0   0 0
Transfers out of Level 3 (40)   (40)  
Fair value at end of period 2 48 2 48
Obligations of state and political subdivisions | Fixed-maturity securities, available-for-sale | Other Comprehensive Income (Loss)        
Total pre-tax realized and unrealized gains (losses) recorded in:        
Change in unrealized gains/(losses) related to financial instruments held 0 (3) 0 (13)
RMBS | Fixed-maturity securities, available-for-sale        
Fair Value Level 3 Rollforward        
Fair value at beginning of period 162 184 179 216
Total pre-tax realized and unrealized gains (losses) recorded in:        
Net income (loss) 4 3 11 13
Other comprehensive income (loss) (6) (8) (14) (27)
Purchases 0 22 0 22
Sales 0 0 0 0
Settlements (7) (9) (23) (32)
Consolidations 0     0
Deconsolidations 0   0 0
Transfers out of Level 3 0   0  
Fair value at end of period 153 192 153 192
RMBS | Fixed-maturity securities, available-for-sale | Other Comprehensive Income (Loss)        
Total pre-tax realized and unrealized gains (losses) recorded in:        
Change in unrealized gains/(losses) related to financial instruments held (6) (8) (13) (25)
Asset-backed securities | Fixed-maturity securities, available-for-sale        
Fair Value Level 3 Rollforward        
Fair value at beginning of period 800 805 794 863
Total pre-tax realized and unrealized gains (losses) recorded in:        
Net income (loss) 13 2 13 2
Other comprehensive income (loss) (2) 1 (10) (36)
Purchases 0 4 23 39
Sales 0 (1) (2) (13)
Settlements (15) (5) (22) (49)
Consolidations 0     0
Deconsolidations 0   0 0
Transfers out of Level 3 0   0  
Fair value at end of period 796 806 796 806
Asset-backed securities | Fixed-maturity securities, available-for-sale | Other Comprehensive Income (Loss)        
Total pre-tax realized and unrealized gains (losses) recorded in:        
Change in unrealized gains/(losses) related to financial instruments held 3 1 0 (35)
Credit Risk Contract        
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Fair value at start of period (57) (147) (162) (154)
Total pre-tax realized and unrealized gains (losses) recorded in:        
Net income (loss) 9 (48) 115 (42)
Other comprehensive income (loss) 0 0 0 0
Issuances   0   0
Sales   0   0
Settlements (1) 1 (2) 2
Consolidations       0
Deconsolidations 0 0 0 0
Fair value at end of period (49) (194) (49) (194)
Change in unrealized gains/(losses) included in earnings related to financial instruments $ 9 $ (46) $ 114 $ (41)