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Investments and Cash (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
Investment Portfolio
Carrying Value
As of December 31,
 20242023
 (in millions)
Fixed-maturity securities, available-for-sale$6,369 $6,307 
Fixed-maturity securities, trading147 318 
Short-term investments1,221 1,661 
Other invested assets:
Equity method investments:
Sound Point
418 429 
Funds and other investments496 394 
Other12 6 
Total (1)$8,663 $9,115 
____________________
(1)    The aggregate carrying value of the Company’s investments in Sound Point managed investments, excluding the ownership interest in Sound Point of $418 million and $429 million as of December 31, 2024 and December 31, 2023, respectively, and excluding certain investments in funds that are consolidated and accounted for as CIVs, was $569 million and $202 million as of December 31, 2024 and December 31, 2023, respectively.
Fixed Maturity Securities and Short Term Investments by Security Type
Available-for-Sale Fixed-Maturity Securities by Security Type 
As of December 31, 2024
Security TypePercent
of
Total (1)		Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
 (dollars in millions)
Obligations of state and political subdivisions30 %$2,032 $(14)$25 $(103)$1,940 
U.S. government and agencies1 72 — 1 (6)67 
Corporate securities (2)38 2,586 (7)9 (206)2,382 
Mortgage-backed securities (3): 
RMBS9 657 (21)2 (71)567 
Commercial mortgage-backed securities (CMBS)3 189 — — (3)186 
Asset-backed securities:
CLOs9 615 (1)6 (9)611 
Other (4)9 593 (17)1 (30)547 
Non-U.S. government securities1 83 — — (14)69 
Total available-for-sale fixed-maturity securities100 %$6,827 $(60)$44 $(442)$6,369 

Available-for-Sale Fixed-Maturity Securities by Security Type 
As of December 31, 2023
Security TypePercent
of
Total (1)		Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
 (dollars in millions)
Obligations of state and political subdivisions41 %$2,733 $(13)$33 $(92)$2,661 
U.S. government and agencies1 65 — 1 (6)60 
Corporate securities (2)34 2,327 (6)17 (197)2,141 
Mortgage-backed securities (3):     
RMBS6 428 (21)3 (68)342 
CMBS2 157 — — (6)151 
Asset-backed securities:
CLOs7 456 — 1 (7)450 
Other (4)7 465 (37)— (26)402 
Non-U.S. government securities2 115 — — (15)100 
Total available-for-sale fixed-maturity securities100 %$6,746 $(77)$55 $(417)$6,307 
____________________
(1)    Based on amortized cost.
(2)    Includes securities issued by taxable universities and hospitals.
(3)    U.S. government-agency obligations were approximately 68% of mortgage-backed securities as of December 31, 2024 and 42% as of December 31, 2023, based on fair value.
(4)    Includes a security with an affiliated entity with amortized cost and fair value of $41 million and $42 million, respectively, as of December 31, 2024, and amortized cost and fair value of $21 million as of December 31, 2023.
Gross Unrealized Loss by Length of Time
for Available-for-Sale Fixed-Maturity Securities for Which a Credit Loss was Not Recorded
As of December 31, 2024
 Less than 12 months12 months or moreTotal
 Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss
 (dollars in millions)
Obligations of state and political subdivisions$624 $(7)$964 $(96)$1,588 $(103)
U.S. government and agencies5 — 28 (6)33 (6)
Corporate securities762 (20)1,046 (150)1,808 (170)
Mortgage-backed securities: 
RMBS255 (4)123 (10)378 (14)
CMBS83 — 103 (3)186 (3)
Asset-backed securities:
CLOs151 (5)107 (1)258 (6)
Other60 (1)16 — 76 (1)
Non-U.S. government securities35 (3)30 (11)65 (14)
Total$1,975 $(40)$2,417 $(277)$4,392 $(317)
Number of securities (1) 569  1,065  1,591 
 
Gross Unrealized Loss by Length of Time
for Available-for-Sale Fixed-Maturity Securities for Which a Credit Loss was Not Recorded
As of December 31, 2023
 Less than 12 months12 months or moreTotal
 Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss
 (dollars in millions)
Obligations of state and political subdivisions$641 $(4)$931 $(87)$1,572 $(91)
U.S. government and agencies— — 33 (6)33 (6)
Corporate securities72 (1)1,426 (152)1,498 (153)
Mortgage-backed securities:    
RMBS27 (1)124 (8)151 (9)
CMBS3 — 148 (6)151 (6)
Asset-backed securities:
CLOs22 (1)379 (6)401 (7)
Other1 — 26 (1)27 (1)
Non-U.S. government securities— — 95 (15)95 (15)
Total$766 $(7)$3,162 $(281)$3,928 $(288)
Number of securities (1) 274  1,266  1,525 
___________________
(1)    The number of securities does not add across because lots consisting of the same securities have been purchased at different times and appear in both categories above (i.e., less than 12 months and 12 months or more). If a security appears in both categories, it is counted only once in the total column.
Distribution of Fixed Maturity Securities by Contractual Maturity
Distribution of Available-for-Sale Fixed-Maturity Securities by Contractual Maturity
As of December 31, 2024 
 Amortized
Cost		Estimated
Fair Value
 (in millions)
Due within one year$382 $370 
Due after one year through five years1,168 1,122 
Due after five years through 10 years1,974 1,888 
Due after 10 years2,457 2,236 
Mortgage-backed securities:  
RMBS657 567 
CMBS189 186 
Total$6,827 $6,369 
Net Investment Income
Income from Investments
 Year Ended December 31,
 202420232022
 (in millions)
Investment income:
Fixed-maturity securities, available-for-sale (1)$261 $294 $258 
Short-term investments83 73 15 
Other invested assets1 3 1 
Investment income345 370 274 
Investment expenses(5)(5)(5)
Net investment income$340 $365 $269 
Fair value gains (losses) on trading securities (2)$52 $74 $(34)
Equity in earnings (losses) of investees
Sound Point (3)$6 $5 $— 
Funds and other (4)56 23 (39)
Equity in earnings (losses) of investees $62 $28 $(39)
____________________
(1)    Includes $28 million, $55 million and $31 million income on Loss Mitigation Securities for 2024, 2023 and 2022, respectively.
(2)    Fair value gains on trading securities pertaining to securities still held as of December 31, 2024 were $15 million for 2024. Fair value gains on trading securities pertaining to securities still held as of December 31, 2023 were $31 million for 2023. Fair value losses on trading securities pertaining to securities still held as of December 31, 2022 were $29 million for 2022.
(3)    Beginning in the fourth quarter of 2023, equity in earnings (losses) of investees includes the Company’s share of the earnings of Sound Point, which is reported on a one-quarter lag.
(4)    Includes Sound Point and AHP funds and, prior to July 1, 2023, AssuredIM funds.
Summary of Financial Information for Equity Method Investments
The table below presents summarized financial information for equity method investments that meet, in aggregate, the requirements for reporting summarized disclosures. Such requirements were met in 2024, and the information for 2023 and 2022 is presented for comparative purposes.
Aggregate Equity Method Investments’
Summarized Balance Sheet Data
As of December, 31
20242023
(in millions)
Investments$2,324 $1,735 
Assets of consolidated funds and CLOs1,611 1,449 
Other assets754 792 
Total assets$4,689 $3,976 
Liabilities of consolidated funds and CLOs$1,494 $1,342 
Other liabilities526 365 
Total liabilities$2,020 $1,707 
Equity attributable to investees$2,629 $2,234 
Noncontrolling interest40 35 
Total equity$2,669 $2,269 

Aggregate Equity Method Investments’
Summarized Statement of Operations Data
Year Ended December 31,
202420232022
(in millions)
Fee income$196 $57 $15 
Net gains (losses) on investments and investment income400 129 (365)
Income of consolidated funds and CLOs138 37 — 
Other income48 39 35 
Total revenues$782 $262 $(315)
Expenses of consolidated funds and CLOs$93 $25 $— 
Other expenses279 108 49 
Total expenses$372 $133 $49 
Net income (loss)$410 $129 $(364)
Net income (loss) attributable to investees$400 $127 $(364)
Net Realized Investment Gains (Losses) The table below presents the components of net realized investment gains (losses).
Net Realized Investment Gains (Losses) 
 Year Ended December 31,
 202420232022
 (in millions)
Gross realized gains on sales of available-for-sale securities (1)$3 $21 $3 
Gross realized losses on sales of available-for-sale securities (2)(12)(19)(45)
Net foreign currency gains (losses)(2)(1)(4)
Change in the allowance for credit losses and intent to sell (3)18 (14)(21)
Other net realized gains (losses)2 (1)11 
Net realized investment gains (losses)$9 $(14)$(56)
____________________
(1)Amounts in 2023 related primarily to sales of New Recovery Bonds received as part of the 2022 Puerto Rico Resolutions.
(2)Amounts in 2022 related primarily to sales of New Recovery Bonds received as part of the 2022 Puerto Rico Resolutions.
(3)Change in the allowance for credit losses for all periods was primarily related to Loss Mitigation Securities.
Debt Securities, Available-for-Sale, Allowance for Credit Loss
The following table presents the roll forward of the allowance for the credit losses on available-for-sale fixed-maturity securities.
 
Roll Forward of Allowance for Credit Losses
for Available-for-Sale Fixed-Maturity Securities
 Year Ended December 31,
 202420232022
 (in millions)
Balance, beginning of period$77 $65 $42 
Additions for securities for which credit losses were not previously recognized4 — 7 
Additions for purchases of securities accounted for as purchased financial assets with credit deterioration— — 2 
Additions (reductions) for securities for which credit losses were previously recognized(21)12 14 
Balance, end of period$60 $77 $65